Can Fantasy Football Help With Your Retirement Plan?
It’s that time of the year when you draft the ultimate fantasy football team. If you want to succeed and win your league, you need to go into the season with a solid game plan. Investing and planning for retirement are no different! Here are some tips on how to build a sound fantasy and retirement planning strategy:
- Have a game plan. Know what you’re trying to accomplish. Do you want to draft a running back or wide receiver first? Do you want to travel extensively in retirement, or do you want to have your house paid off?
- Listen to the experts. You can’t possibly watch every NFL game to figure out who the best players are. The same goes for investing and retirement planning. Find those experts who pay close attention to the markets and will help you to execute your plan. They’re experts for a reason.
- Don’t follow the herd. There are always players that no one else is paying attention to who can help you win the title. Likewise, don’t just watch the S&P 500. Don’t just listen to your friends and neighbors. Read a variety of news sources.
- Find the right balance. You need a quarterback, running backs, and wide receivers to win your league. Likewise, you need both stocks and bonds from various sectors. Diversification always wins championships.
- Draft with your head, not with your heart. Picking only players from your favorite team is a recipe for disaster. So is picking stocks based on brand loyalty or recent headline news.
- Keep your emotions in check. If your best player has a bad week, are you going to drop him? No, because you have a long-term view on his outlook. The same goes for your retirement plan. A bad week (or even year) in the market shouldn’t affect your long-term strategy. Sticking with your strategy is your best bet.
If you need help with your retirement plan (or with your fantasy football team), please contact us. Here’s to a winning season!
