It is the NFL season! A lot of us are watching our favorite teams in the playoffs. Do you know that there are many parallels between what happens on the football field and how you manage your finances? How about we look into these similarities? Let us see what tactics we can take away from the sport that is applicable to professional athlete wealth management or even individual financial planning. Here you go!

NFL & Financial Planning | The Parallels Between Them

The Red Zone

A successful team mostly performs well in the red zone. The matches in these 20 yards need accurate execution and provide little room for issues. There is a lot riding on the effort because success in this zone mostly means winning the game.

There is a financial red zone that goes from 5 to 10 years prior to 5 years after retirement. This is when focusing on the details, such as budgeting properly, saving more, and steering clear of mistakes, is difficult for a winning retirement. These years are important as there is so little amount of time left before you retire to correct mistakes, including taking too much risk. You want to secure the assets that you have worked so hard to gather and invest new money conservatively.

The Hurry-Up Offense

This strategy lets a team adopt a faster approach to play when they are running out of time and required to gain a lot of ground immediately. If the hurry-up defense is done well, it disturbs the opponent’s defense strategy. However, this offensive move is difficult to carry out efficiently and mostly leads to mistakes. This can end up in chaos, and the team may become uncertain about what to do.

We can see a similar situation in financial planning for athletes when people feel as if they are behind in investing and saving. If they do not think they have sufficient money for retirement, they are willing to take more risk than it is wise.

It is a risky reaction and can even mean gambling with money that is meant to last longer. Yes, retirees and pre-retirees require some element of growth. However, few of them are in a position to get aggressive growth and accept the risk that accompanies it.

The Victory Formation

With the win in hand, a team can make the victory formation, permitting the quarterback to take a knee as the clock runs out. Because play stops, there is no chance for a fumble that can put the win at threat. It is the same with retirement. If you have saved enough for you to retire comfortably, you might not need to grow your money anymore. You can even take the market risk linked with a growth strategy. You have only one go at retiring, so why blow that winning position?

Good Coaches Make A Difference

A great coach can make or break a franchise or team. We have seen it firsthand in the NFL, fantasy football, and college football. All players have an advantage from having a coach who offers them the motivation and guidance they need to achieve their maximum potential.

In financial planning, an athlete financial advisor is there to figure things out. Financial experts help you prepare a smart game plan. You can benefit from their experiences, knowledge, and objectivity in implementing and developing a winning strategy. It is advantageous to have another set of eyes on your portfolio to make sure you are on the right track. It also helps you do everything possible to achieve a financially secure retirement.  

Summing It All Up!

Any successful NFL team depends on discipline, strategy, and a great coach to win on the field. Similarly, impactful financial planning also needs expertise and dedication. Whether you are someone preparing for retirement or a professional athlete, the similarities between financial management and the NFL are crystal clear. Having a financial coach, just like an athlete’s trusted advisor, can make all the difference in assisting you in building a winning and solid game plan for your financial future. With the right approaches and guidance, you can score a massive financial victory.

A successful financial plan, just like a successful NFL team, needs a greater level of synergy throughout the board from various components. In football, a good deal of planning helps in driving the entire group towards working to achieve their end goal. Your opponent will expose any weak links to make your team pay for it. 

The same rules apply to gameplan financial planning as well. An error in your plan might delay your retirement goals. We can agree that planning is a vital part of both financial planning and football. The best way to draw a closer comparison between them is to break them down by position and personnel grouping. Let’s go!

Master Your Finances With NFL Precision

Quarterback (QB) – Equivalent To The Financial Planner

Do you want to be like the New England Patriots or the Cleveland Browns? In most cases, Super Bowls are not won without a perfect quarterback behind center. Recent exceptions involve the Baltimore Ravens.

Similarly, many people can manage their financial matters on their own. However, these individuals are also the statistical outliers. The majority of people require a good financial planner to make sure that their goals are being achieved and resources are being maximized. With accountability, what looks like a minor task gets put off. Consequently, enough of these tasks add up, and the team (client) struggles to catch up.

An expert NFL financial advisor and a good quarterback planner focus on the details. They hold those around them accountable and make just the right adjustments on the fly. Both of them also effectively communicate with everyone involved.

Wide Receivers (WR) – Equivalent To Growth Stocks

WR (Wide Receivers), such as growth stocks, pick up large bits of yards (dollars) at a time. Wide receivers can have games where they explore for 215 yards and ten catches or other games where they are held in check with only 7 yards and two catches. Purchasing a growth stock like Tesla can be both painful and exciting. In other words, wide receivers and growth stocks both tend to have a volatile persona. Tight End & Fullback (TE) & (FB) – Equivalent To Alternative Investments, Such As Real Estate And Commodities.

If you are a true football fanatic, then you must know Rob Gronkowski. He is the dominant tight end in the NFL. However, many teams outside of the Cowboys, Chiefs, Eagles, and Patriots use the tight end to increase their offensive schemes. As a matter of fact, the tight end is commonly used by offenses to build mismatches near the end zone or when an opponent is weak in coverage at the linebacker spot. REITs (Real Estate Investment Trusts) play a similar complementary role in an investor’s portfolio.

Offensive Line (OL) – Equivalent To Bonds And Cash (Fixed Income)

Each football fan understands that a great football team is made from the inside out. The offensive line is the stabilizing force, as the offense cannot simply function without the guards, center, and handles all being on the same page. The offensive line is accountable for safeguarding the quarterback from getting dismissed by the defense and opening up running lanes for the backs to pick up hard-fought yards. Without the seasoned players doing their job in the trenches, the offense will fall apart.

Cash instruments and bonds (savings, money market, and CDs) work in a similar protective manner. They are the safety net of your portfolio and a requirement for retirees who need surety and income. The principal investment is usually stable due to features like the sound of creditworthiness of the bond issuer.

Defense – Equivalent To Insurance And Risk Management

All the previous positions mentioned worked side by side on offense to gather points for the team. They also grow the bottom line net worth of an individual. The defense is vital to prevent loss. That is limiting the damage caused by your opponent. No one is that lucky that we go through life without experiencing some loss that resulted from things like water/wind damage to a home, stolen/lost jewelry, an extended hospital stay, premature death, or prolonged disability. Many times, the losses can be so destructive that without proper insurance coverage, you have to wipe out your life savings to cover the damages. While the cost of insurance adds up to your monthly budget, it will save you from having to hit the start-over button with your financial plan. It is similar to how a good defense in football will bend but not break.

Backups – Equivalent To Saving For A Rainy Day

This one is pretty blunt. No team wishes to go to its backups. Similarly, no one wants to experience a dip in their savings when the AC unit needs replacement. However, when you have sufficient savings for emergencies, it saves you from having to borrow money from others.

Special Teams – Equivalent To The Small Details That Add Up

What looks like to be minor details can have a massive impact on the momentum. The same can be said in the world of financial planning about things such as focusing on your household budget, being financially prepared for transitions in life, opting for low-cost index funds, rebalancing your investments, and knowing where to tax-shelter assets. The little things that do not seem like they matter really add up to and accumulate a lot of money with time.

In Summary

And that is how a financial game plan and football strategies are a lot alike. If you understand one, you will get the other one, too.  By embracing these principles, football fans can tailor a dynamic financial foundation that supports both long-term goals and immediate requirements. It is a game where innovative strategies, the right connections, and community support can turn a fledging club into a financial powerhouse. To keep track of your credit score, you can seek help from trusted services, such as Gifted Financial Services.

The football season is about to start soon. And for that, you need to buy a lot of things. Starting with the tickets and moving to the merchandise that you will match with your favorite team. Things of this sort can make you spend a lot. So, how about we create a financial game plan to save up those $$$? In this blog, we are going to discuss how your financial life can be similar to that of the general manager of a football team. So, dive right in to explore further:

A Detailed Blueprint For Professional Athlete Wealth Management

Step No. 1 – Select Your Team

The Chiefs, as well as other NFL teams, sign and draft players. After that, they choose their coaches. Have you ever noticed how many coaches are there on the staff? Not only football but also our lives have become highly specialized in these last few decades. You can research “financial planning for professional athletes” on search engines, but none of the results will suit your unique condition.

You are probably mostly occupied with your career, managing your house, and barely getting some time for yourself. Do you think that, in all of this chaos, you will effectively manage your money life? Well, you can certainly oversee them from time to time. But we suggest you do not waste your valuable and precious leisure time doing so. It might be much better for you to hire an athlete financial advisor to help you. Gifted Financial Services can often help you with this matter. They can serve no less than your head coach and bring in other professionals, such as estate planning, insurance agents, attorneys, employment attorneys, and others if your requirements change.

Step No. 2 – Assess Your Current Situation

Financial experts perform wealth management for professional athletes by assessing their current situation. Now, this is something that the Chiefs do periodically, that you most probably don’t do with your greenbacks. Do you have your assets and liabilities sorted? The Chiefs might have a “Weaker” position group and report that. One of your liabilities might be carrying a lot of debt. Or you have not taken advantage of employer-sponsored savings plans. Or maybe it can be that you are not saving in a manner that restricts your income tax liability. Moreover, out of a hundred possibilities, it can also be that you are not maximizing your income potential and need to look for a new job or ask for a raise.

You most likely have assets, too. They can be the real-estate assets and investments, and of course, your human capital to earn more money. Are you aware of your net worth, and do you pay attention to increasing it year by year? You do not have to be an NFL financial advisor for this. A lot of financially successful people focus not only on their investment returns but on a wider picture that includes their savings, income, and spending. So, all in all, your assets minus your liabilities is the right way to view your financial success.  

Step No. 3 – Build A Playbook

The Chiefs goal every year is to win the Super Bowl. Travis Kelce is popular for his creative plays. You can begin your gameplan financial playbook by determining your values and goals. What are you willing to achieve? What does success look like for you? It is comparatively easier if you have a purpose. You can also work with a professional financial planner to create a playbook on how you can achieve your goals. This plan must include your current income, like a financial with the quarterback and receivers, to make all the plays work. Hiring an expert, such as an NFL advisor, you might be able to determine creative “plays” or smart plays that will give your success a kickstart.

Step No. 4 – Allocate Your Resources

If you are willing to pay your superstar quarterback a great deal of money, then as the Football GM, you have less to give to other players. Every one of us has access to only limited resources. Thus, it is vital for us to make conscious decisions on how to use these resources. If you wish to spend your money on Chiefs season tickets, then you must limit your other entertainment spending or take fewer vacations. However, if vacationing is something you cannot give up, then you should opt to save money on clothing, fancy coffees, and dining out frequently. This is how financial planning for athletes is done.

Step No. 5 – Practice And Execute The Playbook

The Chiefs practice their plays prior to unveiling them during games; this is what makes them perfect on the playing field. Similarly, practicing new habits will also help you in many ways. For instance, you can pay yourself by putting money into your savings directly from your paycheck. Switch off all ad notifications that you receive from shopping ads. Unsubscribe from all retailer emails that might compel you to buy more things. Cut out streaming services that are not getting views in your home. Join loyalty clubs to get discounts. Maintain your vehicles and keep them for at least eight years. There are a lot of habits that you can practice to achieve your goals. You can take athlete financial planning services to get more ideas regarding these habits.  

In Summary

And this is how you can approach your financial life like a football team. You hire coaches, understand where you stand currently and where you wish to be, create a playbook, and practice new moves (habits) to win your personal Super Bowl. If you wish to monitor your credit scores to understand your financial status, then we suggest you seek help from any reputed credit monitoring service. One such service provider is Gifted Financial Services. These experts offer great financial services that help their clients keep their money game stronger. 

 

The NFL season is in full swing. If you are a football fanatic, then you must be no stranger to how much goes into each game – each week. Hours and hours of researching, scouting, and making plans go into every team’s game plan. Just like your favorite team requires a game plan to play well on the field, you also need a financial game plan to secure your future.

In this blog, we will explore the world of financial planning in terms that any football fan can relate to. Below, we will explain what financial planning is, its importance, and how you can handle it like a pro. So, let us begin!

What Is Financial Planning For Professional Athletes?

Financial planning is no less than a playbook for effectively managing your money. Consider it as an approach that your favorite team uses every week when they take the playing field. Similar to how these coaches map out their plays, you will also be mapping out your gameplan financial goals. Not only goals but along with them, you will also make plans on how you can achieve them.

Why Is Financial Planning Important For Football Fans?

Scoring Touchdowns (Goals Achievement)

Just as your team targets to get into the end zone, financial planning helps you score financial touchdowns. You can start by setting realistic goals (i.e., funding your kid’s education, buying a house, or comfortably retiring). It will help you plan like an athlete financial advisor and, thus, create a clear game plan to achieve your goals.

Making Gains (Wealth Accumulation)

Putting up yardage on the game field can be a game-changer. Financial planning assists you in accumulating wealth over time. It revolves around managing debts, budgeting, and investing wisely to elevate your net worth.

Avoiding Fumbles (Financial Security)

In football, even a tiny error can alter an entire game’s result. The same is the case for athlete financial planning. Financial planning creates a safety net so you are not caught unprepared by emergencies or unforeseen expenses. This financial security makes sure that you keep on playing (speaking financially).

Avoiding Penalties (Tax Efficiency)

Similar to how penalties hurt the progress of your team, taxes can also destroy your income. Financial planning involves strategies to minimize your tax liability.

Sideline Comfort (Peace Of Mind)

Knowing you have a properly structured financial game plan can decrease the amount of stress. It permits you to enjoy life’s game without stressing too much about financial planning for athletes.

The Financial Planning Process For Wealth Management For Professional Athletes

Let us break down how the entire process of financial planning:

Set Clear Financial Goals (Scoring Touchdowns)

The first step would be to define your financial goals. Just as your favorite NFL team targets aims for the end zone, you will aim for certain objectives. These objectives can be a comfortable retirement, home ownership, or even college funding.

Assess Your Financial Position (Know The Down And Distance)

It is a great idea to estimate your current financial situation, including your expenses, income, debts, and assets. It is like knowing all about the financial field and what players are filling out your schedule.

Create A Budget (Running The Offense)

Make a budget that highlights your monthly expenses and income. Think of it as your offensive playbook that guides your financial decisions. By keeping track of your monthly expenses, you can clearly see where you are at.

Develop An Investment Strategy (Executing Plays)

Identify how you will invest your money, just like coaches develop plays for their teams. Develop a strategy that is well aligned with your long-term goals and risk tolerance.

Protect Your Finances (Defensive Coverage)

Calculate your insurance coverage, such as your life, liability, and disability insurance. It is the unexpected financial hits against your defense. If you are caught with no insurance, a huge financial burden might severely dent your opportunities to achieve your financial goals. If you find yourself in need of expert advice, then feel free to reach out to any NFL financial advisor.

Manage Debt Wisely (Avoiding Fumbles)

Handle your debts just like your favorite players deal with their opponents. Make a game plan to decrease high-interest debts. Consequently, you will also preserve your financial strength.

Building An Emergency Fund (Special Teams)

Make an emergency fund to act as your financial cushion during unexpected events. This can help you a lot.

Optimizing Taxes (Avoiding Penalties)

Work with a tax advisor to reduce your tax liability lawfully. This is similar to making smart plays and steering clear of penalties.

Monitor And Adjusting (Halftime Adjustments)

Reviewing your financial game plan periodically can help you make sure that you are on the right track to meet your goals. Adjust your plans whenever you feel necessary.

Seek Professional Guidance (Coaching Staff)

Think of working with an NFL advisor who can serve as your coaching staff. They can offer personalized advice to explore the complexities of financial planning.

In Summary

This is how professional athlete wealth management is done. By setting realistic goals, following a perfectly structured plan, and assessing your current financial field position, you can work toward financial security. Moreover, you also get peace of mind and wealth accumulation in return. Whether you are planning out your financial success or cheering for your favorite team from the stands, a perfect game plan can help you confidently explore the realm of finance. It also makes you secure a brighter financial future for your loved ones as well as yourself. If you are beginning to put your game plan together or wish to track your credit scores, then feel free to contact reputed experts. The seasoned team at Gifted Financial Services is at your disposal. With their brilliant strategies, you will reach financial success much faster.

Credit card fraud impacts thousands of Americans every year. Many criminals use stolen or lost credit cards to commit fraud. On the other hand, others make illegal transactions without even having their victims’ credit cards in their possession. The criminals only require their victims’ basic account or card details to get access to their funds. They do not even require any fraud credit cards to do so.

Credit card fraud can be no less than a nightmare scenario for any business or individual. Fraudsters are constantly evolving their strategies to trap their victims when they least expect it. The only way to mark yourself safe from them is to understand what credit card fraud really is and how it functions. This information will help you defend yourself and avoid becoming a victim yourself. Let us uncover these bits of knowledge, but first, you need to understand this:

What Is Credit Card Fraud?

Credit card fraud is the illegal use of a credit card account to steal money or goods. Your credit card information is not only restricted to your wallet only. These details can also be found in web databases that have online purchase information. If these databases are breached or compromised, your card information might be stolen and used to commit fraud.

How Credit Card Fraud Works

Any business, regardless of what size, will have a huge surface area for credit card theft or even fraud. Dealing with credit card fraud can greatly impact your credit score ranges. So, it is better to know the ways in which it might happen. Here are some of the ways through which it can occur.

Lost Or Stolen Cards

Fraudsters can get your credit cards by either finding them if you lose them or stealing them from your possession. They might not be able to use the card at any point of sale, as the device will ask for the PIN. However, they can use it online to make purchases.

Card-Not-Present Fraud

This sort of fraud does not need the fraudster to have a physical credit card. Rather, they will get access to the basic details, such as the credit card number, the account holder’s name, as well as the expiration date. With such information, they can commit fraudulent activity online, via the phone, or even by mail.

Application Fraud

Instead of stealing existing card details, a criminal might rather apply for a new credit in their victim’s name. They can do this by using the victim’s personal information, including their date of birth, name, address, and social security number. These criminals might even steal supporting documents to authenticate their application. To combat this, you can hire trustworthy credit score monitoring services, i.e., Gifted Financial Services, to monitor your credit. In this way, you can steer clear of any frauds these fraudsters might think of committing.

Counterfeit, Doctored, Or Faked Cards

Devices known as skimmers can unlawfully get credit card details. These machines get information using the magnetic strip of your card, which the fraudsters can then encode into a faked, counterfeited, or even doctored card. It can be difficult to put apart an ATM or a regular card reader and one having a skimmer attached to it. So, if you ever lose your card, make sure to feel its card reader to check if it feels normal and tight.

Account Takeover

After accessing your personal information, a fraudster can contact your credit card company. They can even pretend to be the account holder by giving information such as passwords, card details, or previous purchases. This entire act is known as “Social Engineering.” They will do this to register a change of address and then report the card as stolen or lost to get their hands on a new card sent their way through the mail.

Intercepting Cards In The Mail

If a credit card company sends out a replacement or new card via post, then the fraudster might be able to steal or intercept the package from the account holder’s mailbox. This is why many card issuers use unmarked packaging and letters while sending out cards. If you are facing any of these frauds, then we suggest you contact any credit score services to report the fraud. Gifted Financial Services is the best bet when it comes to getting help against fraud. So, contact these experts right now and let them deal with these issues.

Signs Of Credit Card Fraud

By reading the information given above, you now know how the fraud works. We think it would be wiser for you to know the signs of these frauds to be aware, just in case. So, read on to find more regarding this:

Suspicious Charges

This is the most commonly occurring sign of fraud. Be alert for any changes that seem new to you. No matter how minor, if you do not recognize something, take action against it. Otherwise, you might end up with a bad credit score or worse.

Unknown Merchants

If you notice any charges from merchants that seem out of character for your spending habits or the ones that you do not recognize, it might be a potential sign of fraud.

Payments From Other Locations

Any charges from places that you have not been to might also be a sign that someone out there is using your card. So, press a credit card abuse charge as soon as you can to avoid any further issues.

New Accounts Opened In Your Name

If you get bills or credit cards for accounts that you did not open or notice a new account on your report, it might be a sign of identity theft.

Unusual Correspondences

If you get unsolicited calls from any credit card companies regarding debt, it might be a fraudulent account that someone else opened under your name. Moreover, if you stop getting statements or emails from your card issuer, it can be an indication that a criminal has changed your billing information.

Changes To Personal Details

Any changes to the personal information on your credit card account must warrant a closer look. For instance, a new phone number or billing address on your account or an order for a new card that you did not request.

How To Report Credit Card Fraud To Police

Have you found any of these signs happening to you? Well, it is high time you report it to the higher authorities. Being a victim of credit card fraud, you must contact your credit card issuer immediately. You can proceed as follows:

1. Jot down whatever you are dealing with and how you noticed the fraud
2. Keep all the documentation that you think will help with the police investigation
3. Contact the local police service to file your complaint
4. If you think the company has been hacked, contact them immediately
5. Keep on checking your credit card statements to ensure that there are no further fraud charges

Summing It All Up!

Credit card fraud can happen to anyone. Therefore, you need to be extra vigilant in order to not fall into the traps of these fraudsters. However, even if you do, thankfully, there are a lot of services that can help you safeguard your accounts. One such service provider is Gifted Financial Services. These experts keep your finances more secure and protect your identity. So, if you ever find yourself in need, contact them and let them handle all the stress on your behalf.