MAKING CENTS: Aftermath of Super Bowl is good time to assess

We learned this past week from the national chicken council that more than 1.25 billion chicken wing portions will be served this weekend.

Last year, more than 100 million pounds of wings were consumed during the big game. Countless hours went into the preparation of everything from the venue selection to all of the goodies bought, prepared, consumed and cleaned up after. By 10:30 Sunday night, it is all over except for the lucky man going to Disney World.

What I am proposing is that you hold a financial “super bowl” party in the weeks after this weekend’s party. I suggest that you invest hour for hour, the same amount of time in your financial situation as you did in the big game. And I mean every hour, including the time spent watching commercials.

For many, this may be the most time they have spent on their financial situations in their entire lives.

As you would do for your Super Bowl party this weekend, start with your choice of venue. You need to gather all of your information and put it in one place, whether it be a file, an online program, an old-fashioned yellow pad or an iPad. But get your things together and decide where you will always be able to get your hands on them.

Next, think about what is important to the stakeholders in your financial “super bowl.” Just like you wouldn’t serve meatballs to a vegetarian at your Super Bowl party, you shouldn’t ignore what is important to your financial stakeholders. You, your spouse, your children and your parents all have aspirations that may have price tags and needs for funding attached to them. Find out what makes life worth living for all of those that you care about, then work that information into your forecasts.

Next, start shopping. Once you have a vision for what you are trying to achieve, go out and understand your options for achieving them. Will it be by choosing investments, hiring an adviser, trimming spending or tracking matters more carefully? Whatever is on your shopping list, start the process by knowing and evaluating your options.

After you bring home all of the goods, it’s time to start cooking up the plan. Know how much you can spend, what you need to save, and what happens if the oven breaks?

For this Sunday, you’ll need a contingent cooking plan. For your financial plan, you may need a contingent plan for everything, because stuff always happens, and I doubt very much that your plan will match your forecast precisely. Be prepared to alter your course during trying times and inflection points in your life, the markets and the economy. Just like a good football game plan, your financial plan will need adjustments and modifications on a regular basis.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

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