We are in the middle of bowl season and about to hit the NFL playoffs.
American football has millions of? idiotic dedicated sports fans who think nothing of painting their face with team colors, wearing ridiculous outfits and acting like maniacs on Saturday or Sunday.? Doing things they would never do at home or at work?
Fanatic Football Fans
What does that have to do with? personal finance?
Well let?s just see?.hmmm:
Football and Your Money:
- Team-There is no ?I? in team is common coach-speak.?? It is impossible to know everything about your money these days. Think about it! Banking, investing, taxes, retirement accounts, insurance, real estate, precious metals, mining?.the list goes on.? You need a team of professionals to help you succeed.? Too many people compromise on their choice of teammates.? Don?t use cousin Vinny?s wife?s sister who just got her real estate license?
- Game Plan-You need a financial plan.? It doesn?t have to be as thick as Bill Belichick?s playbook.? You may just need a little piece of paper with the plays written on it like you see on quarterbacks wrists.? To be successful though, you need a general outline of how much you have, what you want to do and where you want to go with your money.
- Improvisation-The current slang is ?You gotta make a play!?? I know I said you need a game plan.? Most coach?s have a strict list of plays to start a game. The ball doesn?t always bounce the way you thought, so you need to be nimble and willing to make changes if circumstances require.
- A Balanced Attack-Teams that depend only on the pass or only on the run become one dimensional and easily defeated. The investing corollary is using diversification.? Don?t put all your coins in one investment.
- Persistence-fans get restless when a team runs the same play with small variations over and over.? Coaches know that with persistence, the play will eventually break open for a long run if executed correctly.? The same goes for investing.? Dollar cost averaging is one example of persistence.
- Big plays-Big plays?.making a long run or a long pass play or an interception for a pick 6?.these big plays can make the difference between winning and losing.? In investing,? making big plays usually means letting your winners run.? If you have a winning investment it?s tempting to cash in your chips.? Let your winners run as they frequently will continue their winning ways.? If you have to decrease your stake to be able to sleep at night, just take part of your money off the table? rather than cashing in completely.
- Playing Hurt-No, this doesn?t mean that you slam your hand in your safe deposit door.? All good football players know they will have to play hurt.? When it comes to your money, you have to be able to continue with your plan even when the market or world events are going against you.? By all means, evaluate and reassess your plan, but if it is sound, stay in the game and give yourself time for things to turn around.? Don?t sell with the herd, play hurt!
- It?s a long season stupid-Don?t get overly focused on one game, the season is what?s important.? With your money, keep your eye on the prize.? Having enough money at the end of your working life when you?re unable to earn more is the focus.? Don?t let individual months or years, whether good or bad, cloud your judgment.
- Defense can be as important as offense-Keeping your powder dry or not losing money can sometimes be as important or more-so than having everything at risk. Being defensive with part of your capital is a sound strategy.
- Every team needs cheerleaders-having your family cheering you on can make the difference when times get tough.? Congratulate wise financial decisions of your teammates. If that means patting yourself on the back with a little reward, do it!
- The Standings Count-Yes size matters,? the score matters,? whether you win or lose-It Matters!!!!? Hey, it?s your money!
- Experience counts- Simple game plans and investment choices are smart early in your career-don?t do options straddles when you don?t know what an option is?.? As you develop more knowledge and sophistication, you can check at the line and call your own more complicated plays-be? like Peyton well this year be like Drew.
- Enjoy the journey-Great football players have trouble retiring because they enjoy the journey. They love the game!? Learn to enjoy taking care of your money rather than looking at it as a chore.
- Next Year-Yep, when you?ve had a tough year with your money, don?t get too discouraged.? There is always next year!
Consider yourself the recipient of a ?Pat on the Butt? locker room speech:? get out there and make money for the Gipper, The price of victory is high but so are your IRA rewards and all that stuff!
Go Falcons! (no my face is not painted red and black?)
Reader Questions:? What are your favorite football/personal finance analogies?? Come on, let?s play a game and see how many we can come up with-you know you?ve got one?.Remember practice doesn?t make perfect, perfect practice makes perfect!
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Tags: football and how it relates to personal finance, football and your money, relating football to personal finance, using football examples to explain personal finance
Source: http://blog.themillionairenurse.com/2012/01/07/football-and-personal-finance-14-corollaries/
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