Your Financial Coach , livre ebook

Troubador Publishing Ltd - Darren Baker

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132 pages

English

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There's nothing quite like the life of the sports professional. Waking up every morning and earning your living from doing something you are passionate about is a rare and privileged position to be in. But it can be a precarious existence - a bit like walking a tightrope. Just one bad injury away from the final whistle; or one good performance away from the headlines. Many elite athletes do find themselves having to retire early - usually as a result of injury. And it is at that low point they are deposited back into the "real world"; sometimes without the qualifications or experience required to compete for skilled jobs. Importantly, even if you are lucky enough to have a long and successful career, you are still likely to retire at a relatively early age - what then? My reason for writing this book is to provide busy professionals - men and women with perhaps very little time, or interest, in doing anything other than their chosen vocation - with a succinct guide to the important issues that they really must get to grips with. The core of the book deals with Financial Management - how to go about organising and managing your monetary affairs. Because whatever you might think about the effectiveness or morality of our capitalist society, money is one of the most important subjects in our lives. I also consider other common challenges that many sports people face during their careers - and offer a summary of the counsel I've collated from professionals, past and present and others involved in the sporting world. Whatever stage you might be at in your professional career, my hope is that by highlighting these issues and providing some practical tips and advice, I can minimise anxiety, cut down on prevarication and spur you into taking some positive action.

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Personal finance

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Publié par	Troubador Publishing Ltd
Date de parution	28 août 2014
Nombre de lectures	2
EAN13	9781783069132
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0400€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

COACHING YOU THROUGH THE HIGHS AND LOWS OF A PRO SPORTS CAREER – AND MAKING IT ALL COUNT FINANCIALLY .

Copyright © 2014 Darren Baker
The moral right of the author has been asserted.

Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms of licences issued by the Copyright Licensing Agency. Enquiries concerning reproduction outside those terms should be sent to the publishers.

Matador® 9 Priory Business Park Kibworth Beauchamp Leicestershire LE8 0RX, UK Tel: (+44) 116 279 2299 Fax: (+44) 116 279 2277 Email: books@troubador.co.uk Web: www.troubador.co.uk/matador

ISBN 978 1783069 132
British Library Cataloguing in Publication Data. A catalogue record for this book is available from the British Library.

Matador® is an imprint of Troubador Publishing Ltd
CONTENTS
PROLOGUE
INTRODUCTION
CHAPTER ONE
PREPARATION
Why being young can be a handicap
Are you really up to the required standard?
Why is proper financial management so important?
How to motivate yourself when it comes to money
Your Expenditure
• Prioritising your discretionary spending
• Your balance sheet
• Initial conclusions?
Making life easier – money management programmes
The big question – what does money mean to you?
Looking to the future – setting goals
What is your number?
Getting into the savings habit
The psychology of money
Be honest about your strengths and weaknesses
Money and relationships
How to deal with it all – The psychology of earning lots
Conclusions
Exercises – key ideas – activities
CHAPTER TWO
TRAINING
Why have a “Financial Plan?”
Financial “Health Check”
How to put together your financial plan
• Your aims, goals, priority issues and family
• Debt repayment
• Your savings and investment plan
• Retirement planning
• Disaster planning
• Tax planning
• Estate & inheritance tax planning
• Choosing your support team
Conclusions
Exercises – key ideas – activities
CHAPTER TWO-A
HOW TO SUCCESSFULLY INVEST YOUR LONG-TERM SAVINGS
Investing – the cold, hard truth
How to invest successfully
• Set your long-term investment objectives
• Get your head straight
• Assessing your attitude towards investment risk and volatility
• Plan your asset allocation
• Build your portfolio
• Rebalance your portfolios
Alternative investment assets inc. property
Sometimes the best decision is to do nothing
Financial products & tax wrappers
Conclusions
Exercises – key ideas – activities
CHAPTER THREE
PERFORMANCE
Financial performance
• Reviewing your financial plan
• Money management programmes
• Using “wraps” and portfolio admin accounts
• Lifetime cash-flow forecasts
Life performance
• Building bridges
• Getting the work vs. life balance right
• Understanding your strengths and weaknesses
• Assessing your skills
• Getting qualified
• Gaining experience
• Meet the business community
• Using your name and fame
• Preparing yourself for the workplace
• CV and application letter writing
• Interview training
• Meeting preparation
• Recruitment firms
• Support from professional associations
Starting your own business
Investing in someone else’s business
Making a passive business investment
Going into business with a friend or family member
Joining a franchise
What if you have no idea what you want to do?
Can’t or won’t let go?
Dealing with anxiety and depression
Conclusions
Exercises – key ideas – activities
CLOSING REMARKS
Closing thoughts
Dalai Lama’s “good karma” advice for life
Disclaimer and legal notice
A glossary of common financial terms
Some useful web sites
About the author
DISCLAIMER
This book is intended as general information on becoming personally and financially organised now and for the rest of your life. Everyone’s circumstances are different and what is right for one person may not be suitable for another. Before taking any action you should seek the advice of a qualified financial planner, legal adviser or accountant .
ENDORSEMENTS FOR “YOUR FINANCIAL COACH”
“I can happily recommend this book to any young person and especially sports persons as an excellent guide to looking after and making best use of the monies you earn in a very vulnerable, limited career. Don’t look back and wonder where it went, look forward to the future with a strong financial base.”
Gordon Taylor - Chief Executive, Professional Footballers Association

“Players need to consider life after sport - as individuals they can’t just leave such important planning until either time or injury forces them to face reality. “Your Financial Coach” provides an invaluable and easy to follow guide that should help ensure the next phase of your life is at least as successful as your sporting career.”
Jason Ratcliffe - Assistant CEO, Professional Cricketers’ Association

“Preparation is a vital part of sporting achievement, as it is in securing a successful career after sport. At the RPA we work with elite rugby players to plan for life beyond the Game, and I foresee that The Financial Coach will become a core part of that process.”
Vic Luck, Chair of the Management Board at the Rugby Players Association (RPA) and former Managing Partner, EMEA, PricewaterhouseCoopers Consulting
ACKNOWLEDGEMENTS
A great many people helped me with this book. I am extremely grateful to every single one of them for their encouragement, generosity, time, support and words of wisdom.
Particular thanks go to:
Adam, Adrian, Alan, Alistair, Andrew, Andy, Anita, Arul, Ben, Bo, Bob, Charlotte, Charlie, Chloe, Claire, Dave, Dawn, David, Dean, Derek, Godfrey, Gordon, Greg, Guy, Jasmine, Jason, Jeni, Jens, Jerard, Jessica, JJ, John, Kevin, Kim, Laura, Marcus, Martin, Max, Nadeem, Neil, Nik, Pat, Paul, Phil, Richard, Ronnie, Tony, Sally, Sarah, Sean, Shaun, Shauna, Sheila, Steve, Stuart, Terry, Tim, Tom, Victoria, Vicky, Will and Zara .
YOUR FINANCIAL COACH
PROLOGUE
There’s nothing quite like the life of the sports professional.
Waking up every morning and earning your living from doing something you are passionate about is a rare and privileged position to be in.
But it can be a precarious existence – a bit like walking a tightrope. Just one bad injury away from the final whistle; or one good performance away from the headlines.
Many elite athletes do find themselves having to retire early – usually as a result of injury. And it is at that low point they are deposited back into the “real world”; sometimes without the qualifications or experience required to compete for skilled jobs.
Importantly, even if you are lucky enough to have a long and successful career, you are still likely to retire at a relatively early age – what then?

My reason for writing this book is to provide busy professionals – men and women with perhaps very little time, or interest, in doing anything other than their chosen vocation – with a succinct guide to the important issues that they really must get to grips with.
The core of the book deals with Financial Management – how to go about organising and managing your monetary affairs. Because whatever you might think about the effectiveness or morality of our capitalist society, money is one of the most important subjects in our lives.
I also consider other common challenges that many sports people face during their careers – and offer a summary of the counsel I’ve collated from professionals, past and present, and others involved in the sporting world.
Whatever stage you might be at in your professional career, my hope is that by highlighting these issues and providing some practical tips and advice, I can minimise anxiety, cut down on prevarication and spur you into taking some positive action.
My aim is to help you make the most out of this momentous time in your life, whilst also setting yourself up for the next phase.
Good luck and best wishes,
Darren Baker
YOUR FINANCIAL COACH
INTRODUCTION

So – you’ve made it.
The training, the hard work, the sweat, and the tears – it’s all paid off. You’ve arrived – the dream has come true – you’re a professional sportsperson.
You might think the really tough stuff is pretty much behind you now – you’ve put in the hours, done the legwork and certainly had your setbacks and successes along the way. But now your face fits. You may even have got the car, the property, the recognition – and perhaps think that as long as you stay fit now and don’t do anything silly, it’ll all be fine.
But you’d be wrong. Success means that everything gets more complicated. Serious stuff – money, contracts, sponsorship, insurance, agents, tax bills. Things you might not know much about – but you know you should.
In the back of your mind – although you probably don’t like to admit it – you know that this might not last forever – or even for very long. It’s tough at the top and it’s a fickle world. Just one bad injury could put paid to all this. So you want to make sure you make the most of what you have right now. And make plans for the future. Right now.
To compete at the highest levels these days takes more than talent alone – you need an unbelievable level of passion, determination and dedication. Whilst most people will understand that competitive urge, very few possess the skill, courage and devotion necessary to fully rise to the challenge.
However, whilst you might possess a mental discipline that helps you excel at your chosen sport, this same, almost blinkered mind-set can often mean that other areas of your life are neglected – and usually your finances are pretty low down on the list of priorities.
Ignori