Whether you’re a football fanatic who’s happy that your favorite team is finally back on the field or you can’t tell the difference between a quarterback and a punter, football can actually teach you a lot about managing your finances. Don’t believe us? Check out the Raccoon Valley Bank game plan that can help you get a financial win.
It’s Important to Win on Offense, Defense and Special Teams
Good teams need to play well in all three aspects to win games. In your finances, your offense is your income. If you think of dollars as yards, the more money you generate, the more secure you can be. If income is your offense, then spending is your defense. Coaches don’t want their defense to be on the field too long, so keeping the spending to a minimum is the best way to keep your finances in check. Your special teams are items like investing. You only need them a few times per game, but you need them to perform well when they’re on the field.
Defense Wins Games
If spending is your defense, controlling spending is the best way to ensure your defense is successful so you can get a financial win. Taking a defensive approach to your finances that controls spending and saves a little each and every month may not seem like the most exciting thing, but it will get you a win. Slow and steady saving can help you be successful for a long time.
Understand the Game Clock
The game clock can dictate how a team plays. At some times, you can be aggressive, while other times may call for a more conservative approach. Taking an aggressive approach, such as making a smart investment, can help you improve your financial situation quickly. However, a more conservative and steady saving approach can help you accrue wealth, too, it may just take a little longer.
Surround Yourself with Good Coaches
A good coach trusts others to develop players and game plans. There are a lot of financial experts that have a wealth of knowledge that you can take advantage of by providing a unique perspective, including right here at Raccoon Valley Bank. Trust these financial experts to use their experience to help you get a win.
Just as a good game plan can help your favorite team on the gridiron, it can help you with your finances. If you have any questions, contact Raccoon Valley Bank and we’d be happy to help you develop the right game plan.