I recently read an article written by Lisa LaMarche, CERTIFIED FINANCIAL PLANNER™, about the three key financial lessons that can be learned from playing golf. Being an avid golfer, this article really resonated with me.
I have been playing golf for many years and I agree with LaMarche that there are many parallels that can be drawn between golf and managing personal finances and investments. She goes on to list certain guidelines that could generate success in the sport of golf as well as investing and personal finance:
- Be patient and persistent.
- “Just like the markets, there will be lots of ups and downs, and you may want to quit. A really bad day of putting can be quite humbling. Just remember, you can’t grow if you don’t play the game. It will be worth your while to stick it out.”
- The same is true for investing. Sticking with it and staying in the market could yield positive results, rather than bailing in and out of the market on a regular basis.
- Play your own game.
- “Yes, we definitely can learn from great players, but adjusting our approach to imitate theirs often leads to problems. Investing is just the same. Your friend’s appealing stock tip may not be the right fit for your risk tolerance or time horizon. Your financial situation, your goals, your plan are all uniquely yours, so it’s imperative that you stick to your own strategy for achieving the best outcome for you.”
- Take lessons or hire a coach.
- “Is it possible to learn golf on your own? Absolutely, but the quicker route to success is typically by consulting a professional who can better educate you and help you avoid some disastrous mistakes.”
- “You might not even know the right questions to ask. A coach will help identify where you are at now and develop a plan to improve your short and long game. They will also help you maintain the discipline to stick to your plan. I know that after seeking professional guidance, I made significantly more progress in my game than I would have been able to achieve on my own.”
- I feel this is also true when working with a Financial Professional. They can assist you in establishing goals and objectives to help you with your short and long term game plan.
As you can see in conclusion, it is evident that golf and financial planning share many common philosophies. Whether it is a golf professional or a CERTIFIED FINANCIAL PLANNER™, both can offer professional ideas and guidance that would benefit you in your pursuit of attaining your goals.