Money management mastery by Science for Sport

MONEY MANAGEMENT MASTERY

REALISTIC, ACTIONABLE AND USEFUL TIPS DESIGNED SPECIFICALLY FOR S&C COACHES SCIENCEFORSPORT.COM

#1 HOW THIS BOOK WILL HELP YOU The Ultimate Money Management Guide is essentially here to make sure that you are covered when it comes to personal finance and progressing forward in your career as an S&C coach. Here at Science For Sport, we give you the latest research, CPD points, tips on how to network and much, much more. This book is simply another weapon to add to your arsenal of tools for career development.

The importance of money management as an S&C coach

We’re no stranger to the average salary within this industry, and we know that you more than likely fall into that average salary bracket too. By ensuring that you aren’t falling short when it comes to personal finance, it can help make the journey to your dream S&C job just that little bit easier. Think about it; whilst money itself certainly won’t solve all of life’s problems, it can certainly make things a little smoother when the going gets rough. For example, imagine a family emergency took place which meant that you had to borrow money from the bank very quickly to resolve the emergency. You then have to pick up some additional part-time work in order to pay the borrowed money back, or you face your credit score being damaged or even your possessions being used to pay the borrowed money back. This additional part-time work takes up 10 hours of your week, which equates to a whopping 480 hours a year. That’s 480 hours that could have been used to further your S&C education if you had properly budgeted your finances and had some personal savings ready to use for that emergency. It’s fairly safe to say that the individual who dedicates an additional 480 hours a year to improving themselves as an S&C coach is going to be much more likely to land the position at Real Madrid C.F. than the individual who did not.

#2 THE REALITY OF YOUR CURRENT EXPENDITURE Calculating what you currently spend has a number of benefits. Not only does it provide you with some clarity around exactly how much you’re spending and where, but it can also cause some alarm bells to start ringing. By working out your current expenditure you will be able to really assess how important some of the things you’re spending your money on are and begin ‘freeing up’ money for the S&C money management system in section 3. Here you can find the expenditure calculator that we have designed for you. Fill out all of the details within it and work out the reality of what your current expenditure is.

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#2 THE REALITY OF YOUR CURRENT EXPENDITURE Next, gradually go through each bit of expenditure and ‘hack away’ at what you feel isn’t particularly important/necessary. It’s crucial that you are honest with yourself here. Do you really need to spend that amount on luxury food per week? Your membership at your local golf club - when was the last time you went there? By taking apart things that aren’t particularly necessary, you will free up your money and be able to practically apply the S&C money management system in the following section. Try and leave the calculator with just the things that are absolutely necessary for you to spend income on per month; rent, bills food, etc.

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#3 THE S&C MONEY MANAGEMENT SYSTEM This method of managing your money is a slightly altered version of the original JARS money management system, developed by T.Harv Eker. We’ve altered it in the sense that we have tailored it to an S&C coach who is trying to progress in their career and get to the top of their game, not an individual trying to achieve financial freedom through stocks/shares etc. Essentially, the S&C money management system is split up into EDIT THIS WHEN DONE ‘jars’. Each jar has its own use, taking a percentage of your monthly income and putting it towards that use. Each jar has a different percentage, making this a realistic and viable system to use. You may have to slightly alter some of the percentages based on your current income, but generally speaking this should be manageable. NOTE: these jars are based on percentages of your income, so they’re ALWAYS relevant to your finances; no matter how big or small it is.

Jar 1- The Necessities- 55% of your income Expenditure such as rent, food, bills, and borrowed money repayments will come from this jar. It’s important to truly be honest with yourself here and be honest about what you class as a “necessity” - the exercise done in section 2 will feed in nicely here.

Jar 2- Long-term savings- 15% of your income Remember the example at the beginning of the book that spoke about the family emergency which had a snowball effect, resulting in you losing 480 hours that could’ve been poured into S&C education? Well, that could’ve been avoided had you been regularly setting aside money for long-term savings. Think of this jar as your safety net!

#3 THE S&C MONEY MANAGEMENT SYSTEM (CONTINUED) Jar 3- Play/Fun- 10% of your income Setting aside income to spend on leisurely expenses is a great way to ensure that you don’t become overwhelmed by your work/life balance and always have some funds to use at your own will. Think of this jar as a way to nurture yourself, and spend it on whatever you feel will bring you joy. Just be sure to always bare in mind the principle of “biggest bang for your buck”. What we mean by this is you may find playing golf and going to MMA fights as both enjoyable, but which one offers you more “bang for your buck” in terms of the cost-satisfaction ration? Pick the one with the biggest bang for your buck and drop the other. Yes, I’m sorry, but if you’re truly passionate about S&C as a career, something has to give.

Jar 4- Education 20% This jar will play a crucial role in how you progress forwards as an S&C coach, as it will determine how much additional education you decide to give yourself. If you haven’t checked out the bonus tip (i.e. tip #16) in the ‘Ultimate Guide to Landing Your Dream S&C Job’, make sure you go read it right now. This is a great example of typically how much someone will spend on additional education as an S&C coach, and a great example of how you can make sure you stand out from the crowd. Courses, books, seminars, workshops, you name it. This jar should serve as your ‘golden pot’ for either saving up to afford these things or purchasing them frequently, because it will ultimately determine whether you land that dream job or not.

#4 STICKING TO YOUR BUDGET Whilst it’s all well and having a money management system on paper, sticking to it can be another story. It’s likely that you may struggle initially to stick to this exactly, simply because it may be a completely new way of managing money for you. It’s important, however, that you don’t let that bring you down because, as the saying goes, “Rome wasn’t built in a day”. All good things take time to perfect, and your money management is no exception. Here are some tips to help you stick within your money management budget.

Set up multiple accounts Try setting up multiple bank accounts and naming them after each of the different jars mentioned in the previous section. By doing this you will be able to clearly see how your money is separated and won’t have to worry about keeping everything in one account (which could get very complicated indeed). It will also increase the likelihood of you adhering to the money management system because it will make it 10-times easier.

Track your spending on a weekly basis By tracking your spending on a weekly basis instead of monthly, it will make collating your finances together seem like a much easier task. It’s probably going to be quicker and more motivating for you to set aside 10minutes a week rather than finding a solid 45-minutes or so at the end of each month to calculate your expenditure.

Exhausted from having no free time? Sick of having no money to spend on your personal development? Frustrated with the lack of opportunity in your network?

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#4 STICKING TO YOUR BUDGET (CONTINUED) Be flexible when neccessary The easiest way to lose motivation when carrying out this money management system is by beating yourself up and being too rigid. Yes, the vast majority of the time you should be sticking within these guidelines, but itâ&#x20AC;&#x2122;s clear that there will be times when you have to be flexible. For example, your childâ&#x20AC;&#x2122;s birthday might be coming up soon and the 10% that was going to the long-term savings might have to be sacrificed, or you may have to fall short on leisurely spending (probably the better choice). Make the adjustment, and the following week/month get back on track!

#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY The importance of diversification Diversifying your income is more important than you might think. Throughout our lives, especially from an early age, we are taught through schooling and the traditional educational system that relying on a sole source of income is practically the only way to live. However, living this way presents itself with a vast array of risks, which, if not managed properly, can end up threatening your personal finances in a terrible way. For example, imagine you were an individual that lived pay check to pay check, spending everything that you earned and relying solely on the income coming from your coaching job. The club that you worked for has had a bad year financially and is unfortunately having to make some cuts; you’re no longer needed at the club. You have a rough couple of weeks looking for another job, resulting in this time being filled with credit card debts that will one day be paid back with interest. Had you diversified your income and had some other streams of revenue, you could’ve stayed afloat for those few weeks without racking up credit card bills that will eat into your new salary. ‘Don’t put all your eggs into one basket’ is a phrase that we’re sure you will agree is more than relevant here. By diversifying your income, you can protect yourself from having a tough time when these unforeseen events arise, and even increase your total earnings.

#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY (CONTINUED) Ideas for diversifying your income in the Sports Science industry Freelance work for other S&C Companies

If you have specific skillsets such as writing, graphic design, speaking, and so on, then you could approach well established companies in the industry and do some casual freelance work for them. Remember, companies will be much more likely to work with you if you can really hit home whatâ&#x20AC;&#x2122;s specifically in it for them. For example, if you have a talent for graphic design, you could talk to a company about creating some really eye-catching infographics for them to use across their social media channels. The benefits for them could include more engagement on social media (which could, in turn, result in more customers), better brand building, and growth of their social media channels.

Start your own Youtube Channe/blog centred around S&C

#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY (CONTINUED) Start your own Youtube Channel/blog centred around S&C We’ve included both a YouTube channel and a blog here due to the fact that they both work very similarly in terms of how you can earn income from them. We’ve listed a few popular ways (i.e. ideas) that could work for you; Idea #1: Advertisements This is probably the most common method for people earning some additional income from YouTube or a blog. The trick here is to create compelling, engaging content that people want to come to your channel or website to look at. Google ads integrates very easily with YouTube or a blog, displaying adverts around the page. The more people that view your content, the more eyes are on the adverts, and thus the more you will get paid. Here is an interesting article explaining how to make money from advertisements on a blog. Here is an interesting article explaining how to make money from advertisements on YouTube.

Exhausted from having no free time? Sick of having no money to spend on your personal development? Frustrated with the lack of opportunity in your network?

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#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY (CONTINUED) Idea #2: Selling your own merchandise Providing you take the time to build a good relationship with your audience and a good level of trust by putting out educational and valuable content, selling merchandise is a great way to build a healthy side income. A good place to start is with t-shirts; they are usually easy and cheap to manufacture, and simple to ship. It’s likely they will sell providing you have good buy-in from your audience, and they are a great way of promoting your brand as they will spark interested from your audience’s friends/family. Shopify have put together a great article on setting yourself up to sell merchandise for your brand online here. Idea #3: Collaborations with other brands Collaborations with other brands can be a powerful way to make some additional side income for you. Providing you have a strong audience across your social media channels and a good level of trust form your audience, brands will be willing to pay well to have their product in front of your audience’s eyes. For example, imagine you have amassed a good following on your YouTube channel (say 10k subscribers), and you average about 2,500 views a video. That’s 2,500 eyes that are interested in developing themselves as coaches, and are interested in the latest advancements in the S&C industry. A new wearable GPS device gets released by a company who want coaches to know all about it, so naturally it makes sense for them to ask you to do a product review on one of your videos! Here is a great video discussing how to effectively work with brands on social media.

#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY (CONTINUED) Start your own side business centred around S&C

When it comes to starting your own side business, you’ll need to get creative. A low-cost way of doing this could be through an online consultation service for athletes that are struggling and don’t have an allocated club coach, for example. Another way of making money through a side business focussed around S&C could be by hosting workshops for young students looking to break into the S&C industry. The possibilities really are endless here, so be sure to pick something that is unique and that you will truly enjoy! You could potentially look to use some of the long-term savings spoken about in jar 2 of section 3.

Become a Sports Science freelance writer If you’re looking for work, chance are you’ve already completed your degree(s), if so, then why not become a freelance writer for a bit of pocket money. Websites such as AcademicKnowledge.com offer great money for freelance writers in certain disciplines (sports science being one of them). This will not only put money in your pocket, but you can work whenever, wherever and you’ll be keeping your knowledge up-to-scratch and increasing your writing skills.

#5 DIVERSIFYING YOUR INCOME WITHIN THE S&C INDUSTRY (CONTINUED) Work a random job If you’re getting experience as a S&C coach, then do you have some spare hours you can deflect towards something else which has a higher pay rate (e.g. sport coach). It may not be specifically related to S&C but if you’re getting enough S&C coaching hours and doing your own learning, then perhaps you’re better off earning more money in another job. Potential employers will understand this too when you’re explaining that it was to fuel your passion for S&C.

#6 A FINAL WORD That concludes the money management mastery ebook! Our hope is that these pages have opened your mind up to just how powerful and important managing your finances is as an S&C coach. Not only that, but also how managing your money can drastically affect your career progress too. Use the tools we've provided you and apply the advice written in this book to see for yourself just how much attainable your dream job can really be. Ontop of that, don't forget to share your thoughts/progress with the other coaches in the private members group, where we're building a community of like-minded individuals all chasing their dream job!

Exhausted from having no free time? Sick of having no money to spend on your personal development? Frustrated with the lack of opportunity in your network?

TAKE CHARGE OF YOUR CAREER