5 game-changing lessons the Euros 2024 can teach you about financial planning

After four years of waiting, the 2024 UEFA tournament, otherwise known as the Euros, returns this month. The long-awaited football championship will see 24 nation teams compete with one another, in the hope of being the squad that lifts the prized Henri Delaunay Cup.

This year’s contest takes place between Friday 14 June and Sunday 14 July in Germany, the first time they have hosted the championships since its reunification. Whether you’re an ardent football fan or just want to cheer your chosen country along, you’ll be joined by millions of footie fans as the prestigious month-long competition unfolds.

That said, what you might not realise is that the Euros provide important lessons about financial planning. Read on to discover five powerful insights that the championships could teach you about financial planning.

1. Always have a strategy

Any team entering into the Euros is going to have a strategy in place. They’ll be detailing how they’re going to play against other key countries in a bid to win their matches, and potentially, the tournament.

Having a game plan ensures the team, and every player within it, understands how to maximise their chances of going through to the final on 14 July. Similarly, having a financial strategy allows you to identify your objectives and aspirations while spotting any potential own goals.

This means you’ll have a clearer idea of what you want and how to achieve it, while at the same time providing a plan that you can refer back to so that you can measure your success. This is backed up by Aegon’s Financial Wellbeing Index, which reveals that those who create a financial plan tend to do better with their money. Despite this, just 17% of people have a strategy in place.

2. Track your progress

All of the teams taking part in the Euros will be tracking their performance throughout the tournament. Where a match didn’t go their way, the team will need to understand why, and how to turn the defeat into the best possible outcome.

If you have a financial strategy in place, you can regularly review your progress towards your objectives. This will allow you to see when you’re on track to achieve them, or when you’re falling short and need to take game-changing action to get your finances back on track.

3. Block out ‘background noise’

Thanks to social media and the news, there will be plenty of chatter and opinions about the Euros and how each team is performing. Whether positive or negative, this level of scrutiny has the power to influence how you feel about your country’s chances of success.

The same can also be said about investing. With news channels, expert pundits and those on social media reacting to financial and political events, as well as stock market movements, it can be difficult not to become concerned when the outlook is gloomy.

This in turn could result in you making a knee-jerk decision with your investments that means you miss your goal later on. More often than not though, the best tactic is to try to block out the ‘noise of the crowd’ and focus on your long-term financial strategy.

4. Manage risks

For every team competing in the Euros, each match carries unknown risks. For example, will a key member of the squad be injured, or will the opposing team perform particularly well on the day and win the match?

The risk of defeat is why the teams taking part prepare mentally, physically and strategically for each game, as this enhances their ability to deal with whatever unfolds during the match. Likewise, you should always prepare for the financial unknowns that you and your household could face. As such, your strategy should normally include:

  • protecting your income, in case you’re diagnosed with a serious illness or have an accident, which means you’re unable to work
  • having an adequate emergency fund so that you can deal with unexpected and unwanted events, such as needing to replace your central heating boiler
  • investing in funds that provide maximum growth potential at a level of risk you’re comfortable with.

Taking these actions could provide peace of mind that whatever the future holds, you’ll be financially able to deal with it.

5. Work with experts

Top football players understand the importance of working with experts to help them improve their performance on the pitch. This could include strategists who help them formulate match-winning plans, nutritionists who can help them increase stamina through a better diet, or personal trainers to increase speed and agility.

Ask any professional football player, and they’re likely to tell you that teaming up with experts really can help to boost performance on the day. This can also be said when it comes to getting more from your wealth, as more often than not, the results can be improved when you team up with a financial adviser.

Thanks to their expertise and experience, they’ll provide the guidance you need to enjoy premiership success with your finances and investments. Furthermore, they’ll demystify stock market movements, so that you have the understanding and confidence to make a decision you’ll thank yourself for later on.

Get in touch

If you would like to discuss your financial plan, or how you might be able to get more from it and your wider wealth, please contact us. We’ll help you understand the complicated world of investing and finance in a clear and jargon-free way, so that you’re better placed to make better  decisions with your wealth.

If you want to get the ball rolling, you can speak to one of our advisers or call us on 01527 577775, and we’ll be happy to help.


Monday 17 June 2024