Can you believe it is April already? Spring means many things to different people. Here in Central Oregon it means changing over your studded tires, turning on your sprinklers, corn snow on Mt Bachelor and tuning up your bike. It also means the end of spring training and the beginning of baseball season. This excites my eight year old son who adores baseball and just can’t wait to start Bend Little League this week.
You may have heard of the tale of the New York cabbie who answers a tourist’s question about how to get to Carnegie Hall: “Practice, practice, practice.” Major league players are seasoned athletes who have committed their lives to their sport. These guys have been playing this American pastime since they were toddlers. They are the very best at what they do and every single year they show up to practice, practice, practice the basics. They are the very best baseball players in the world and yet what do they do every year at Spring Training? They practice hitting, they practice catching, and they practice throwing. World class athletes or anyone who strives to be the best in their field of endeavour drills for skill obsessively. To be the best at one’s game, you must be as prepared as you can possibly be when it is game time.
There are lessons that carry over from the ballpark to the world of planning for one’s financial future just as these lessons can be carried over to most areas of life. Many successful people thought they were properly prepared to weather the undulations of the stock and real estate markets and yet when the “Perfect Retirement Storm” hit us, most were truly not equipped, organized or ready. We all know people who were at or near retirement who had to either delay their departure date from work or re-enter the workforce.
For most families, the impact of the health and performance of their investment portfolio is enormous. The very quality of our lives as well as our peace of mind is affected by it. How we live, where we live, what our years of financial independence will look like are all affected by the success of our finances. Given how important it is to win this game, you would hope to see our schools educating our youth in simple financial basics such as compound interest and the philosophy that how much money one keeps is far more important than how much money one earns. Why aren’t more people showing up for the financial equivalent of spring training? Sadly, I believe most people spend more time planning their vacation each year than they do planning their financial future.
In your personal finance world, you can emulate champion athletes by setting realistic goals and committing to them. You can learn from the champs by working with a seasoned coach who is committed to your success. You can use the best equipment. You can track your statistics, review your progress to your goals, and make adjustments to your game plan to stay on course.
As the economy slowly begins to grow and a foundation of positive momentum takes place, we are faced with a series of issues here at home such as fiscal cutbacks by federal, state and local governments, Social In-Security, steep oil prices and polarization caused by an election year. Global concerns also have an impact on us including the European debt crisis, nuclear fears in North Korea and Iran and the continued unrest in places like Syria. This creates significant fear and volatility.
Now, more than ever before, a well thought out approach to financial planning and investing remains the most prudent path to financial independence. Practice and preparation are the lessons of professional athletes. So the next time you watch the Mariners or the Bend Elks, think about your own game plan for financial success – and make sure you get on the ball.
David Rosell is President of the Rosell Wealth Management in Bend. He is the Past President of the City Club of Central Oregon and a Past Chairman of the Bend Chamber of Commerce. David can be reached at 541-385-8831 or www.RosellWealthManagement.com.
Investment advisory services offered through Rosell Wealth Management, a State Registered Investment Advisor. Securities offered through ValMark Securities, Inc. Member FINRA, SIPC 130 Springside Drive, Ste 300 Akron, Ohio 44333-2431. 800 765-5201. Rosell Wealth Management is a separate entity from ValMark Securities, Inc.
