FINANCIAL PLANNING FOR ATHLETES
Managing your cash
Dealing with debt
Investing for athletes
Tax for athletes
Insurance and Risk Management
Double Retirement Planning
Chapter 2 - Financial Planning for Athletes
In this chapter we look at the different
MANAGING CASH FLOW
Cash Flow is just managing the money you earn with the money you spend. Ideally your earnings should always exceed your spending, which will then become your savings. It is the very first step of mastering money, and will lead to more complex and valuable strategies.In theory it sounds simple but as we all know, it is easier said than done.
Core Values and Goals
A trick we like to use that seems to work for me and the athletes we work with, is to try to articulate their core values and financial goals. By understanding why you are saving and how the process links to the things you value and your goals, it will make you much more enthusiastic about saving.
For example when I found out I was having my first child, I started to really focus on saving and going out less with my friends. When they would ask me about it, I would tell them, "every-time I go out and pay for an overpriced drink or dinner, it means that's food out of my son's mouth or clothes off his back." When I put in those term, it made it much powerful, it made it easier to say no, and for my friends to accept.
Being able to priorities the
Aussies love nothing more than to go to the pub on the weekend, to sip on a pint, and watch the game. Depending on the state you live in or maybe the country your parent were from, will determine which game you watch. For instance, living in New South Wales and Queensland will likely mean you rather watch the NRL, while if you live in Victoria, South Australia, and Western Australia, you likely prefer to watch the AFL. If you are from South Africa or New Zealand then you will probably love Rugby Union. If you are from the sub-continent or a former English colony then cricket is your game. For the rest of the world is likely that you love your soccer (unless you are from US).
Family and Friends
As much as love our family, a