Fall is on our doorstep, which for a lot of us means there is one thing on our minds: football! Friday night lights, Saturdays spent tailgating and Sundays watching our favorite pro teams are here once again.
If you stop and think about it, there are several parallels between football and your finances. Each requires you have the right focus, be prepared and not be afraid to lean on your teammates. Here are a few things from football that you can apply to your financial life.
- Understand the difference between offense, defense and special teams. If you want to win games, you need to be competitive in each of these three aspects. The same goes for personal finances. If you want to be successful financially, you’ve got to have control over your income, spending and investing. Your offense is all of your income. Spending is similar to defense in that you must protect your earnings and keep yourself from unnecessary expenses. Special teams is a specialty job just like investing, that, while infrequent, is crucial in getting the “W.”
- Defense wins games. The same is true for personal finance. How much you earn is definitely important, but how you’re spending it is the real indicator of your success. For many of our customers, slow and steady wins the race, and consistent “defense” (saving) benefits you down the road.
- Be wise with clock management. In the game of life, you need to know when to be aggressive and when to be conservative. When it comes to planning for future goals like retirement, the sooner you start the better. Choosing to start later is riskier, so beware of how much time is left on the clock.
- Have a strong coaching staff. It’s true that you can’t be an expert in all aspects of your finances. Successful teams typically have a large coaching staff with each coach bringing a unique perspective and area of expertise to the team. If you want to win, you can depend on the staff at Peoples Bank & Trust to help any way we can.
Whatever you see waiting for you in your end zone, we’re here to help you reach out. Get in touch with the team at Peoples Bank & Trust today to let us help you shine on the financial gridiron!
Peoples Bank & Trust Co.
Equal Housing Lender
Member FDIC