. . . From Basketball to Money Ball
What Exactly is Financial Planning?
In short, it is the coordination, arrangement, and implementation of goals in one or all of the following categories: Life Management (values and goals), Financial Management (budgeting and debt management), Wealth Accumulation (investing and retirement planning), Wealth Protection (insurance and tax planning), and Wealth Distribution (end-of-life planning). It is one of the fastest growing professions today!
What is a Fee-Only Certifies Financial Planner?
This is a professional who has gone through the rigorous process of becoming certified in this field of study. Prior to passing the 10-hour test, he or she must receive intense instruction in all five of the categories mentioned above and agree to strict ethical standards. Fee-only is a type of compensation method. A client pays a flat or set fee for advice and help with his or her financial plan. A CERTIFIED FINANCIAL PLANNER™ Professional, or CFP® for short, is similar to an NBA basketball coach. The coach or CFP® overseas all aspects of the team while making sure “players” work together in the best interest of the owner. Players include lawyers, accountants, insurance agents, investment advisors, and other highly trained professionals. The owner of the team is the client.
Why did you choose this profession after basketball?
In college, my goal was to start my own financial planning company one day. I’ve always enjoyed making, managing, and watching money grow, going way back to my teenage years. These skills certainly helped me as a well-compensated NBA player. Setting and reaching goals come naturally to me, which are important qualifications as a financial planner. I also enjoy motivating people to achieve personal and financial success. (Through my youth organization, LFYO, we have helped thousands of young people through the years gain personal and financial life skills. Please visit www.LFYO.org for more information.)
How Can I Learn More About Financial Planning?
You can learn more about our company, FunderMax Fitness, by visiting www.FunderMaxFitness.com. Here, you’ll learn about the importance of financial and physical wellness. Two other websites that I highly recommend are www.cfp.net (Certified Financial Planners website) and www.fpanet.org (Financial Planners Association website). If you are good at managing money and setting goals, this may be a worthwhile profession to explore. Good math skills, patience, and a caring heart for others are additional traits you must have as a financial planner.