This World Cup has been one of inspirational highs, such as Harry Kane’s 91st minute goal against Tunisia that kept English hope alive; and unprecedented surprises, cue Germany’s earliest exit since 1938. So far it’s anyone’s call as to who will win on 15th July.
The true beauty of the game is its ability to surprise and enthral. No matter whether you’re a first time viewer or a first class aficionado - it creates a 90-minute vacuum where everyone is equal when it comes to enjoying the sheer thrill of the fight. The better the player and the more skilled the game, the more captivating the experience. In fact, there are remarkable parallels between being an expert footballer, and being an expert at managing your money.
Manage these four rules, and you’ll play your way to financial victory.
First and foremost always remember that 'football’s coming home!'
The eternal chant of the indomitable British fans; it should always remind you that whatever you do financially, whether good or bad, it will come home to you.
In light of this, make sure you take time to really learn the difference between good and bad financial decisions. Educate yourself on financial matters in areas you want to start making changes; be it savings accounts, loan information, or investments.
Never forgetting this, just as British football fans and players alike have never forgotten the glory of 1966, will stand you in good stead for every financial decision you ever make.
There is no I in team
Whether this means being open and honest about your personal finances with your partner or dependents, or going to the bank and talking to the experts, or even calling your accountant or mortgage advisor to ask advice about something you don’t understand, it’s important to remember that you’re not alone.
Never be ashamed of not knowing something, and always be honest about it, especially if you have a partner (financial or otherwise) who is relying on your financial decisions. If you come up against a situation you don’t know how to handle then always seek the advice of an expert. Their very purpose is to advise you. It's better to ask before the fact, and avoid getting stuck in a cycle of debt.
Strategy is key
As any football coach, player, or fan will tell you; it doesn’t matter how strong your players are, if you have no strategy you’re lost.
Take time to sit down and be clear in your mind about exactly what it is you want from your finances. Whether it’s a long-term savings plan for the future, or your pension; or a mid-term plan saving for an event such as a wedding; or even if you want to start investing your money - you need to have a strategy.
Understand what you want, when you want it, and why, and work it into your financial strategy. Even if that strategy is just a spreadsheet on your desktop. Once you have a clear idea in your mind it will be easier to make financial choices based on it.
Know when to call time
Defeat is always bitter, even if you lose to a great opponent. This skill is an important one to learn. You need to know your limits, and when its time to admit defeat.
If you have invested money and it has not gone to plan, you need to know exactly what you can afford to lose. If you want to buy a house but it is beyond your budget, you need to understand the size of the mortgage you can afford.
Sometimes it can be difficult to let go of long held dreams and cede that at that point in time they are not obtainable. But, by mastering the art of calling time you will ensure that you remain financially stable and you give yourself time to build your portfolio over time. It may be that you are able to revisit your chosen opportunity at a later date when you are in a stronger financial position.