HOW SPORTS PROFESSIONALS CAN PROTECT THEIR FINANCIAL WELFARE

DO YOU NEED TO HAVE A PLAN IN PLACE TO ENSURE YOUR FUTURE FINANCIAL SECURITY?

No matter how successful you are as a sports professional during your career, you need to have an eye on your financial future from a very early stage. The ever-present threat of injury, earning potential weighted at the front of your career, and the knowledge that there will come a time when you will need to build a life for yourself outside competitive sport means you need to plan for a whole host of different possibilities and opportunities.

As a sports person, it is essential to understand your income and expenditure. This will allow you to manage your finances effectively and plan for the life you want to live once you have retired from your sporting profession. You need to know your sources of income. This includes your salary, sponsorships, prize money, investments, and other funding sources. It is crucial to ensure that you keep track of all the money coming in so that you can budget accordingly.

DEVELOP GOOD MONEY HABITS EARLY

Knowing where your money is going could help you to cut back on unnecessary spending and could help you save money so keeping track of your expenses will be beneficial. Once you know your income and expenses, you can create a budget. This will help you ensure you are spending within your means and not overspending.

As a sports professional, you have a unique opportunity to earn a significant income. However, it’s essential to be mindful of your finances and develop good money habits early in your career. Invest in yourself by using some of your earnings to improve your skills and increase your earning potential. This could include taking courses, hiring a coach, or investing in equipment.

LONG-TERM FINANCIAL SECURITY

It’s essential to think about your long-term financial security. Set aside money each month to build up your savings so you’ll have something to fall back on if you experience an injury or a drop in income. Also, be mindful of your spending.

It’s easy to get through your earnings if you’re not careful. Keep track of your spending and ensure you’re not wasting money on unnecessary things. If you’re unsure where to start with your finances, seek a professional Wealth Planner who will help you create a budget, help you identify your investment and retirement goals, and support you to begin and carry on a good discipline of saving.

PROTECTION AGAINST FINANCIAL RISKS

For most sports’ professionals, your career is your livelihood, and you should do everything you can to safeguard it. That includes having the right insurance in place. There are a variety of insurance products available that can help protect sports professionals against the financial risks associated with your chosen career. These products can help safeguard both their income and their ability to continue playing their sport.

You can seek advice from a professional Wealth Planner who will be able to talk you through all the different policies that may be appropriate for your needs. For example, personal accident insurance could cover the policyholder in the event that they suffer an injury which prevents them from playing sport. The benefits could cover medical expenses, lost earnings, and other associated costs.

Several other types of insurance can be useful for sports professionals, such as life insurance and critical illness cover. These products can provide financial protection in the event of death or serious illness, ensuring that loved ones are taken care of financially if the worst should happen. Working with a Succession Wealth Planner can help you clarify what’s essential to creating a custom financial and wealth plan to help you to achieve your individual financial goals.

PAY DOWN DEBT

Debt can be a significant burden for anyone, but it can be especially difficult for sports professionals. With often irregular income patterns and high expenses, staying on top of payments can be challenging. A Wealth Planner can help you create a plan to repay the debts you may have that fits your unique circumstances.

PROPERTY

As a sports professional, you have a unique set of needs when it comes to financial advice and property investment. Your income may be high but irregular, and you may be looking to invest in property as a way to secure your future financially.

Your Succession Wealth Planner can help you assess your financial situation and goals and develop a plan that meets your specific needs. They can also provide guidance on how to best use your income to invest in property, whether you’re looking to buy a home for yourself or an investment property.

DIVERSIFYING ASSETS

When it comes to diversifying your assets and investments, your Wealth Planner can help you understand your options, set realistic goals, and make informed decisions about how to aim to grow your wealth best. They can be an invaluable resource in helping to create a solid financial foundation.

In addition to providing advice on asset allocation and investment strategy, they’ll also help you navigate the complex world of taxes and regulations so you can take control of your finances and make informed decisions about how to aim to grow your wealth.

AIMING FOR FINANCIAL INDEPENDENCE

At Succession, our dedicated team of Wealth Planners and investment advice experts know how to help sports professionals plan for long-term financial freedom. Wherever you are in your life’s journey, they can work with you to help you gain clarity on what’s important to you, build your individual financial plan, and provide you with the ongoing peace of mind and confidence to live the life you want. This involves discussing how to set realistic goals for your financial future. Whether you’re looking to save for retirement or want to be more financially secure, as a sports professional, you’ll know setting goals is a crucial first step.

Once you have your goals set, your Wealth Planner will help you develop a plan to reach them. This plan will take into account your current financial situation and income as well as your future needs. This is followed by implementing your plan and providing guidance on what steps to take and when. They will help you stay on track by monitoring your progress and making adjustments as needed.

And as your circumstances and careers change, so should your financial plans. Your Wealth Planner will help you review and update your plans regularly to ensure they still fit your needs.

NEED HELP MAKING THE RIGHT FINANCIAL CHOICES?

If you would like to discuss your personal situation and how we can work with you to help grow and protect your future wealth, for more information contact [email protected] or by visiting www.successionwealth.co.uk/specialist-divisions/succession-sports or call us on 0800 0514659.

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate advice on taxation and the value of your investment(s) and the income derived from them can go down as well as up and you may not get back the full amount you invested.

Some forms of debt carry penalties for early repayment, it may not always be appropriate to repay debt earlier than agreed. You should always consider any penalties or early repayment charges, along with any other associated costs when deciding the most cost-effective approach to managing debt.

Succession Sports & Entertainment is a trading style of Succession Wealth Management Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 588378.

Succession Sports & Entertainment is a trading style of Succession Financial Management Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 225831.

The following companies are registered in England at The Apex, Brest Road, Derriford Business Park, Plymouth, PL6 5FL: Succession Wealth Management Ltd Registered Number: 07882611 Succession Financial Management Limited Registered Number: 04454027