Like many parents, I spend much time in the car with my kids. Whether to and from school or extracurricular activities, we spend lots of time together on the road. We even take the occasional Chevy Chase-style long family road trip! We’ll give the kids some screen-time permission for those trips, but for shorter trips, we keep them engaged with other activities.
To keep the kids as entertained as possible while driving around town, I’ll develop games or conversations we can all engage in. With all my kids under ten, we’re not discussing potential solutions to conflicts in the Middle East or the Paris Peace Accords, but topics more aligned with their interests and mine!
Recently, we devised a fun and timely conversation topic: If the NFL were comprised of different animals, who would you draft for each position? As you can imagine, there were some hot takes and heated debates. Honestly, I found myself more engaged than some of the kids.
So, how does this relate to personal finance? Drafting is about strategically choosing players for your immediate needs while maintaining sight of the building for the future. Here’s the thing: you also need contingency plans and the ability to pivot when the options you were planning on are no longer available—drafting players and choosing staffing personnel akin to selecting financial strategies to suit your current and future goals best.
NFL Animal Draft – The Positions
I’m sure this is where everyone’s curiosity is the highest, so without further delay, please see what my kids decided regarding positions certain animals will fill in the draft:
Feel free to reach out with any hot take or suggestions!
The Right Assets for the Right Time
NFL GMs have to recognize their team’s current state, needs, and realistic goals for the future; the same can be said for financial planning. Being positioned optimally means having the right financial assets in order at certain times.
Some “draft gurus” make ranking lists to get clicks, but just because the most talented player is ranked #1 does not mean they will be drafted #1. If you already have a great quarterback (or your retirement is on track), you will not continue to add another quarterback because someone on TV told you to. You need to assess your current situation and add players to fill the gaps—just as every team’s needs differ, so do every family’s financial planning strategies.
Drafting positions involves identifying needs, which are fluid depending on where you are. A team may need more speed and go after a wideout (cheetah), just as your family may need a greater focus on college savings and decide to source a quality 529 plan.
Assessing talent is understanding what tools/resources people have at their disposal. Not all players are of the same caliber, nor are financial advisors. Not everything goes according to plan, and just as surprises arise in the draft and GMs have to make decisions under pressure, the same can be said for asset allocation and investment diversification; where do you put your money when the pressure is on?
Building the roster over time means filling immediate requirements now while not disregarding what will be needed down the road, such as the case of building wealth and accumulating assets while balancing a comfortable life in the present. With financial planning, someone has to put the assets in the right places to go from being “all set” to optimized. It’s like coaching: how assets are deployed is more than half the battle. You can draft all the talent in the world, but if it’s not arranged correctly, it’s ineffectual.
Are You Ready for Your Draft
How do you feel about your draft this year? Are your financial goals and strategies aligned? Do you feel you’ll be a playoff contender this season and in great shape for future seasons? Are you like the Patriots and desperately need a lion to lead the pride into the future? If you’re unsure how to answer these questions (it’s okay if you don’t follow football), this is where my services as a family financial planner come into play.
Please reach out to me to discuss your plans for 2024. My door is always open.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Asset allocation does not ensure a profit or protect against a loss.
