NEW YORK, NY / ACCESSWIRE / December 17, 2021 / It's a tumultuous time for college football. This season has been characterized by a barrage of head coach and staff firings, departures, and controversies. Whether over COVID-19 mandates, philosophical differences, or good old-fashioned competition, the rapid-fire coaching shakeups have kickstarted a slew of questions over the futures of many collegiate football giants.
While fans are concerned about the viability of the coming seasons, wealth coach Rogel Spencer's concerns hail from a different perspective. Spencer and his wealth management firm, Noir Capital, specialize in helping professional coaches and athletes retain control and flexibility over their financial lives in situations exactly like these.
"The reshuffling that happens when a head coach is fired is like a giant game of musical chairs - except potential dozens of families' livelihoods depend on the outcome when the music stops," Spencer says.
The concerns are justified; when a head coach of a major college athletic program is fired, often a significant portion of the athletic and coaching staff follow suit. That means anywhere upwards of 30 coaching professionals are not only out of a job, but suddenly find themselves and their families facing completely uncertain financial futures. And it could happen at any time.
Spencer makes foundational recommendations to the many families he works with in the professional coaching world, who could be affected by staff shakeups at any moment.
For example, a huge concern for professional coaches who are suddenly forced to switch organizations is that 401k's and other assets scatter and need to quickly be consolidated. Unless you know where all your assets are and what they're doing, these transitions are rarely seamless and highly stressful. Being diligent about monitoring and keeping track of your retirement assets can be essential to a successful transition. If you have solid (6-9 months' worth) reserves built up and have been monitoring your assets regularly, you'll be able to flex more easily to accommodate a sudden job transition, according to Spencer.
"The smartest coaches I work with are willing to switch up components of their wealth strategy at a moment's notice. For example, you may move across the country for a new job to an area with a lower cost of living yet may be maintaining the same or a higher salary. One of the smartest ways to take advantage of the influx of cash is by upping your Roth and 529 contributions for your kids' education. Again, the temptation to increase your spending and cost of living in response should be curbed - this situation may not last forever and you should take advantage while you can," Spencer says.
Spencer has built great success as one of the nation's 3.7% of black financial advisors who are CERTIFIED FINANCIAL PLANNER Professionals.1 He spends much of his time - both on and off the clock - with professional university head coaches and their staff. As a former Big East football player at Temple University, Spencer himself has been part of their world. He's concerned about the ripple effect the firing of a head coach has on the rest of the program's athletic staff.
"Every coach has heard, 'Offense wins games, defense wins championships,'" Spencer says, "The exact same sentiment holds true when it comes to your finances, especially when you're a professional coach. This career is wildly exciting, but it's also wildly unpredictable. You have to look out for yourself."
Spencer's firm, Noir Capital, helps professional coaches, athletes, and their staff do just that. His ultimate goal is to ensure they have the opportunity to enjoy a smoother, stabler road to retirement - even if their plans are thrown up in the air by external decision-making.
Contact:
Rogel Spencer, CFP®, ChFC®, CLU®, CASL®
Wealth Management Advisor
212-373-8964
Rogel.Spencer@nm.com
12019 CFP Board report https://www.cfp.net/knowledge/reports-and-statistics/diversity-and-womens-research/why-diversity-matters
Rogel Shaheed Spencer uses Noir Capital as a marketing name for doing business as a representative of Northwestern Mutual. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC.
Noir Capital is not a registered investment adviser, broker-dealer, insurance agency or federal savings bank. Rogel Shaheed Spencer is an Insurance Agent of NM and Registered Representative of NMIS.
CA License: 0G99268
NPN: 10210015
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
The Chartered Advisor for Senior Living (CASL®) designation is conferred by The American College of Financial Services.
SOURCE: Noir Capital
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https://www.accesswire.com/674197/The-Financial-Impact-of-the-College-Coaching-Carousel-Wealth-Management-Advisor-Rogel-Spencer-Coaches-Families-Affected-by-Staffing-Shakeups
