Interview with Serhii Malyuha

Valerii: Serhii, congratulations on earning your Doctor of Philosophy degree! Today I’d like to talk with you about the financial aspects of your career. How is your income structured right now?
Serhii Malyuha: Thank you for the congratulations! The financial situation is rather uneven. Teaching at the university brings a very modest income—about €200 a month. My main earnings now come from online coaching, especially with clients from the USA and Germany. They are willing to pay significantly more for consultations, considering my doctorate and experience. With Ukrainian clients it’s more difficult—they can afford only US$10–15 per training session, which is far too little to cover all expenses.
Valerii: So international clients have become your lifeline financially?
Serhii: Yes, you could say so. Although finding them wasn’t easy. At first I worked with a few acquaintances who had moved abroad, then they recommended me to their friends. Gradually a small but stable group of clients formed. Without them I’d be in a very tight spot. The difference in purchasing power is colossal—what seems expensive to a Ukrainian client looks cheap to an American or German.
Valerii: How do you manage your finances in such a situation?
Serhii: Frankly, there’s not much to manage—although income improved with foreign clients, it’s still modest. I simply jot down my expenses in a notebook to understand where the money goes. I don’t use any complex schemes. I try to save at least a small amount each month, but often those savings have to be spent on unforeseen expenses.
Valerii: Are you able to build up any savings?
Serhii: With great difficulty. Sometimes I manage to set aside a small amount, but then something unexpected happens—I have to pay for a conference, upgrade my computer for online coaching, or deal with household issues. In the end the savings melt away. It’s too early to talk about a serious financial cushion.
Valerii: How do you handle the technical side of online training? It requires certain knowledge and equipment.
Serhii: At first it was very hard. I’m not particularly tech‑savvy, so I had to learn by trial and error. I bought the equipment in parts, gradually: first a better webcam, then a microphone, lighting. These were necessary expenses—without them you can’t run quality online sessions. Friends helped with the software and showed me the basic settings. Technical glitches still happen, but clients are understanding.
Valerii: How is your budget distributed? Where does most of the money go?
Serhii: About 35 % goes to rent—that’s the biggest expense. Another 25–30 % to food, which, as a former athlete, has special requirements for me. Roughly 15 % covers utilities, internet and mobile—without them online coaching is impossible. The remaining money is split between transport, clothing and minimal personal expenses. There’s practically nothing left for entertainment.
Valerii: Have you ever sought financial advice?
Serhii: No, never. It seems premature at my income level. Financial advisers usually work with people who have something to invest or optimise. I don’t have those possibilities yet. Besides, advisers cost money that I prefer to use for more pressing needs.
Valerii: Do you plan to expand your online activity to attract more foreign clients?
Serhii: Yes, that’s my main development direction now. I want to create more structured online training programmes and perhaps record some video courses so I’m not tied only to live sessions. The problem is that all this needs initial investment—quality recording, editing, a website. That’s hard right now. I try to do everything gradually as funds come in.
Valerii: What financial difficulties do you face when working with foreign clients?
Serhii: The main problem is getting paid. Not all payment systems work reliably with Ukraine; sometimes transfers are delayed. Fees for international transfers eat into income. There are also taxation issues—it’s not always clear how to declare income from abroad. I consulted an accountant, but that’s another expense.
Valerii: What financial goals do you set for yourself for the next few years?
Serhii: First of all, I want to stabilise my income and make it more predictable. I plan gradually to increase the number of foreign clients and raise my rates as my qualifications grow. Ideally I’d like to create a passive income stream in the form of video courses or training programmes that can be sold without my constant involvement. And of course I’d like finally to build an emergency fund.
Valerii: How has the doctorate affected your financial opportunities?
Serhii: In terms of university salary—barely at all. But in working with clients, especially foreign ones, it gives a serious advantage. The PhD status increases trust and allows me to charge higher rates. Clients value a scientific approach to training. In that sense defending my dissertation turned out to be a worthwhile investment, though not immediately.
Valerii: Does the physiological knowledge you gained during your research help in coaching?
Serhii: Absolutely—it’s my main competitive advantage. I don’t just show exercises; I explain the physiological processes occurring in the body during training and recovery. My dissertation on the circulatory system during rapid recovery is directly applicable to coaching. It allows me to create evidence‑based programmes that deliver better results and minimise injury risk.
Valerii: What financial mistakes have you made in the past?
Serhii: The main one was not thinking about the financial future when I was an active athlete. I spent everything I earned. I didn’t think about how I would make money after my sports career ended. Another mistake was delaying the development of the online direction, although I could have started earlier and be in a better position now. I also failed to account for inflation and rising costs when planning my budget.
Valerii: What financial advice would you give young athletes?
Serhii: Start thinking about the future from the very beginning of your career. Sport is temporary—you need to develop other skills that will help you earn later. If possible, study—education opens doors, especially internationally. Learn foreign languages—it allows you to work with a more solvent audience. And most importantly—learn to save at least a small part of your income, even if it seems impossible.
Valerii: Serhii, thanks for the candid conversation. I’m sure many will find it useful to hear about real financial challenges and ways to solve them.
Serhii: Thank you for the opportunity to share my experience. I hope my mistakes and small successes will help someone build a more competent financial strategy. The main thing is not to give up and to look for new opportunities even when it seems there are none.