Reviewing the annual plan for a professional athlete with the number one goal of getting into the property market

Background:

We recently completed an annual review meeting with a client who is a professional athlete. He is 27 years old, single, and earning an annual income of over $300,000/annum. When we met he was on his first big contract and had net assets of $59,000.

Goals:

This clients number one goal is to get into the property market and we are looking to build a deposit of $180,000 to help with the purchase goal. 

We have been working together for just over 12 months and this meeting was focused on reviewing his strategy, goals and his financial progress over the last 12 months. He has recently had a contract upgrade and will be earning substantially more in the next two and half years than he has been. So we went over our updated plan and discussed the increases to his monthly strategy allocations

Strategy Update:

  1. Increase weekly spending allowance of $200/week
  2. Increase monthly property savings by $3,000/month to $10,000/month
  3. Increase holiday savings to $800/month   

Outcomes:

  • Net asset amounts summary;
    • Start of relationship – $59,000
    • At annual review 2022 – $146,000 (increase of $87,000 from starting position)
    • Estimated net asset position at next annual review in 2023 is $318,000 (increase of $259,000 from starting position)
  • Property savings target of $180,000 to be achieved by May 2023 which is 12 months ahead of where we had estimated we would be when we set his original plan
  • More flexibility with discretionary spending following weekly spending increase provides more lifestyle options to enjoy now

Ryan Porter is a Wealth Coach at Catalyst Wealth Group. His mission is to help his clients achieve financial success and live their ideal life.

Any advice or information in this publication is of a general nature only and has not taken into account your personal circumstances, needs or objectives. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.