Some of the greatest life lessons have been taught by football's finest. Since the Lions are headed to the playoffs, Phil Putney from AFS Wealth Management shows how wise words from legends on the football field can help with scoring a financial touchdown in the new year.
Lions head coach Jim Caldwell recently he borrowed from the Ancient Chinese text, Art of War, saying "Opportunities multiply when they are seized."
Putney says, think of this as your first down. We need to focus on seizing opportunities when it comes to our finances as well. And that means having a plan. The backbone of that plan will always be a budget. Still, a lot of people are fumbling this one; two-thirds of Americans do not have a budget (according to a nationwide Gallup poll.) You should have a working budget and make regular adjustments to keep it updated. Once you know where your money is going, you can better determine how to use it to reach your financial goals.
John Madden said, "The road to Easy Street goes through the sewer." What does that teach us about our money?
Putney says, we all hope to retire on Easy Street, right?! That is going to take fiscal discipline. Many people find themselves in a situation where they are carrying more credit card debt than they can manage. This is where your discipline kicks in. Make sure you make minimum payments on each account, then focus on the lowest balance and make the biggest payments you can afford. As soon as you have it paid off, turn to the next lowest balance and repeat. The more debt you can get rid of before you get to retirement, the easier your street will be!