Successful Financial Planning: 4 Lessons from Baseball
Are you a baseball fan? Some of my best memories are from playing or watching this great game. Through the years as a player, fan, coach, and now as a CFP®, I have come to realize how some lessons from baseball can be applied very well to personal financial planning. In this blog, I will show you how 4 Lessons From Baseball apply to you in your own personal financial journey and even life in general.
Lesson 1: Make a Plan
The first step in making a plan is to determine your specific goals. In baseball, a good coach sets goals for their team at the beginning of the season and reminds them of them regularly. Goals should be SMART. That is, Specific, Measurable, Attainable, Realistic, and Time-based. Sometimes a baseball goal might be as specific as winning the division or even the World Series, or it might be based on improvement of areas like team batting average or reducing the number of errors per game. Whatever the goal is, it should be written down. Once you know what you are trying to accomplish, you can then design your plan for achieving it.
Key Takeaway: Do you know what your financial goals are? They might be to retire by a certain age, sell your small business, change careers, or move to a different home. It is important to identify your specific goals and make a plan that is designed to achieve them.
Lesson 2: Implement Your Strategy
It has been said to “plan your work -then work your plan.” In baseball, the practice plan is written out by coaches to include time for skill improvement, strength training, and analyzing stats. Then that plan is executed with great efficiency. A great coaching staff knows how to make the most improvement as possible in a short amount of time. Keeping routines fresh and fun is also important to avoid burnout. You also can’t discount the importance of having inspiration! Keeping the goals in front of the team helps provide the focus needed for their maximum effort. Teams don’t become champions overnight. It takes the consistent practice over time of doing the right things - the right way.
Key Takeaway: So many times, people have great dreams that never come to pass. We live in a world of distractions and it is easy to let our best ideas get lost. Make sure that you have the right routines in place and the inspiration needed to maintain them.
Lesson 3: Monitor Progress and Celebrate Victories
Baseball seasons are long. A MLB typical schedule is 162 games even before the playoffs begin. Knowing that, coaches and players condition themselves for more of a marathon rather than a sprint. Winning teams understand where they are in the standings and want to be playing their best heading into the playoffs. Sometimes a coach might make the decision to rest a player from time to time to avoid an injury or prepare for an important game. Monitoring the teams progress along the way helps coaches adjust their practice and game strategy as needed to stay on track. Because it is such a long season, great teams also remember to have fun! Coaches and players will celebrate each victory and significant accomplishments together as they happen. Each season is a unique journey and filled with great memories.
Key Takeaway: In your personal and financial journey, take time to reflect on your accomplishments. Hard work, dedication, and a well-executed plan is worth celebrating! When you reach your goals, form new ones and keep dreaming!
Lesson 4: Find A Great Coach
Take a look at some of the best baseball franchises like the New York Yankees, Los Angeles Dodgers, Chicago Cubs, and our hometown Atlanta Braves. They all have had great managers/coaches. Owners and players all recognize the value of coaching. There are coaches who specialize in different skills such as a batting, fielding, catching, and baserunning. There are even strength coaches, nutritionists, sports psychologists, and even chaplains that help to support the team. A great coach cares about the players and can help them to maximize their full potential in their area of expertise. When you see a player, who has accomplished great things, they are quick to point out the impact of their coaches.
Key Takeaway: When it comes to your financial picture, you can benefit greatly from having a financial coach/advisor on your team. Look for someone that has the right education, training, and experience. Going it alone can be daunting task, but the right coach can make all the difference! If you would like to discuss how we can help you achieve your financial goals, please contact us.
The commentary is informational in nature and not intended to imply a specific strategy or course of action. Investment advice and recommendations are only provided according to each individual’s personal circumstances. Chancellor Wealth Management is an investment advisor firm registered pursuant to the laws of the state of Georgia. The firm is also registered to conduct business in the states of South Carolina and Texas. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright © 2021 Chancellor Wealth Management, All rights reserved.