The WBC is making plans to start a Financial Education committee for all boxers, trainers and their teams. Boxing requires power. In knowledge, there is also power. For an athlete to live the kind of life he or she deserves, they must consider their future.
The committee, chaired by Caroline Rhéaume, will be available as part of our Medical Conference, General Conventions, and online.
WBC Legal Council Robert Lenhardt will also participate in its formation.
Our President, Mauricio Sulaiman, and the WBC Board feel this platform is one of the most useful and important self-help tools we can provide to our community.
We are thrilled that a woman with Ms. Rhéaume’s background – a best-selling author as well as elite financial icon – has the compassion and insight to use her knowledge and experience for this undertaking.
It is our privilege to welcome Caroline Rhéaume. Below is an insight into her motives and mission.
Why is a woman in your position willing to give so much time and energy to do this?
I have been doing Canada-U.S. tax and estate planning for many years, and I started my involvement with boxing about five years ago. I have the opportunity to travel for work, but also to attend boxing events, so I met a lot of boxers throughout the years. Unfortunately, there is no association or organization that represents boxers that could guarantee them a certain level of income at retirement. I also met with athletes who lost a lot of money investing in projects that did not work out, or who did business with people who took their money and ran.
So, considering my background, experience, and skills, combined with my passion for boxing, being part of the WBC Financial Planning Committee is a wonderful challenge, an opportunity I could not miss. I really hope I can share tips, advice, information to help boxers have more control over their money.
What is your overall mission?
They say knowledge is power. Boxers know what Boxing IQ is. My overall mission is to give boxers Financial Planning IQ, so they can secure their financial future.
Can you think of a boxer who does it right?
Jill, not sure it would be appropriate to name someone. And I guess there are many that I would know. But in general, not really. They do not pay enough attention.
How important do you think a sound financial plan is to an athlete?
This is crucial. Most people will have time to save money for retirement as they will be working for a long period of time or can run their business for years. However, we all know the vast majority of professional athletes have short careers. For those who make money, they really need a plan to help them keep what they got, make it grow, but without taking too much risk. For athletes who think they do not need a financial plan because they are not making money, this is not true. They have to work harder on their plan B, but they still need to plan for their future. Whatever your situation might be today, you can go a long way with good financial planning advice.
Who inspires you?
Every boxer that steps into a ring.