Making Cents: Be your own financial coach

In many ways, the head coach of a pro-football team and your role as head of your financial life are simi­lar.

The head coach is accountable for the performance on the field, is ac­countable to the fans and the team owner, and works with a team of about 20 assistant coaches. These as­sistant coaches are often specialists in a particular area and are asked to focus their expertise in that area.

In your financial life, there are several assistant coaches. Many people have an accountant, attorney, insurance agent, banker or broker in their personal fi­nancial lives. These assistant coaches are responsible for their specific area, and like a professional sports as­sistant coach, they should report to the head coach.

You may be your own head coach. That is, you take direction from each adviser or assistant coach directly, and either act or do not act.

In theory, a personal financial planner is the closest thing that our financial world has to offer that serves as a head coach would. A typical planning engagement would start with a thorough discussion of goals, objec­tives and life dreams. That is followed by an analysis of all the things you may consider doing to accomplish those goals.

It starts with a plan, then execution of the steps de­signed to accomplish the objectives.

Unlike professional sports, planning your personal finances gives everyone a chance at greatness and ac­complishing your life dreams and objectives.