There are two things Americans have always looked forward to: going to the ballpark for the big game and retiring after a fulfilling career. Interestingly, baseball and retirement planning have several aspects in common.
Taking the time to plan and create goals to work toward.
There are several reasons why setting goals is beneficial, including providing a clear direction which is particularly helpful during uncertain times when the market is volatile. It helps create new positive behaviors, and you can manage stressful challenges that arise more efficiently to potentially avoid becoming overwhelmed. It also helps to develop financial knowledge and build confidence.
Making sound decisions based on strategy instead of emotions.
Throughout our adult life, what we become, where we end up, and even our happiness can be mainly traced to the decisions we make on a day-to-day basis. We lead such busy and, at times, chaotic lives, and often decisions are made in haste based on reactions and the emotional response generated by the issue at hand. A Harvard Business Review study explained that such decision-making, particularly when faced with complicated dilemmas, stemmed from feelings of discomfort and wanting to get that decision “over with”. However, making quick decisions in an effort to eliminate a feeling of discomfort has the potential to lead to poor decision-making.
When facing a difficult decision, consider the long-term implications of making the first choice that comes to mind. Was that the most beneficial decision, or was it because you felt overwhelmed at the moment? Rather than ignoring your emotions, you’re learning how to balance emotion and reason through self-analysis. Studies have determined that the most beneficial decision-making process is using both gut instinct and rational analysis when juggling decisions.
Being patient and allowing your decisions to work for you.
Benjamin Franklin once said, “He that can have patience can have what he will.” Patience is essential for navigating life. Whether stuck in traffic or waiting to see if your investments will generate gains, patience is a skill that can be learned. Nothing is guaranteed; however, being patient is beneficial for wealth growth over time and allows you time to think and rationalize the pros and cons of your decisions.
Getting the help you need from a coach or financial professional.
Professional athletes are the best at what they do, but even major leaguers have pitching and hitting coaches to help them continually improve. The same goes for finance, which can be complex and is constantly evolving. Working with a financial professional may be beneficial as you need to be proactive with retirement planning, diversification, rebalancing your portfolio, budgeting strategies, and more to pursue your financial goals. Just like putting money into an account as an investment, a financial professional is a long-term investment that can benefit you for a lifetime and help to mitigate costly mistakes along the way.
America’s Favorite Pastime & Retirement Planning – Let’s Play Ball!
Baseball has always been considered America’s favorite pastime. It has been said that the sport defines American life more than any other, encompassing our culture, business advances, and innovation. In this pastime, planning, patience, and good decision-making are essential. Retirement planning works the same way, and just like baseball, nothing is guaranteed.
It only takes one wrong decision to set you back, which is why consulting a financial professional can be beneficial and even more so when done earlier in your retirement planning. Make that appointment with a financial professional today, so they can offer guidance and coaching on how to help you swing for the fences on your retirement strategy.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
Emotions Aren’t the Enemy of Good Decision-Making (hbr.org)
Steal This CEO's Emotional Bookends Technique to Make Much Better Decisions | Inc.com
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