50 Take aways

General Financial Literacy

1. Understand Basic Financial Concepts: Familiarity with essential terms like assets, liabilities, income, and expenses is foundational.
2. Set Financial Goals: Establish short-term and long-term financial objectives to guide your financial planning.
3. Create a Budget: Develop a budget to track income and expenses, ensuring you live within your means.

Income Management

4. Know Your Income Sources: Identify all sources of income, including salary, bonuses, and endorsements.
5. Negotiate Contracts: Learn negotiation techniques to secure better terms in your coaching contracts.
6. Understand Contract Clauses: Familiarize yourself with key clauses, including termination, severance, and performance bonuses.

Retirement Planning

7. Start Saving Early: The earlier you start saving for retirement, the more you benefit from compound interest.
8. Choose the Right Retirement Plan: Understand the retirement options available, like 401(k) or 403(b) plans.
9. Maximize Employer Contributions: Take full advantage of any employer match on retirement contributions.

Investment Strategies

10. Diversify Your Investments: Spread your investments across various asset classes to reduce risk.
11. Know Your Risk Tolerance: Assess your comfort level with risk to inform your investment strategy.
12. Regularly Review Your Portfolio: Reevaluate your investments periodically to ensure alignment with your goals.

Tax Literacy

13. Understand Tax Brackets: Familiarize yourself with how income tax brackets work to optimize your tax strategy.
14. Claim Deductions: Learn about deductions available for coaches, such as travel and equipment expenses.
15. Plan for Tax Payments: Set aside money for tax liabilities to avoid surprises at tax time.

Credit Management

16. Check Your Credit Report: Regularly review your credit report for errors and to understand your credit standing.
17. Build Good Credit: Pay bills on time and keep credit utilization low to maintain a good credit score.
18. Understand Credit Scores: Know what factors influence your credit score and how to improve it.

Insurance Literacy

19. Assess Insurance Needs: Evaluate your insurance coverage to ensure it meets your needs.
20. Consider Disability Insurance: Protect your income by considering disability insurance, especially if you rely on your coaching salary.
21. Review Liability Insurance: Understand the importance of liability insurance for protecting against legal claims.

Estate Planning

22. Create a Will: Having a will is essential for ensuring your assets are distributed according to your wishes.
23. Understand Trusts: Learn how trusts can be used for asset protection and estate planning.
24. Designate Beneficiaries: Ensure that beneficiary designations on accounts and policies are up-to-date.

Transition Planning

25. Prepare for Career Changes: Financially prepare for potential transitions in your coaching career.
26. Plan for Retirement Living Expenses: Estimate how much money you’ll need for living expenses in retirement.
27. Succession Planning: If you’re a head coach, consider how to pass on responsibilities and leadership to your successor.

Family Financial Literacy

28. Involve Family in Financial Planning: Discuss finances with your family to promote shared understanding and responsibility.
29. Teach Financial Literacy to Children: Educate your children about money management and savings from an early age.
30. Create a Family Budget: Collaborate with family members to develop a budget that reflects everyone’s needs.

Emergency Fund Planning

31. Build an Emergency Fund: Aim to save three to six months’ worth of living expenses for unexpected situations.
32. Prioritize Emergency Savings: Treat contributions to your emergency fund as a regular expense.

NIL Considerations

33. Understand NIL Regulations: Stay informed about NIL laws and how they affect coaches and student-athletes.
34. Advise Student-Athletes on NIL Opportunities: Help your athletes navigate contracts related to their name, image, and likeness.

Debt Management

35. Manage Student Loans Wisely: Understand repayment options for any student loans you may have.
36. Avoid High-Interest Debt: Steer clear of high-interest credit cards and loans that can lead to financial strain.
37. Consolidate Debt When Necessary: Consider consolidating debts to lower interest rates and simplify payments.

Miscellaneous Financial Skills

38. Keep Learning About Finances: Continuous education on financial topics is crucial for staying informed.
39. Seek Professional Advice: Don’t hesitate to consult with financial advisors for personalized guidance.
40. Network with Other Coaches: Share financial experiences and strategies with fellow coaches for mutual benefit.

Planning and Strategy

41. Create a Financial Action Plan: Develop a clear plan outlining steps to achieve your financial goals.
42. Set Regular Financial Check-Ins: Schedule periodic reviews of your financial situation to adjust your plan as needed.

Lifestyle and Spending

43. Live Within Your Means: Avoid lifestyle inflation by maintaining your spending habits as your income grows.
44. Research Major Purchases: Before making significant purchases, conduct thorough research to ensure you get the best value.

Technology and Resources

45. Use Financial Tools: Utilize budgeting apps and investment platforms to streamline your financial management.
46. Stay Informed About Financial News: Keep up with economic trends and news that may impact your financial planning.

Long-term Vision

47. Plan for Legacy: Consider how you want to be remembered and plan your financial legacy accordingly.
48. Stay Flexible with Your Financial Plan: Be prepared to adapt your financial strategies as your life circumstances change.

Mindset and Attitude

49. Cultivate a Positive Money Mindset: Develop a healthy relationship with money by focusing on abundance and growth.
50. Empower Yourself with Knowledge: Take control of your financial future by educating yourself and making informed decisions.

These takeaways collectively provide a comprehensive framework for college coaches to enhance their financial literacy and make informed decisions that support their financial well-being.