GREENSBORO, NC -- With the blow out Super Bowl game, maybe the lesson is: buy the advertising before half time only!
Certified Financial Planner Matt Logan of Matt Logan Inc. says football can teach us more than that about finances. Here are his take-aways:
Each player on the field has a different job. It is most pronounced in football as you can see the different body types associated with the different skill sets. The build of an offensive lineman is very distinctly different than that of a defensive back. This is a lot like financial planning. It takes a combination of investing through different vehicles and includes different types of insurance to build a strong financial plan. You would not want to own one stock in your portfolio just like you are not going to build a 53 man NFL roster with Russell Wilson's and expect to win. A successful, thought out financial plan is not built out of one companies stock.
Take Your Time
Building a Super Bowl winning team takes years to build, just like your personal wealth. A combination of drafting college players and developing them along with trading is what builds a team. A team is not built overnight. Personal wealth is even slower. It takes years and decades to save up and build wealth. There is no short way or secret to doing it, so be patient. Buying on a regular basis will help you towards this goal.
Nobody Only Chooses Winners
Drafting and selecting football players for your roster is not easy. Even the most highly rated college players can be complete busts. This is much like picking investments. There is no such thing as a sure bet. W know that some of our picks are not going to work out. Don't let poor performance in one investment or few years of downturn in the market discourage you. Know that this is part of financial planning and investing and stick with the overall plan.
Don't Forget to Include Insurance
Ever since Joe Theismann had his leg broken by Lawrence Taylor, people have called left tackles insurance policies. In fact, this position is now the second highest paying average salary in the NFL as it has steadily grown since that famous moment. While life insurance, health insurance and disability insurance are things you never hope to use, you better make sure that you have them to protect you and your family's financial situation from death, hospitalization or disability.
There Is No One Way To Do It
There is no one formula to building an NFL Super Bowl Championship team. That is why we are so fascinated when teams when multiple championships. This is much like a financial plan. Your needs, goals, desires, history and risk tolerance all go into a plan that is the right plan for you. Your financial plan is going to be different than the next person just like all Super Bowl Championship teams have different strengths and weaknesses.
Have Quality Coaching
Even professional athletes have coaches. Some would say that Peyton Manning is the smartest quarterback to play the game. No matter how well regarded a pro quarterback is, they still have a coach. This is the same as a financial planner. You will benefit from using someone with a different perspective and their experience and expertise. Do not be afraid to go find someone to help you. I always recommend going to www.cfp.net to find someone or using my website to contact me at www.mattloganinc.com.