I played a lot of sport growing up and, although I was a bit of an all-rounder, I was once a very serious tennis player with formal coaching. Tennis (perhaps like golf) is a tough individual sport. You have ups and downs to contend with and you need to adapt mid-game in order to walk victoriously off the tennis court.
Playing the personal finance game well
In personal finance (as in tennis, or any sport really), each player participates to the best of their ability. Some financial players are more naturally talented or skilled than others, while some grew up in financially-savvy families. Although the benefit of this type of mentoring can help you avoid making crucial mistakes, training (and coaching) remains central to any athlete’s success. It’s through coaching that good personal finance principles are instilled from an early age. Coaching raise player’s skill set to ‘A-game’ level.
An ongoing process
Regardless of how successful a player is in the game of personal finance (or on the field), there is always room for improvement, and professional guidance from a coach or financial adviser can go a long way.
It can be difficult to self-correct bad habits that have been repeated over many years, but a good coach can help to overcome the old habits that are best left benched. In personal finance, it needs to be perfectly matched too. Here are some coaching considerations to keep in mind that apply to both your sporting hobbies and investment plans:
Realistic goal-setting and measurement
Coaches help to set realistic goals that are both challenging, but also attainable. These goals can be small initially but grow incrementally. Each coach is committed to join their athlete’s tough journey on the road to success.
Communication and perspective
Coaching creates a safe space for conversation and to build trust. A good coach uses this personal connection to discuss any fears, frustrations and dreams. They strengthen the player’s own belief system, and so overcome weaknesses. This really helps in areas where it is often not easy to see or admit our own weaknesses. If we are unable to identify these problem areas, we are also unable to improve these aspects of our game. A coach effectively enables us to play more to our strengths.
Learning and personal development
Sports coaches do not just focus on the player. They are also experts on fitness, health, rules of the game and strategy. Advisers do the same: not beating around the bush and striving for the best results.
Advisers crystalise the game-plan.
They make all of this part of the player’s (or investor’s) development, steering them on a path of optimal potential.
Choose your own coach wisely
The best coaches in the world are exceptional at discipline, communication, big-picture thinking and judging character. They earn and carry an enormous amount of responsibility and trust from their player(s) and are co-responsible for their results. Choosing your financial coach should be done with exceptional care. Finding that right investment professional, will help you focus on ‘your next shot’ towards victory.