It’s All About Teamwork


In case you missed it somewhere, football is a team sport.  The quarterback cannot win the game on his own, he needs the defense, the offensive line, the receivers, running backs, and special teams to get the job done. Teams have to be cohesive and they have to work together for anything to happen. In the world of your finances teams can have several meanings, I am going to focus on two of them.

The People

There are people in your life you depend on to help you, or there are people in your life you should depend on to help you. For those of us who are married, engaged, or otherwise in a serious relationship the team is our immediate family. The biggest key to your success is to work with your team, whoever they may be, to better your financial position.

As someone who has struggled in the past with being concerned about their financial well being, I can assure you it is a rough road if you don’t talk to you spouse and agree on a path for your future. You can end up with one spouse working their ass off to pay down debt while the other is eating out at lunch everyday and buying whatever they want with little concern for the plan.

You need to develop a plan as a couple, or if you have older children, as a family. With an agreed upon plan everyone will be on the right track and move forward towards the common goal.

The Money

You money is the other part of your team. While not exactly the same kind of team as the people you keep around you it is just as important. You money works as a team to better your financial position and improve your prosperity. If you are like most people your cash is spread across several accounts, each of those accounts should have been carefully selected to somehow improve your finances.

The selection criteria you used to select your accounts could range from APY to convenience. Each of these accounts should work together and have a purpose, you shouldn’t have accounts here and there just because someone told you it is the right thing to have. You should have a purpose for every account and every account should have a purpose.

Sit down and create a financial network map so you understand where you money is and how it all interconnects. Then improve the connections by automating your saving, your bills, and your investing as best you can.  Once you have it all laid out in front of you, you can see what may be missing and build the perfect team to win.

Photo: (Monica’s Dad)

This post is part of a series of posts where I relate personal finance to the game of American Football. Be sure to check out the other posts in this series:
Take it Ten Yards at a Time
You are Nothing without a Good Defense
Special Teams can Make or Break You

It’s All About Teamwork

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