Sports Therapy Community Streamed

Ep7 Sports Therapists: can your financial worries go away? - Mark Titley

August 03, 2020 Kristian Weaver Season 1 Episode 7
Sports Therapy Community Streamed
Ep7 Sports Therapists: can your financial worries go away? - Mark Titley
Chapters
Sports Therapy Community Streamed
Ep7 Sports Therapists: can your financial worries go away? - Mark Titley
Aug 03, 2020 Season 1 Episode 7
Kristian Weaver

In this episode I speak with Mark Titley about how you can create financial peace of mind going forward in your Sports Therapy career. 

If you want to Become An Unstoppable Sports Therapist then visit:
www.sportstherapycommunity.co.uk

If you want to contact Mark Titley:
Contact number: 07701336697
Contact email: [email protected]

Show Notes Transcript

In this episode I speak with Mark Titley about how you can create financial peace of mind going forward in your Sports Therapy career. 

If you want to Become An Unstoppable Sports Therapist then visit:
www.sportstherapycommunity.co.uk

If you want to contact Mark Titley:
Contact number: 07701336697
Contact email: [email protected]

Speaker 1:

Welcome to the sports therapy community streamed the place where sports therapy practitioners can get useful and actionable advice from industry leading experts from sports medicine to psychology to business. Here is your host sports therapist, exercise physiologist and creator of the sports therapy community, Christian Weaver. Are you constantly worried about your finances? Hello and welcome to this podcast with Mark Titley . Today we're going to be talking about how you can create financial peace of mind going forward. So Mark, tell us who you are and what you do.

Speaker 2:

Hi, Christine at Fastly funky for inviting me to the pump for the podcast. Let me explain. I might be able to have sports fabric . I've got on my way . Today's a shave as well. So look , I'm not too bad today. Um , but yeah, my name's Mark stately and I'm a financial advisor at Wilson Grange wealth management where based in Liverpool and princess parade. Um , my aim is to help individuals with their financial needs basically be ensuring you have a monthly income if you're unable to work planning for your retirement or helping to save for your children's future. Usually meet face to face. But with the current circumstances I've spent the last few weeks trying to get cigarettes would do. And I mean some people actually. So hopefully I got okay so April yet if anyone finds themselves with a little time on their hands at the Bogan , I'll be more than happy to. Scott , shall I be able to help you?

Speaker 1:

Fantastic. Mark. So , um, obviously the risks associated with being self employed and particularly with sports. So and I think that the stock is around about 93% of sports therapists all self employed. So what are the risks associated with it?

Speaker 2:

Yeah, there there were advantages and disadvantages of being self employed and I wasn't allowed that it was such a high, big and 93% of being self employed if you're a sports driver . So that's quite interesting to know. Um , being self employed is something I've got the option to , to go down there, the downloads down the line, but I know it's a massive decision on, you sort of have to outweigh the pros and cons and there are drawbacks and you don't have any workplace benefits which you might become accustomed to. And that could be the in the form of income perception, which I'm looking at the surrogacy . Um, another area you might not force about is pension planning. So at the moment, if your employed by a company earning over 10 pounds and pounds , again they will have to contribute and see your pension. You also contribute. So in total go in each month is 8% of your salary. Now I imagine there's a lot of decisions to make when you're self employed and paying into a pension plan might be something you've not considered before and let's say as a bit of a complex area. So I'm more than happy to try and explain that for you. Um , so things you need to think about. How would you survive if you were to be called Manuel, when are you going to be able to enjoy your retirement and have you considered pension ? If so, how much as well.

Speaker 1:

Great. So obviously there's a few things that you touched upon. There are pensions and about securing if you, if you did become ill. So what can sports soldiers then do or how can they actually secure their financial income?

Speaker 2:

Yeah, being concerned about , um , money is really relevant at the moment. Recent studies have shown 25% of the employees have lost sleep over morning worries and I'm sure I'll be in South employed the speaker with luck , even higher. One way to limit these worries, Amanda can show you can have an opening speech or sleep. Some of the signs is by having an income protection policy. This will provide you a peace of mind that you can maintain a standard of living that's a Kobe , your lost earnings, GMC sickness on the PARCC people's hands to have enough Institute, it won't happen to me, but burying your head in the sun can ultimately end in disaster for you and your loved ones. To give you a rough sort of estimates of how much an incumbents action policy might costume , I recently sat one up for a healthy 28 year old or 32 VAs , which is the thicker sheep or she'll be working until retirement. So he needs it to cover the CVS . It would provide her with a thousand pounds income to cover essential spending. The monthly cost of this was almost a 20 pounds . So very affordable and obviously having good lifestyle habits knocks down the prime thing. The monthly cost base will pay outs and when the individual is unable to go back to work. So Israeli giving it a peace of mind and a political cost.

Speaker 1:

And as a self employed practitioner, when should we start to invest in our own pensions? Is that as early on as possible or should we believe in it until we're more financially stable? What do you think?

Speaker 2:

Yeah, pension, pension codons , massively impulsive and it's personal. So it depends on the individual. If they can afford to even pay in. And initially we always recommend having an emergency film in Blake's before you'd look into setting up pension planning or investment . But so let you know the current full state pension is roughly 9,000 pounds a year. So I think you did great thoughts , not enough income to maintain your standard of living in the time. And so it's great to form good habits with your monthly income. Um , set aside a monthly amount, you feel comfortable, how would you be at each moment? Um, straightforward process to do , um , many benefits for it. And if you thought you were over committing yourself on documenting yourself , we can always put the contributions on hole or so increase the creeks in future years . Um , so just to make you aware of some of the benefits of pension planning deal received such relief initially at your marginal rates. So you pension contribution gets but your still trays away. It goes free of income tax free as capital gain stocks . And currently 65 new can withdrawal , a 25% tax rate. And ways I help with pension planning are , I can review any existing provisions you have. This might be from previous jobs or current pension. You pay an insane , make sure you're comfortable with how it's invested, look into the performance fully. Just bring you generally up to speed with the pension and how they were , um, once something set in place, I'd like to meet annually with you. Um , that's just to let you know how things are going , bringing your values, make sure everything's still seeks a local you , people's circumstances are always changing. So there's many sweet tooth and late for that . Um, what you find typically with pensions is between five and 10 years and see all the time and we'd lots of achieves the element of rescue and say you can not just to lock in any games or make sure there's not something unexpected happens when you do want to come to access the money. Yes. Hopefully that's cleared up a little bit for you.

Speaker 1:

Yeah, thanks very much. It's obviously a bit of a minefield and a complex sort of thing you have to go through in order to ensure that you're financially stable and often the best thing to do is to speak to someone like yourself in order to ensure that you're doing everything in the right way. So where can listeners find out more about you?

Speaker 2:

Yeah , um , I'm on LinkedIn myself show there'll be a link posted by Christian or Christian. We'll be more than happy to pass on my details, I'm sure.

Speaker 1:

That's great. Thanks Mark. And obviously you put together a blog for us, which is available on the website. So if you are listening to this podcast or you're watching this video, then you'll be able to go onto the website and you'll be able to find all the details and sort of a little bit more depth of what Mark's talked about today and in terms of how it relates to sports therapist as well and all those details, contact details we put into the show notes for you. I think we're going to try and get you onto the sports therapy community at some point. Come onto one of our coaching calls. Some of the members can ask you some questions as well and just to put them in contact with you so it'd be great to have you on in the future.

Speaker 3:

Great. Yeah, that was brilliant. Christian , please let me know. Thanks very much for your time, mate. Okay. Joined the most powerful and professional networks specifically for sports therapists. Visit sports

Speaker 1:

B , community.co. Dot. UK.