Are you a football fan? Do you analyze the teams, study the plays, rattle off statistics, current and years past? The steps required to plan your financial future are not dissimilar to football. Producing a solid team requires planning and preparation, just like life, and it is the coach’s and general manager’s job to ensure all of those moving parts are working to build a dynamic future. You have the logistics with travel, accommodations, the media circus, security, budgeting for players, updating uniforms, and modifying defensive and offensive strategies as the game and season evolve. To get on a path that works for you requires more than just the talent on the field. It requires preparation. Planning for your financial future is no different.
Here are six tips to help you get started:
1. Learn to budget – In life, as in football, budgeting and understanding how much you are bringing in and how much you are able to spend are critical to your financial flexibility. You might only be budgeting thousands of dollars while an NFL team is budgeting millions, but the purpose of budgeting has its benefits regardless of the size of your income.
2. Be willing to evolve with the times – Sometimes, in a game, the offense will be ready to run a play, and the defense will adjust, forcing the quarterback to improvise and call an audible. This happens too in life when it comes to your financial planning. The market, the tax laws, and circumstances will change and force you to make strategic decisions.
3. Invest – In football, a team will invest in a young prospect with the hopes that he will enrich the team in the future. Learning how to invest doesn’t have to be scary. When it comes to your financial planning, it is highly encouraged that you consult with a financial professional to try and avoid any unforeseen obstacles and to get you moving in the direction that works for you and your family.
4. Modify your will – It doesn’t matter how much you own; a will is essential. A will is like a contract that aims to help your loved ones after you die, just like a contract for a football player.
5. Keep detailed records – One thing that sports are very good at, including football, is keeping detailed records and statistics. These records allow them to monitor their progress and make preparations for the future and can be advantageous for decision-making down the road.
6. Get help! – Just as a football team benefits from a coaching staff, you can also benefit from a financial coach. Again, it is highly recommended that you get the help you need by finding a financial professional who can assist you.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by LPL Financial Marketing Solutions
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