While many scholar athletes have agents, managers or older family members who control their financial affairs, the skills of money management are fundamental to success, throughout the player’s career and indeed, long after their retirement from sport.
“If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.” ~Edmund Burke
Whitespace Sports Dynamics offers entertaining 30 minute skill sessions, which cover basic financial principles in a fun and tailored approach to the age and interest of the group. We have a variety of slides, animations and video clips which we incorporate into our classroom discussions, to heighten the scholar’s interest and stimulate the questions, which will help the athlete retain and use the information. Our course methodology aids decision making which also pays dividends in competition. For scholar athletes between 15 and 18 years of age, the Basics of Money includes,
- Banks v Building Societies
- Credit Cards v Debit Cards
- Loans and Interest
- Savings and Investments
- Mortgages and Leasing
- Budgets and Planning
- How to Communicate with Financial Advisers
Participants are taught how to open and manage a savings account. The advantages, costs, and protections of financial institutions are discussed, with a goal of allowing the athlete to avoid the pitfalls of debt and overspending. Athletes will acquire the skills to manage their monthly budget, and understand the risks of compound interests and the hidden costs of some savings and investment offers. Whitespace Sports Dynamics does NOT offer financial advice or have any affiliation with particular financial offerings. Some sport teams require their scholar athletes to maintain an account with a certain provider and we are able to explain the services and offerings to your players in consultation with the organisation’s Welfare Officer.
For adult athletes between 19 and up to retirement age, we tailor our financial seminars in one hour sessions, covering topics which review all of the elements in the Basics of Money course. After the basics are mastered, Whitespace Sports Dynamics progress to the savings and investments, which are tax efficient and can provide the nest egg necessary to fund the athlete’s future career goals. Retirement planning is especially important for athletes who may be experiencing their peak earning years, even if they go on to other successful employment after retirement from sport. Whitespace Sports Dynamics offers information which can be used throughout the player’s life and assist in the planning and budgeting, which often proves difficult for athletes who have huge variation in their income. In our Invest in Your Future seminars we deal with the financial realities which face young adults.
Topics include but are not limited to…
- Savings and Compound Interest
- Financing Homes, Cars and Business
- Insurance and Protection
- Pensions and ISAs
- Tax Efficient Investments
- Real Estate v Securities Investments
Other subjects are available and can be discussed with the team’s educational advisers. Whitespace Sports Dynamics is excited to offer an experienced International Private Banker, who has managed wealthy clients investments and educated their legacy second generation offspring as to their responsibilities. J. T. Taylor, former Managing Director with Merrill Lynch, L.C.F. Rothschild and Cayman National Bank, would be pleased to meet with your Club or Academy’s Welfare Officer in order to design a program tailored to your requirements.