The Surprising Connection Between Football and Finance
Catching the football game on TV is one of the best ways to spend a cold winter weekend. The next time you tune into a game, take a few minutes to consider the lessons it has to offer about personal finance. There’s a lot the game can teach you about successfully managing your money and scoring a touchdown at retirement.
Here are four takeaways from the game that could be applicable to your financial future:
The Retirement “Red Zone”
At Johnson Brunetti, we like to think of the 5 to 10 years before retirement and the first 5 years after retirement as a red zone that’s equivalent to being inside the 20 yard line on the football field. Just as a player needs focus and precision when playing in this zone, we should be careful to avoid mistakes at this point in our lives. That’s because there’s less time to recover or bounce back from making a mistake like pursuing a financial strategy that isn’t performing.
If You’re Behind in Your Retirement Savings: The Hurry Up Offense
If you’re behind in your retirement savings, your first inclination may be to play catch up by taking more risk. Your hurry up strategy, however, may have all the same pitfalls that strategy has in a football game. Unless it’s expertly executed, the fast pace can cause chaos on the field, leading to confusion about what play to make.
A Secure Retirement: The Victory Formation
If your team is about to win, it makes sense to take a knee while the clock runs out. Why chance a fumble when the game is yours? The same is true of retirement. If you’ve saved enough for a secure retirement, then you may not need a growth strategy that puts a large percentage of your savings at risk. Yes, you’ll still need some growth, but chances are you’ll want to adopt a more conservative strategy and simply protect your nest egg while the clock runs out.
Think of a Financial Advisor as Your Coach
Good coaches make a difference. In high school, college, or pro ball or even fantasy football, a coach can make or break a team. A knowledgeable leader can motivate players to reach their full potential and lead the league year after year.
Think of a financial advisor as your coach. The financial professionals at Johnson Brunetti will share their knowledge and experience, provide objectivity, recommend efficient strategies, and help you stay motivated to achieve your retirement goals. Talk to us about the game plan that’s right for you.