What the Packers can teach us about… finance? Yep, that’s right! In honor of the start of the 2015 Packer Football season, we are going simplify some basic financial concepts by putting them into football terms.
Offense, Defense and Special Teams: In order to win a football game, your offensive, defensive and special teams all need to be playing at their best. Your finances also have three major teams that need to be playing at their best in order for you to succeed: income, spending and investing. Your income is your offense as you need to go out, work hard and earn your money. Once you have money, you need to defend yourself against over-spending. Lastly, your special teams (aka investing) play rather infrequently but can make a big impact when it’s needed.
Clock Management: Mike McCarthy and the Packer coaches call different plays depending on how much time is left in the game. This idea is very similar to retirement planning. Early in life, you have more options and can be more aggressive or conservative depending on your “style of play.” However, later in life, saving for retirement depends on what you done up to that point. You may need to go for it, be more aggressive and throw a hail mary to Randall Cobb or protect what you have already done by playing conservatively.
Offense Sells Tickets, Defense Wins Games: You know that indescribable feeling you get when Aaron Rodgers throws that winning touchdown? This excitement is probably similar to how you feel when you get your paycheck or when you receive that big bonus. But what is less exciting, requires more work and often times goes unnoticed is the defense: your saving and investing. Controlled and focused saving and investing will ultimately help you build more wealth and win the game.
For more information on personal banking options or to chat about the upcoming Packer season, feel free to stop by Timberwood Bank today. And, of course, GO PACK GO!
Timberwood Bank, member FDIC