Before every football match you’ve ever played, you’ve no doubt carefully and thoroughly prepared for the encounter to come. As the old adage goes: fail to prepare, prepare to fail.
From making sure your body is in the best condition possible so you can compete for every ball, to doing the homework on your opponents, much of the work involved in winning football matches happens long before kick off.
This approach will serve you well throughout your career. But did you know that it could help you to successfully prepare for life after football, too?
That’s because effective retirement planning starts long before you reach the day when you finally decide to hang up your boots.
Read on to discover some similarities between match preparation and planning for retirement, and how you can use your career experiences to help you prepare for the future.
Start with the elements in your control
Naturally, the first step when preparing for a match is to start with the elements you can control, refining all your skills throughout your training sessions in the week.
You might look to build your fitness, strength, or power, or perhaps run passing and shooting drills – whatever you need to do to be match-fit and sharp.
In retirement planning, this arguably starts with your money. You may still be a few years away from the end of your career. But even so, making sensible decisions with your money early on can be highly useful down the line.
This could involve:
- Setting aside enough of your income in savings
- Investing a portion of your wealth
- Ensuring that you manage your money as tax-efficiently as possible.
Whatever methods you use, it can be helpful to handle what’s in your control and start organising your wealth early on to ensure that it’s in the best possible position when you arrive at retirement.
Know what you’re up against
It’s all well and good to condition yourself and ensure that your muscle memory is as sharp as it could possibly be. But you are not the only participant in a match: you also have to be better than your opponents who are preparing, too.
That’s why your manager and coaches will spend plenty of time looking at the other side, and telling you what sort of problems they might present.
They might implement a formation that prevents your opponents from executing their own game plan. Or, their attention might be on specific players, suggesting ways for you to make an individual’s afternoon as difficult as possible.
Retirement planning is just the same. It’s crucial to think about the challenges ahead, and how you can adapt to them.
For example, what would happen to your post-football income if a market dip temporarily reduced the value of your investments? Even worse, would your family be financially stable if you were to unexpectedly pass away?
Thinking about these different aspects ahead of time could leave you in a better position to deal with them – just as the research of the other team does in football.
Keep your eyes on the prize
Above all else, it’s vital to know what you want out of a game before it starts.
While you might aim to win every match you play, it’s inevitable that you’ll sometimes go into games knowing that you’re the underdog. In these instances, taking just one hard-earned point can feel like a victory.
This might influence how you play. You might take more risks and try to play expansively if you think all three points are up for grabs. On the other hand, you might play a bit more carefully to preserve a position instead.
Similarly, this is where having targets can be useful in retirement planning. By knowing what you want to achieve with your money, you can make more informed decisions when organising your wealth.
Your goals for your retirement will be individual to you. It could be anything from moving to live in another country, to simply being able to maintain the lifestyle you’ve enjoyed throughout your career.
No matter your targets, having an idea of what they are before you reach retirement can help you make more informed decisions with your money.
Remember your manager and coaches’ words of wisdom
Your managers and coaches will give you plenty of steer as to how they want you to prepare for and approach every match. So that, when you’re on the field, you’re able to achieve the results the team collectively wants.
In the same way, this is where working with us at ProSport can add real value. As experienced financial planners, we can organise your wealth to help you achieve your goals when it’s finally time to move on from playing professionally.
If you’d like to work with an experienced financial planner who can help you properly prepare for life after football, please get in touch with us at ProSport.
Email email@example.com or call 01204 602909 to speak to us today.
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
The Financial Conduct Authority does not regulate tax planning.