The best route to the end zone isn't always a straight line.
That was the message U.S. Bank's Liz Deziel and Shannon Baustian shared at a Women of the [Minnesota] Vikings Team Huddle retreat this week, as they pulled up a financial chart with a tangled mess of realistic zigs and zags. They explained how the charts were affected by life events like buying a house, having children or getting a divorce.
"Finances affect so many areas of your life," said Tami Hedrick with Women of the Vikings, who introduced the wealth advisors, adding that having financial control can give women freedom to make decisions when life runs into would-be tacklers.
Liz and Shannon shared some of their personal stories about how they each want to help women live their lives feeling secure about their financial paths and projected futures.
"You can lead a financially successful and stable life no matter what you earn," said Liz (pictured below).
After providing background on how women are becoming more educated, and therefore earning more and also having more control over money, Liz and Shannon delved into their tips: Get Real; Get a Plan; and Get Tactical. In those tips they encouraged women to work with a financial advisor who will work with them to plan for the important financial milestones like retirement funding, setting up savings buckets for big purchase items, and also directing women to other specialists like tax advisors who can provide help in tax spending.
Both Liz and Shannon provided guidance on managing debt. Some examples included not overspending on a mortgage as well as reducing overall debt like car payments and credit cards.
In the Get Tactical section, they each shared how they budget their personal finances. Liz told the women to think of her on the 25th of each month, when she dives into her spread sheet to look at her budget. She explained that she has three tabs on an Excel sheet showing her expenses, savings/investments and her long-term goal savings, and loves the 25th of each month because she can see how much the investments she made five years ago in her 401(k) are earning now.
Shannon (pictured below) said she is a Quicken lady and balances her budget and expenses every Friday. However, she added her husband is also a finance guy, and he prefers the spread sheet, so they have to negotiate their financial discussions between the two options.
They ended their presentation with milestones the women can use to measure their financial paths. For example, audience members in their 20s were encouraged to invest in employee-offered retirement benefits, while those in their 30s and 40s were encourage to maximize those benefit investments to take full advantage of company matches.
Audience members left the event knowing it's important for women to always have financial knowledge and control, allowing them to hang in the protection of the pocket instead of facing the danger of being sacked.
The Women of the Vikings is comprised of staff and family members of players and employees. The Team Huddle is a social event where they bring in speakers who are within the Vikings, partners of the Vikings like U.S. Bank or even members of the group. In addition to the financial message that Liz and Shannon presented, huddle events have included topics of personal growth and giving back.
Jeni Jonett is a member of U.S. Bank's public affairs and communications team. Photos in the story were taken by Travis Ellison of the Minnesota Vikings.
U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.