Quick catchup with Michael Vaughan, on cricket, business and his latest ventures including Elite FX.

What is your own background briefly?

I was over at Yorkshire Cricket Club for 18-19 years, played for England for 10 years, was Captain for England for six years and eventually retired in 2009.

Since 2009 I’ve been in the media commentary box for the BBC, Fox Sport and Channel 5. I’m also associated with a few businesses

Does it seem like a logical background to what you do now?

A lot of people think as I was an England captain it’s a natural pathway to escalate into the business world but it’s completely different. The only comparison is whether you’re dealing with cricket players or business associates, its just dealing with people.

I guess it’s similar in that I am directing different skill sets or mechanisms. I’ve never been scared of investing or seeing something and thinking ‘I want a piece of that’ and going for it. I guess that was similar when I was England captain, not being scared of doing something different or attacking, sometimes I probably attack too much.

I think its held me in good stead for life after playing because I am someone who just jumps into things and likes to get stuck in and work hard.

Insights with Michael Vaughan

How was the last 12 months? What were your big wins?

I’ve been everywhere! I went to India for Sky, last summer was great with the ashes here and England winning was obviously fantastic. Obviously starting Elite FX with Stuart Holmes six months ago, so halfway through last year.

What would you have done differently?

I don’t think I would have done anything differently, no. I don’t really have many regrets. There is nothing in the last 12 months I would have done differently.

1 min pitch for what you are doing now / how are you managing during these corona times?

The Elite FX business is something close to my heart as I have currency earnings from all over the world. It wasn’t until I had the conversation with Stuart, the owner that I realised I could hedge my currency earnings at decent rates for longer periods rather than just rely on the rate at that specific time that the money comes back into the UK through the banks. The banks have one rate, Elite FX can get you a different rate.

It was very obvious to me that I needed to start using an FX trading system more so than I have done and with that Elite FX as a business realised that there are lots of people in sport business industries that are in a similar position that probably haven’t realised that you can hedge your money at a rate for two years.

I don’t think many realise that you can hedge your earning currency for a two-year period at a specific rate at that time. It was something I didn’t know until I met Stuart. That’s why I’m interested in the business because I know there’s a lot of sports people out there who earn money and don’t realise that actually what they’ve earned they’re not getting back because the rate at the time goes against the rate they signed their contract at.

It’s important you strategise everything you do in your life and currency is another thing people should be strategising.

I don’t think people know. I didn’t know.

How have you found that cricket has helped you subsequently in your career since retirement?

In the broadcast and media stuff, yes. My experience being a captain, a player and being around the game as a professional for a number of years gives you an insight into knowing what to say at the right time in the commentary box.

However, life not a great deal really, other than you learn how to deal with different types of people and characters. Trying to get the best out of those characters is very similar to getting the best out of your players. I always think it gets overegged sports people make great business people. I think you’ve got to be smart and willing to work hard, it’s the same as when you’re playing. You work hard, you get the rewards and it’s the same in business.

How soon might international cricket return to ‘normal’ if at all?

Normality I think will be a way off. We start the 8th July here so you will see a lot of international cricket television here in July, Aug, Sept however, normality for me will be getting 50,000 people back into the stadium, I’m not too sure. Maybe Christmas time in Australia will be the first time the sport will have big crowds. They seem to be recovering well.

Why did you get involved with Elite FX?

The founder, Stuart Holmes contacted me and I didn’t really understand you could do what he can do and I wish id of known for a number of years so when he asked me to be on the board and be a part of the business I instantly said yes.

It is absolutely perfect because what you’re offering a sportsperson is something that can help them. You’re not stealing their money or investing their money, you’re allowing them to hedge that currency deal at the right price with an expert looking at it 247 to make sure you can maximise the money you can possibly get.

Why do you think it is such a powerful idea?

I believe if you earn money you want to make sure you’re getting as much of it as you possibly can. The problem with FX trade currency is obviously they fluctuate so much and you’re never quite sure how the dollar’s going to go, the pound’s going, how the euro’s going to go. I guess you can run the risk and allow your monthly/ quarterly payments to come in and you might get lucky at that particular period and it goes with you but you don’t want it to go against you.

You don’t want to be losing 20-30% which can happen by just the trade when you can lock that in for a period of time, know what you’re getting and budget your life accordingly.

 

How can people find out more about you & your work?

By heading to the Elite FX website (www.elite-fx.com), Elite Facebook page or our company Linkedin page.

Who and where do you get inspiration from?

I get it from all sorts of places. I like people who work hard. It doesn’t matter who they are or their occupation. I have a huge amount of respect for the everyday worker that gets on with it and works in all different industries. Whether that’s a construction worker, those working in the health service/ teachers, I have a massive amount of respect for teachers.

I think we’ve all just experienced through a bit of home schooling that it’s hard work! For teachers to have the patience to cope with 30 kids in a class causing chaos, huge amount of respect for them.

I like entrepreneurs, I like people who create things, who have a vision and the guts to take things on and risk a lot to gain a lot. I think risk and reward is a big part of my life. I respect a whole host of people, I wouldn’t say there is one or two I think there’s a huge amount of people I respect and feel inspired by.

What makes Elite FX different to other currency consultancies?

I think what you’ve got in Stuart Holmes is someone that’s been in the game 30 years with a team around him 247 that are constantly strategising, looking at everything to help you as a client. That’s their role to make sure you as a client are getting the maximum amount.

When you’ve got someone who’s been in this business before and built a company up to 700 people working under him, experience in this type of game is very important and you get that with Stuart.

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