6 mantras to succeed in cricket & wealth
The bat and ball game requires more than a deft delivery and batting finesse. In cricket, as in building wealth, strategy is key. Although there are rules to the game that must be followed, there are also unspoken truths in how you should approach both cricket and financial planning.
Here are six mantras for success in cricket that are equally applicable to money management:
Mantra 1: You need to start early
Be it batting or bowling, a good start helps lay the foundation for the innings ahead. Similarly, with investing, start early so you don’t have to slog your way through the latter stages of life.
Mantra 2: Pace your innings to ace your score
Pinch hitters have never gone on to become legendary batsmen nor are the fastest bowlers the most efficient. Pacing your game to achieve your goals is the secret sauce of long-term success.
Mantra 3: Patience is the path to accomplishment
Sri Lanka did not become a world beating team in 1996. They toiled hard for more than two years to build a successful and cohesive team. Greatness in sport and life does not come via shortcuts. Be patient with your investments as making reactive and emotional decisions is extremely dangerous to wealth.
Mantra 4: A great coach is half the battle won
Be it the late Bob Woolmer or Gary Kirsten, a good coach is the stepping stone for building a great team. Find yourself a good money coach/advisor who can help you plan goals and guide you toward long term wealth creation.
Mantra 5: Knowledge is nirvana
Cricket teams today spend hours analyzing their opponents and researching their strengths and weaknesses. In financial planning you must assess your investment options. Read and learn about investment schemes and policy changes and use the knowledge to benefit your wealth creation goals
Mantra 6: Diversify
A cricket team needs a good mix of bowlers, batsmen and all rounders. Depending on the pitch and weather conditions the team mix changes. Similarly with investing you need a good mix of debt and equity. Balance mutual funds can provide you with the all rounder option. A good mix will change depending on age and life goals