As if you needed another reason to get out on the links, improving your golf game may just make you a better investor. Here are some skills from your time spent on the greens that just might carry over into your financial life:
- Train the mind
Golf is a mental game as much as it is physical. When you have a ball in the sand you can’t let your emotions get the best of you or you might spoil the next few holes, if not the entire round. Translating this lesson to investing, keeping your emotions in check when the market is volatile is imperative if you are to make rational investment decisions. Remember, just like you don’t want to let one swing impact your entire round of golf, don’t let one period of market volatility derail you from your long-term investment objectives.
- Develop clear strategies and goals
Before they even tee off, pro golfers have a strategy in mind for each hole. They analyze the course and set specific targets. Although they may have to make adjustments along the way, there is always a clear plan. Developing your own strategy for financial independence is important, and establishing goals and sticking to them will help you reach your target. This is exactly why CCMI encourages clients to complete the financial planning process. Having your financial goals clearly defined and a path laid out improves the investment experience by making it easier to stay on your financial path. We also encourage our clients to come in for regular plan updates to see if there is a need to make any adjustments along the way.
- Maintain patience and consistency
A smooth and controlled golf swing will usually produce better results than taking a wild, powerful “wack”. This also holds true in your portfolio. There is no need to take additional risk, so long as you’re meeting your long-term investment objectives. Two of the most crucial characteristics of an investor are their abilities to be patient with the market and to be consistent with their investment approach. By combining these two characteristics, you greatly increase your likelihood of a positive investing experience over the long term.
- Accept advice from a trusted coach
Not even the professionals were born with the perfect golf swings. They needed coaching and years of experience to master their craft and take their skills to the next level. Finding a coach who can help you to build solid fundamentals and gain a better understanding of the game, makes your time on the course more enjoyable and less frustrating. Money is well spent on a good coach with sufficient experience and knowledge who can advise you on different strategies and who considers your lifestyle and personality. There is no substitute for having someone focused on your individual needs. This holds true in working with a trusted financial advisor. Finding an advisor that knows and understands your specific financial circumstances and goals, will be able to coach you and help you reach your financial goals.
CCMI provides personalized fee-only financial planning and investment management services to business owners, professionals, individuals and families in San Diego and throughout the country. CCMI has a team of CERTIFIED FINANCIAL PLANNERTM professionals who act as fiduciaries, which means our clients’ interests always come first.
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