Financial Planning, Moving Families Initiative

The Importance Of Financial Planning

Football is an obsessive sport. As coaches, we become all-engrossed in football, especially during the season, often to the detriment of other areas of our lives. Coaches are also obsessive about details. When you think of some of the great modern coaches – Bill Belichick, Nick Saban, Chris Petersen, Dabo Swinney – they all share a common trait of obsessive attention to detail.  However, going back to things we neglect, our obsessions can have a very negative affect on our future.

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As a high school football coach, I know full well how football season can take over my life. I spend more time watching film and coaching teenagers than I spend with my wife and watching my son play. Everyone who coaches makes sacrifices. As a financial advisor, I understand that obsessive attention to detail in one area of our lives can lead to neglect in other areas. I know that we cannot sacrifice our financial goals and our financial future at the altar of our coaching obsessions.

How many coaches, regardless of level, pay attention to their future? I’m not talking about career progression; I am talking about life after football. What does it look like? Where are you? Can you live the life you want to live after there are no more late nights breaking down film or dealing with that player who just can’t find his way to class?

Coaches live a portable life and that can impact our planning in a very negative way. It is the rare coach that has the opportunity to set down roots in a community and spend their career in one spot. The average tenure of an FBS coach is roughly three years. That means, over the course of a 20-year career, that coach could move close to seven times. The average high school coach moves about four times. At each stop along the way, you may be presented with opportunities to plan for your financial future, but what happens when you move on? Are your retirement plans portable?  Do they move with you?

In most cases the answer is no. Coaches will start retirement plans at the university, college or school district where he is coaching, having money taken out of a paycheck each month, and then leaving the money in that account when they move on. That is no way to plan for your future or that of your family. What if there was a better way?

Depending upon your job status (employee or contractor), you may have the opportunity to not only plan for your family’s financial future, but also create a retirement portfolio that travels with you if you change jobs. Additionally, you can do it in such a way as to provide tax savings for you and your family. Moreover, if you choose to work with the right financial advisor, you can have someone as obsessive about your financial future as you are about your football program. Don’t look back over your career and realize that the area where you didn’t pay close attention to the details was the one area that determined the type of life you lead after football.

This article was written by David Castillo, Offensive Coordinator at Rainier (Wash.) High School. David Castillo is also Financial Advisor.

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