What is the Salary of a Bodyguard?
Before you become a bodyguard, there’re essential questions you need to ask yourself. For instance, you might want to discover the details regarding the safety precautions you need to take. Also, it helps to find out whether this career will help you attain your financial goals. So, what is the salary of a bodyguard? Let’s find out.
How Much Money Does a Bodyguard Earn?
A bodyguard should have a specific set of skills, including a certain level of physical fitness and the ability to detect danger. Additionally, being able to communicate with discretion is almost as important as protecting your client because if they feel threatened by you, their guard goes up. Because there is such a wide range of factors that determine your salary as a bodyguard, you should be able to make between £32,000 and £50,000 per year.
However, it could also depend on where you work and what type of security services your employer provides. Also, the company’s size or organization for which you work will affect your salary.
Do Bodyguards Pay Tax?
Yes, bodyguards typically pay tax. This is especially true if you are working for a security firm that pays you hourly. However, if you are paid by the month, then it’s possible to avoid paying tax in most cases. Be sure to ask your employer about their policy to be surprised with unexpected taxes at the end of the year.
How to Take Care of Your Finances as a Bodyguard
It will help if you start by investing as soon as possible. The more you save, the better off you will be financially in the long run. Also, consider getting a side job to augment your income. Don’t forget to put some of this money away for taxes and retirement either because it might surprise you how expensive these things are once you want to enjoy them.
Best Investments for Bodyguards
If you’re looking for an investment that’s also safe, then certificates of deposit (CD) are perfect for you. If you find a high yield CD account, then your savings won’t just earn interest; they will be insured as well. Thus, if something were to happen to the bank and it went under, at least you still have your money.
Other good investments for bodyguards are stocks, bonds and even real estate. For instance, if you find an affordable home with a 30-year mortgage, then your monthly payments will be more than manageable as well as tax-deductible. You should think about risk first when choosing what kind of investment to make because capital gains will follow.
Do Bodyguards Need Financial Advisers?
Yes, bodyguards always should have a financial adviser. This is someone who can help you build the best possible strategy for your career and finances. If you are having difficulty finding one or are uncomfortable with the idea of meeting in person, then consider taking advantage of online resources that offer free tips on how to manage your money wisely.
After learning how to calculate the salary of a bodyguard, you need to take advantage of these tips to develop and follow a long-term plan for your finances.
Who Would Need a Bodyguard?
Being a bodyguard is no easy task, but it’s also not difficult to find employment in this industry if you are qualified for the position. Some people who hire bodyguards are politicians, celebrities, public figures or even wealthy families. If this is your line of work, you should expect to travel a lot and meet all sorts of interesting people.
There are various ways to earn an income, but some will allow you more freedom than others. For instance, you could be a construction worker or stay-at-home mom, but if you want to enjoy the fruits of your labour by travelling wherever and whenever you like, then becoming a bodyguard is probably your best bet. Of course, it takes more than just physical strength to be a successful bodyguard. You also need training and experience, for which you might have to pay tuition fees upfront.