The session, which went on for more than one hour, covered eight topics including new investment opportunities compared to the traditional ones from their earnings through cricket. (Credit: Mumbai Cricket Association)
In the first of its kind, the Mumbai Cricket Association (MCA) has conducted a session for its young players where they were educated about handling their finances. The MCA took help of NGO-Empowered Education where players were taught the importance of handling their finances and how to invest in the right manner.
The session, which went on for more than one hour, covered eight topics including new investment opportunities compared to the traditional ones from their earnings through cricket. How to understand the importance of beating inflation, disciplined financial planning to achieve dreams and goals in life, benefits of starting early, tax planning, protection planning and wealth creation were among the topics discussed. The session also touched up on the aspects of how to lead a good life at various stages, asset allocation and power of compounding.
“This was one of the off-season activities where for the first time we wanted our players to understand how to spend their hard earned money. There have been cases where we have seen players spending it here and there without any planning or probably no one was there to guide them,” MCA president Ajinkya Naik told The Indian Express. Naik stated that there have been case studies of players struggling with depression in their later part of their lives because of lack of savings from their playing time that prompted MCA to conduct the session.
“There have been case studies and we wanted to address it during off-season camp. During off-season camp we are not only developing their cricketing skills and physical skills, we want them to be mentally smart too. We want players to spend their hard earned money in the right way so that they can have a good future,” Naik added.
The MCA will be having sessions for Under-19, Under-23 and senior players, as the association feels they get carried away especially when money starts coming in. The moderator spoke about how one can do day-to-day money management, saving plan and emergency fund. During the session, the post office schemes were cited as a possible gateway for players to invest in as it will give them a good return in the future. The moderator also spoke on real estate investment and how it can give them stability.
The MCA has been one of the torch bearers of Indian cricket and is among few associations in the country to have an education session. MCA also had a session with nutritionists and the academy also had a session with psychologists to take care of players’ mental well-being.
“We have sessions where players are informed what diet they need to take and what not to have. We have sessions where players speak to psychologists who understand players and what kind of pressure situation they go through. We are trying to cover all areas apart from cricket so that our cricket improves,” Naik pointed out.
MCA are domestic powerhouse, winning the Ranji Trophy a record 42 times and has also produced a number of great cricketers over the years.
