Blogs

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.