In many ways, sports are a lot like investing
Both your game (financial plan) and portfolio require continued tune-ups for positive results. Here are some tips to help set you up for success – on the field and in the market.
Hire a great coach
Your form, fitness level and gear all play a part in reaching your athletic goals. With so many elements to consider, it’s helpful to consult a pro to make sure you have a strong foundation.
Likewise, a financial planner, can give you a rundown of the investment options available to help you achieve your financial goals.
I have many years of sports coaching experience and know each athlete may need to be coached uniquely according to their abilities and makeup. I have been honored by parents to be nominated and selected as coach of the year.
Lean on your teammates
In sports, and in life, it’s important to surround yourself with people who can help. A strong team can propel you to the championships and success is that much sweeter when you have people to share it with.
You need people to lean on in the game of life too. It’s important to have a strong network of friends, family, colleagues, mentors, as well as professionals like your physician, realtor, lawyer and financial planner.
In sports and investing, there will always be an element of unpredictability. Developing a strong foundation of the basics and revisiting them regularly will help to master the game.
Make a game plan
Assess all the obstacles you may encounter on the playing field. Are you ready to take your shot? How much risk are you willing to take given the environment and your competition?
As important as planning your moves, you need to consider the right types of investments to help reach your goals. Once your financial planner has helped you cover the basics, you can work together to create your financial plan.
Don’t psych yourself out
It’s easy to let your emotions take over. Maybe the first quarter was great, but things changed. You may be tempted to let your frustrations make a bold move to compensate, but there’s no guarantee it will pay off.
Like a bad streak during a game, changing market conditions can cause investors to make irrational decisions. Emotional investors often panic when markets fluctuate and can be tempted to make hasty decisions. Your financial planner can help you review your plan so you can focus less on changes in financial markets and keep your eyes on the long game.
Reassess your strategy
Are you looking to master a new technique or try a new sport? Perhaps you need a stronger opponent. Serious athletes understand the importance of continual development.
While a solid financial plan can put you on the right path, it’s important to fine-tune your strategy over time. You may need to adapt your plan as your goals change. Whatever your needs, your financial planner can help steer you in the right direction towards your financial goals.
In both sports and investing, there will always be an element of unpredictability. Developing a strong foundation of the basics – and revisiting them regularly – can help you master the game.
Get your planning off to the right start. Contact with us today! dave@DOfinancial.ca.
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