Not Just Another Game

This week, our very own Zach Miller released the NFL Players’ Podcast #10 which provided us great insight from one who has won the big game himself. Champions have the experience to speak differently about the game simply because they won the big game.  Below are three quotes from the podcast that I want to highlight and analogize to your finances:

1.       “…Understand that it is ok for it to not be just another game”

Many coaches work to make players treat a big game, whether its playoffs, a rivalry game, or the championship, like every other game they have played.  They work tirelessly to get players to stick to their routine in the hopes that they can curb emotions that could be detrimental to performance.

This game is not like other games. I remember playing at the University of Texas my freshman year at Arizona State where the winner clinches a ticket to the College World Series in Omaha, Nebraska.  That game was not like any other game.

Zach gave great strategies to NFL players on how to manage emotions for the Super Bowl, and there is a direct correlation to finances.  This past week we have seen the Reddit/AMC/Gamestop hoopla spike and fall. While some traders might have had other motives than making money (???), the majority of traders likely felt like they were missing out and were caught with bag at the end of the craze. Hire an advisor who will help you cut through the noise of getting rich quick.

2.       “…its all about the preparation when it comes to the Super Bowl”

Failing to prepare is preparing to fail. Do you fell prepared to handle your finances? Do you have clarity and confidence over your financial plan? Do you know what your savings goal is for this year?

Most likely – no. We work through a framework at AWM with all clients regardless of their income levels that we call “The Four Uses of Money”. Through this framework, our clients know the following:

1.       Taxes – we project taxes owed for the year

2.       Giving – personalized giving goal

3.       Savings – personalized savings goal

4.       Lifestyle – current lifestyle costs

Clients then have a metric or a barometer of success to measure against throughout the year – did I hit my savings/giving goal or did I not? However, if you do not set these targets at the beginning of the year, you are like an ostrich with its head in the sand.

3.       “…it’s the whole team”

If you have played team sports and had success – you can relate to this comment. It takes the entire team to win. Harmony amongst everyone on the team driving towards that goal is one of the most beautiful things to experience and witness in sports - it is why we value the success of professional athletes.

Your finances are no different. You need a team behind you to optimize your success. You need a tax expert who analyzes tax advantages daily for you, you need an investment expert who understand where returns are sourced from, and you need an advisor who understands your goals and outcomes you want to achieve. The team is what is going to give you success – hire the team.

Conclusion:

How is your wealth team doing? Do you have clarity in your financial plan? Do you prefer the noise of the commercials of the Super Bowl, or the actual game itself? Share your thoughts – and enjoy the game!

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