By Clay Elliott, CFP®, AWMA®

LSU football fans know that strategy and excitement often go hand in hand. The intensity of a well-executed play, the roar of Tiger Stadium, and the build-up before kickoff all highlight the importance of having a good game plan. 

Just like Coach Brian Kelly meticulously designs his game plans for a winning game, a well-thought-out financial strategy is essential to build a solid financial future. I wrote this article so you have a go-to playbook for financial planning, along with analogies to the game you love.

Kickoff: Setting Financial Goals

A football game’s kickoff sets the tone for the entire play. Similarly, the first step in any financial strategy is to identify specific, obtainable financial goals.

Sort your objectives into three groups:

1. Short-term objectives: These could be paying off credit card debt or setting aside money for a trip. Establish a deadline of up to a year.
2. Medium-term objectives: Consider objectives that require two to five years, such as saving for a down payment on a house or purchasing a car.
3. Long-term objectives: This is for individuals who have a time horizon longer than five years, such as retirement plans or paying for your child’s school.

Just as Coach Kelly plans the kickoff play to establish the game’s early momentum, your financial objectives establish the parameters for your financial path.

Offense: Building Wealth

To pursue a solid financial future, you need a strong offense. In the world of finance, a solid offense means you need the following effective saving and investing plans:

• Budgeting: Creating a budget helps you keep track of your income and expenses. Keep tabs on your spending and make adjustments as necessary.
• Emergency fund: Establish an emergency fund with three to six months’ worth of spending for unexpected expenses.
• Investment options: To grow your assets over time, diversify your holdings across stocks, bonds, mutual funds, and more.

Similar to how good budgeting and investing are necessary for growing your assets, a solid offensive line and well-thought-out plays are crucial for scoring touchdowns.

Defense: Safeguarding Assets

In a football game, maintaining your edge requires a strong defense. In life, keeping your finances stable depends on safeguarding your assets. 

• Insurance: Obtain sufficient life, health, property, and disability insurance to guard against big financial losses.
• Estate planning: To manage your assets and take care of your loved ones, draft a will and take trusts into consideration.

Insurance and risk management shield your financial assets from unforeseen setbacks, much like a strong defense stops an opponent’s advances.

Special Teams: Tax Planning

Special teams are essential for shifting the momentum of a football game. In terms of finance, proper tax planning can make a pivotal difference in your financial status.

• Tax-incentivized accounts: Fund retirement accounts like IRAs or 401(k)s to mitigate your tax burden.
• Credits and deductions: Utilize available credits and deductions to reduce your taxable income.
• Professional counsel: To optimize your tax planning, speak with a tax professional.

Just as special teams can make game-changing plays, so too can effective tax planning significantly enhance your financial situation.

Halftime Review: Regular Financial Check-ups

It’s a good idea to analyze each football game and modify tactics during halftime. Likewise, analyzing your financial strategy on a regular basis also helps keep you on course.

• Annual evaluations: Plan annual check-ups to evaluate your development and make any necessary corrections.
• Adapt to changes in your life: To account for significant life changes like marriage, a new job, or retirement, update your plan accordingly.

Just as regular financial evaluations helps your plan stay on track, a winning football game strategy must include halftime tweaks.

Coaching: Professional Financial Advice

Much like a coach’s knowledge and skill can lead a football team to victory, skilled financial counsel can assist you in creating a customized financial plan and investment strategy.

• Personalized planning: A financial counselor develops plans based on your unique objectives and situation.
• Investment strategies: Get professional guidance on how to allocate assets and make smart investment decisions.

Think about how a coach plans and motivates the team. The same is true with a financial advisor—they can help you strategize and carry out a smart financial game plan. 

Reach Out for Help

Much like an LSU football game, financial planning needs a smart strategy, consistent execution, and regular adjustments. 

For customized guidance and “strategic plays” on your financial journey, Oak Capital Private Wealth is here to help. Our team can help you navigate your finances and pursue your goals, so you can enjoy every victory, on and off the field. 

Geaux Tigers, and let’s do this together!

To schedule a meeting, call 225-416-7373 or email [email protected]. 

About Clay

Clay Elliott is Owner, Principal, and Financial Advisor at Oak Capital Private Wealth, a financial services firm based in Port Allen, LA, dedicated to providing local financial advice held to the highest standards. Since becoming a financial advisor in 2016, Clay prides himself on working toward his clients’ best interests. He provides comprehensive financial planning and educates his clients to develop robust wealth management strategies to help them pursue their financial goals. He loves helping people pursue financial independence and strives to help them live out their financial plan successfully.

Clay holds a bachelor’s degree in marketing from Louisiana State University as well as the CERTIFIED FINANCIAL PLANNER® designation. He is also an Accredited Asset Management Specialist and a Chartered Retirement Planning Counselor.

Outside of work, Clay enjoys spending time with his wife, Claire, and daughter, Camille, playing tennis, fishing, and attending LSU sporting events. An active participant in his community, Clay is involved with The Emerge Foundation Center for Autism, is a board member of the West Baton Rouge Chamber and Port Allen Rotary Club, and is the president elect for the Louisiana Chapter of the Financial Planning Association. He was also named Young Professional of the Year by the West Baton Rouge Chamber of Commerce. To learn more about Clay, connect with him on LinkedIn.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

This material is intended to assist in educating you about insurance generally and not to provide personal service. Guarantees are based on the claims paying ability of the issuing company. All investing involves risk including loss of principal. No strategy assures success or protects against loss. Securities offered through LPL Financial. Member FINRA/SIPC. Investment advisory services offered through NewEdge Advisors, LLC, a registered investment adviser. NewEdge Advisors, LLC and Oak Capital Private Wealth are separate entities from LPL Financial.