What do baseball and retirement planning have in common? Just like a financial plan, baseball can be enjoyed by those who know the ins and outs of the game and those who just understand the basics. Find out more comparisons on today’s podcast!
Click on the timestamps below to jump to specific topics.
As we near summer, baseball is on our minds. For some, the sport is about a fun day at the ballpark to sit back, eat a hot dog, and root for the home team. For others, it’s full of statistics and scoring and can be a complicated game if you want it to be. Financial planning for some is about coming once a year and enjoying what’s happening under the guidance of a financial advisor, whereas others want the full details to get into the game. Let’s talk about a few more ways baseball and retirement planning relate.
Baseball is not just about the home runs. They are exciting and fun, but the key is to make it to home plate, not necessarily knock it out of the park. With your investments, taking big risks can lead to a home run or it can be a strikeout. Don’t build you portfolio all on risk, but build it on a solid and consistent plan.
Are you being efficient with your plan? There are always going to be nice sales pitches or fancy websites trying to sell you on what you need. But what do you need? You need something that works. You need the diversification–making sure that everything in your portfolio is working together. Are the things in your portfolio working well for you?
In baseball, a five-tool player has a strong set of skills such as running speed, hitting for average, hitting for power, fielding, and throwing ability. Is there such thing as a five-tool player in the financial world? A good plan includes some key basics like an emergency fund, regular income, long-term growth, healthcare coverage, and a legacy plan.
Are you working together as a team with a financial advisor to put together a strategy and implement a financial plan you can succeed with?
Listen to the entire episode or use the timestamps below to skip to a particular baseball comparison.
1:06 – Baseball and financial planning both involve simplicity and complexity.
2:24 – It’s not all about the home runs.
4:06 – What strategy is the skipper implementing?
5:19 – Are you being efficient?
7:50 – Are you caught up in appearances?
10:00 – What skills do your players have?
12:34 – How will you win the game of retirement?
A Point Of Wisdom:
“You need something that works. You need the diversification–making sure that everything in your portfolio is working together.“
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