As a professional footballer, it’s likely that you have two major goals for your career: primarily to be the best player you possibly can, and also to earn enough money to let you and your family live the lifestyle you want.
These two ambitions are obviously closely linked. Performing at the top of your game gives you a higher earning potential, in turn allowing you to earn the wages that will financially support your life ambitions.
The trouble is that both playing at the highest level possible and managing your money can be difficult and time-consuming endeavours. You might find that trying to prioritise one means you end up neglecting the other, seeing either your football or your finances suffer at the hands of the other.
But what if you were able to focus just on your football during your career? What if you could outsource a part of the tricky money management so you could put all your energy into doing what you love most?
That’s why working with a financial professional isn’t just about securing your finances off the pitch – it can even help you on it.
Managing your money can be time-consuming – but not as time-consuming as not doing it at all
Sorting out your finances can be a lengthy process. From investments and property to calculating and settling your tax bill, there’s a lot to think about.
Frustratingly, doing it yourself every day can quickly become a drain on your time, especially when it could be better spent working on your game.
Even spending just 15 minutes a day sorting out your finances would see you spend more than 90 hours dealing with your money each year. That’s equivalent to nearly four whole days.
So, why not pass that responsibility on to a professional to manage for you? Wouldn’t you rather work with an expert to help you deal with your money so you could invest those hours in the gym or on analysing your last game to see where you could improve instead?
It might even free up your time to spend relaxing with your family, giving you more leisure time to decompress after a hard match or a long day of training.
Working with a professional can give you the time and space you need to train or to clear your head. Either way, it will surely be more productive for your performance, no matter how you choose to use that time.
Bad money management can lead to poor mental health, damaging your ability to play
The close relationship between money and mental health is no secret. You may have read our previous blog all about this subject, in which we discussed how working with a financial expert can help your mental health as well as your money management.
Mental health issues in sport are statistically more commonplace than you might think. In fact, according to a study from the British Medical Journal reported by charity Athletes for Hope, as many as 35% of elite athletes suffer from mental health issues, whether that’s stress, burnout, depression or anxiety.
These findings are supported by data from a 2015 FIFPRO study, finding that 38% of active professionals have experienced depression.
But did you know that poor mental health can lead to money issues, which in turn can further damage mental health?
A 2017 study by the Money and Mental Health Policy Institute examined this vicious cycle in detail, finding that:
- Half of adults in problem debt also say they have mental health issues
- People with severe mental health issues are 2.3 times as likely to experience money and debt problems
- 72% of survey respondents said their mental health had made their money problems even worse.
That means around one in three players could be at risk of making poor decisions with their money because of their poor mental health. And, in turn, this could further affect their ability to manage both.
Poor mental health can undoubtedly have an impact on your ability to perform at your highest level. No doubt you saw Dominic Calvert-Lewin bravely note how he struggled with his mental health this season, and the impact it had on his game.
That’s why working with an expert to help you manage money can take this burden off your shoulders, allowing you to have the peace of mind that your finances are being taken care of.
This should help you get back to being the best you can be on the pitch.
Speak to us
Do you want to spend less time and effort dealing with your finances so you can focus on what you do best: delivering on the pitch?
At ProSport, we understand the challenges that footballers face with their money. Our team of expert financial planners includes former professional players, so we have first-hand experience of what it means to earn your living from the beautiful game.
If you’d like to find out how we can help you, please do get in touch today.
Email email@example.com or call 01204 602909 for more information.
This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.