Coach Calipari Nails His Financial AdviceSubmitted by Moneywatch Advisors on February 22nd, 2022
University of Kentucky men’s basketball coach, John Calipari, played himself in a cameo appearance on the Showtime series Billions last week. He, as usual, was brilliant. In fact, his advice to the fictional hedge fund traders was so spot on he might actually make a good financial planner some day. Here are some highlights followed by a link to the 1:47 video:
- Live beneath your means. He actually said this in reverse by saying many of them spend more than they make and that’s unsustainable;
- Put the first $1 Million away! Okay, while very few of us can take that advice immediately, we can take his advice over time. Save what you can, invest it and watch it grow to that $1 Million. For most of us that will take a couple of decades, but then that amount will continue to compound on itself for years to come;
- Save $1500 per month while earning an average annual return of 7% will get you to that $1 million in about 22 years;
- You and your spouse both save that $1500 per month and that time to millionaire status is just about 15 years;
- Savings produce peace of mind. With that $1 Million behind you, you have no fear, no anxiety, and a clear mind to focus on what you do best. He was speaking about them professionally but his advice applies to our personal lives too. Peace of mind that you are saving or have saved enough for your future allows you to enjoy your life!
John Calipari, Certified Financial Planner has a nice ring to it, don’t you think?
Steve Byars, CRP®