There is a reason this is one of the most famous sayings in sports. It’s because it is true. Look at any major sports team, any world champion, any franchise with a history of winning, and I am sure a big reason why they got to the top of the game is having a great defense. Then look at the failures and why they fell just short … Lackluster defense.
If you look at the most successful business owners, they also understand that mantra. Successful businesses get built because they can play defense when times are tough. They get lean and cut costs when margins are tightening, and they weather the inevitable threats that occur unannounced. That allows them to stay in business and catapult forward once the economy turns around and growth takes off.
The same is true for your personal finances. If you have no defensive strategy, all the sexy stuff you do on offense (investing, real estate, buying into businesses, etc.) can be taken from you in the blink of an eye. It can be a devastating thing for a family to experience a systematic liquidation of all their assets due to the loss of income, the inability to save money, or any other factor that negatively impacts cash flow.
What defensive strategies have you put in place? This is one of the MOST overlooked areas of someone’s financial life because it is not sexy, it’s not fun to think about, but it’s real. It happens, and if left unaddressed, the consequences can be dire.
If you have questions or want to learn more about some of the defensive strategies to protect your assets, your income, your portfolio, and position yourself to move forward after the next correction, email me at blakemiller@ashfordadvisors.net and let’s set up a time to talk. It may be one of the most important calls of your life!
Now that you have a game plan for offense (saving and investing) and defense (avoiding financial consequences), it's time to get rid of the anchor holding back your financial ship. Everyone's second favorite four letter word - debt. With trillions of dollars in credit card, student loan, and auto loan debt in this country, very few people are actually doing a great job managing their debt. Just like on offense, and on defense, you need a game plan to get out of debt. Next up is Step 4, Get out of debt.