What the beautiful game teaches us about financial management

Practice, Practice, Practice

The biggest thing in soccer is that players practice every day. Starting with the fundamentals –stretching, drills, and small skills. Then players build on more sophisticated things. In finance, some fundamentals to consider include having a savings account, pension and budget that helps you achieve your goals. Setting yourself up with these essentials doesn’t necessarily put you on the path towards millions, but neglecting them can often result in setbacks.

So, how can you practice financial management? Actually by ringing 021- 2061782 which will bring you to Alpha Wealth. I’ll stop there I won’t make this an advertisement. But perhaps, by setting one Sunday each month to pay all your bills. Or set up a direct debit so you’re never late. Create a budget each week for a month, keeping track of how well you stick to it and crafting an improved budget for the following month. The iconic quote from Warren Buffett states “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” is a core concept of financial management.

Sticking to your game plan

Every soccer team has its own strategy and tactics. In them you’ll find plans for both offense and defence. Your money needs a playbook too. First, look at the assets you have. Take an honest look at the resources you have at your disposal. Ask yourself: How much income do I really earn each month? No, your answer is not £1,160,000 even though you believed you could have played a better season that Manchester United’s Paul Pogba. But, how much money do you spend on bills, eating out and entertainment? How many accounts do you have at different banks, and which accounts are working for you and which are costing you? Once you have an honest assessment of your assets, you can execute your financial strategy with the resources you really have on the field.

Seeing out the whole season

In both soccer and finance, seasons are taken one game at a time. It’s really important to take the long term perspective, whether it’s a soccer season or a personal finance goal. Advancing your financial skills beyond the fundamentals which includes finding a career that provides the income you’ll need to accomplish your financial goals. The symbiotic relationship between football and financial management teaches us that by failing to prepare, you are preparing to fail. So if you want to practice what we preach pick up the phone so you don’t play offside!

 

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