If you ever feel like you need help managing your finances, then you are far from alone. Indeed, according to figures published by Financial Capability, nearly 40% of people in the UK do not feel confident managing their money.
The trouble is that professional rugby players like you have a unique financial journey, meaning you will have different times when advice will be important, if not close to essential. At times like these, you may well benefit from having an expert to hand to guide you through these pivotal moments.
So, discover five of the potential key milestones in your life when getting expert guidance from a financial planner could be crucial to securing your financial wellbeing in the future.
1. Signing your first pro contract
Clearly your first professional contract is a huge milestone in your life. It is the culmination of years of hard work and effort, and you will always treasure the moment.
It is also the time you will need to start putting plans together to manage your wealth and to start securing your future.
Having a robust financial plan from your first day as a pro can help put you on the right track and effectively act as a road map to your future financial success. Without a plan, you could end up rudderless and reacting to events rather than planning for them.
Once the plan is in place, it can be reviewed and amended in a straightforward and structured way as your career progresses.
2. Getting on the housing ladder
Buying your first property is a key financial milestone, at which financial advice can be highly important.
Your first step on the housing ladder is clearly a significant moment for you, and one you may well look back on with some pride and fondness.
Equally, it is a big financial commitment that may necessitate changes in your financial plan. Issues such as budgeting so you know you can afford your new home, or ensuring you have sufficient life cover for any money you borrow, are significant considerations to take into account.
Having an adviser by your side for these moments can be highly valuable, helping you to make informed, considered decisions with your wealth when you take on this new financial responsibility.
3. Key moments in your playing career
There may well be occasions during your playing career when guidance from a financial planner will stand you in good stead for the future.
For example, throughout the course of your career you might:
- Sign a new contract that results in a big increase in your salary
- Achieve international recognition
- Move to play abroad.
In each case, consulting with a financial planner can help you focus on taking the opportunity to help you secure your financial future.
The same will apply in the face of less positive events, such as a long-term or career-ending injury, or a sudden drop in income. At times like these, it can be reassuring to have a financial expert by your side to help you navigate these difficult moments.
4. Marriage and children
Getting married or making a commitment to a long-term partner will be a key phase in your life when financial advice will be crucial.
You may need to set up joint financial arrangements, and this should be reflected in your financial planning. For example, you may want to review your life cover, and ensure you both have a clear, detailed will in place.
Likewise, the arrival of children adds an extra financial responsibility, and will likely result in you making changes to your finances and planning for their future, too.
These key milestones will also have an effect on your estate planning. No matter how old you are, it can be prudent to take steps to organise what happens to your wealth and assets when you die to make this process as smooth as possible for your loved ones.
5. The end of your playing career
Your biggest life change is likely to be when you stop playing rugby professionally and start looking ahead to your second career.
Although it will clearly be a big milestone and one that could prove daunting, the better you have planned for it, the easier the transition is likely to be from a financial point of view.
Your financial plan should have taken this into account, as it is a milestone that is foreseeable and inevitable, even if the exact date is unknown.
But regardless of when it is, and however well you have planned for it, there are likely to be immediate planning issues where expert advice will be invaluable.
For example, you might need to reassess your outgoings if your income drops at this stage, or you may want to think about how you intend to fund your lifestyle if you plan to retire fully in future.
No matter what your goals are, the support of a financial expert could be invaluable when it comes to re-assessing your outgoings and long-term commitments.
Get in touch
Whether you are still playing rugby professionally or have ceased playing and are in your new career, working with a financial planner provides you with a valuable ally when you come to key milestones in your life journey.
At DBL Asset Management, we will help you plan your finances so that you can live the lifestyle you want in later life.
If you would like to find out what we can do for you, please get in touch. Email enquiries@dbl-am.com or call 01625 529 499 today.
Please note
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. Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.
Workplace pensions are regulated by The Pension Regulator.
The Financial Conduct Authority (FCA) does not regulate estate planning or wills.
