As we reach the mid-point of the Olympics, stories of triumph and perseverance may seem like old hat. One thing is for sure, the Olympians representing Team USA have put in countless hours over many years to get to the world’s stage. Exalted Olympic athletes and successful investors share some common traits:
- Having a Vision: The Olympics is the ultimate objective for all kinds of athletes. As an investor, your objectives can be just as important – the opportunity to retire comfortably, educate your children, or leave a lasting legacy. By tying investment activity to goals and objectives through a financial plan, you can chip away at major goals that seem distant without a plan.
- Discipline: Even the most gifted athlete needs to work hard to get to the Olympic level. An investor’s success is also strongly tied to discipline and the ability to manage impulses in the face of changing investing dynamics. Just like athletes who manage their nutrition and seek an edge with equipment and sports science, investors should carefully anticipate cash needs, rebalance as appropriate, and monitor asset allocation and diversification.
- Hard Work: Very few Olympians can go from picking up the ball the first time to world-class competitions without thousands of hours of hard work. Likewise, successful investors may have to sacrifice short-term rewards for longer-term plans through savings and good financial decisions. This isn’t easy, but it can help investors create reachable goals.
- Teamwork Can Bring Benefits: It truly takes a team, even in individual sports, for athletes to be successful. Investors often need a team themselves. You may hire a CERTIFIED FINANCIAL PLANNER™ to assist with planning and investment management execution, attorneys help to organize your assets and estate plan, and CPA’s can help with the tax picture. When team members communicate and work together, the investor will be rewarded with a well-executed game plan.
So how are you doing? Are you competing at the highest level for investment success? Are you focusing on long-term goals with a solid game plan, ongoing discipline and hard work, and the appropriate team for support? While the world may not be watching as you create plans for your future, the personal confidence is no less worth it. If you need help getting started, e-mail me at Melissa.Joy@CenterFinPlan.com.
The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.