The fastest man in the world (Usain Bolt) has one. So does the world’s No.1 female tennis player Ashleigh Barty.
In fact I’m struggling to think of any professional athlete’s or a sport that don’t have coaches.
But this is not new news, because we all know the benefits and value of a coach and seeking support, help and direction from an expert.
The more interesting questions is how and why can one coach can be paid $50,000,000 AUD a year (Pep Guardiola- (football coach) versus the average coaching salaries in the same field of $60,000 per year?
That answer is, if you’re wondering. It depends on what’s at stake.
When winning literally means millions or even billions of dollars, well then the stakes are a little more than a social or semi-professional game that comes with some bragging rights.
Obviously when the outcome of millions is on the line you’ll be more invested and willing to pay a higher price for that a single life changing goal separating you from holding the trophy and getting the glory versus being forgotten. And you’ll be more invested in that winning point being decided by a millimetre (John McEnroe) or winning a life changing race by a millisecond.
Maybe you are that professional athlete, or maybe you’re a legend in your underpants.
Regardless of who you are if the result matters enough to you then the most important and defining question you need to ask yourself is “What is at stake and what am I willing to pay to realize that result?”
Success is simple but not easy. You simply need to know specifically what you want, know how much it will cost and pay for it.
So what is at stake for you and your clients in life?
Is it achieving financial freedom, having more time to do the things you really enjoy, experiencing more, having less worries, building and leaving a legacy?
If so how much would you be willing to pay, for you to achieve this outcome?
If you are a coach, this is how much your clients will be willing to pay you for your support and advice..
For example if achieving your clients ‘ideal life’ requires $100,000 per year passive cash flow, based on a 5% return you need $2,000,000. This is in addition to your home paid off, intended renovations, personal items and transportation i.e. car’s, bikes etc. In short your client is making a $3,000,000+ decision!
As a coach, you will be required to have more than qualifications. Your clients will righlty demand to see your past results, client testimonials, evidence of your own success and who you are as a person i.e. can you be trusted.and can they work with you?
Back to sport.
While we can all access information, buy all the books, join a gym and get all the equipment, it’s only when we start to exercise do we actually start to experience the results from our decision. As the saying goes ‘an inch of action goes further than miles of good intentions every single time”.
So anyone who simply turns up, does the work (lather, rinse repeat) I guarantee they will all see positive results. The problem we all encounter is one of motivation and staying the course.
The difference in value between an exceptional and valuable coach, to our clients is therefore multi layered.
Accountability to yourself and the accountability to someone else other than yourself i.e. the motivation to turn up and actually doing the work. This goes both ways for the adviser and the client and is the minimum, albeit essential expectation.
Secondly giving and receiving professional oversight regarding progress and implementing adjustments to help your client achieve their goal sooner. As an adviser you are responsible to know the best strategies, legislation, application and day to day management process that will improve your clients situation. i.e. apply our advice in our clients best interest.
Lastly and I believe most importantly, when we and our clients fail and we all do at times, the best coaches will motivate their clients to get back on track and continue moving forward so you and they don’t give up on what you started toghether. In short communication, empathy, leadership, understanding and encouragement.
In life, shit happens. We get distracted, experience setbacks and lose our focus. As Mike Tyson will tell you “Everyone has a plan until they get punched in the face”. BTW “Iron Mike’s” first coach was Cus D’Amoto followed by Kevin Rooney who led Mike Tyson to 35 fights with 35 wins (31 by KO).
The best tennis player and golfers will all tell you, the difference between good to being great player is the great players can get back to being present and ready for the next shot faster i.e the good ones continue to play the shot while still dwelling on the past failures and this makes the over emotional leading to under performance.
The same goes for coaches too. The coaches and advisors who can respond the quickest and keep move forward (learning from the experience but not holding onto the past failures) have higher success rates.
Importantly, the reality is that ‘in the game of your life” the coach or your adviser doesn't actually get in the ring and fight for you.. That responsibility is yours as a client and yours alone.
And having a coach too is no guarantee of success (while you still have to take all the risk and do all the work). Just ask the loosing team or athlete who was the runner up.
So why would all professional athletes agree that going it alone i.e. not having a coach is not only wrong but professional suicide?
The answer is clarity, so they (the sports person and individual) can remain at one’s best while still playing the game, because doing so heightens their probability to achieve a win i.e. their goal.
And that’s why they (sportsmen and sportswomen) engage their own professional coach and pay so much more than simply for someone’s accountability to just turn up.
The best coaches do more than simply coach. They know their sporting stars fears, aspirations, short comings and strengths.
So the best coach’s support you and give you a higher probability of success. So that you can continue performing at your best, until your job is done.
In this way they are alongside you in the ring of life, fighting along with you and playing to win, for you and for them, as one team.
So how much are you worth?
As a coach, however much it is important to your client. As a client, however much you have been able to achieve in alignment with your ideal life and the evidence you have to show for it.
If the definition of insanity is doing the same thing hundreds of times and expecting a diffrent result then can I suggest you try a different approach.
The following questions may also help you decide if engaing a coach (particularly in light of a goal to live your ideal life) could be of value to you:.
- How many times have you started something and not seen it through due to loss of interest, motivation, distractions, frustration, insert whatever….? And more importantly why?
- What would experiencing your ‘ideal life’ mean to you?
- Who is currently keeping you accountable to your aspirations and how are they keeping you on track (not making wrong choices) and moving forward quickly?
- What needs to happen in your life, will make it easier and help you to achieve your ideal life sooner?
This post was written by Peter Horsfield, as such they are his personal views. Peter helps you to focus on what’s most important, the right strategies at the right time. To learn more about How to become Financially Independent visit Peter Horsfield Smart Advice
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Sources of this information are considered to be reliable but are not guaranteed. Information published in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs.
Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523