Many a financial deal has been decided on the golf course, but did you ever wonder why golf and financial matters fit so well together? Well, perhaps the two have more similarities than you might have thought.
Here is our top-six list of tips which could apply equally to improving your game, and improving your gains.
- Start with the basics. You won’t be successful in either field straight away, and if you are it’s probably beginner’s luck. Make sure you know your wood from your wedge and your shares from your bonds. Thinking you’ve cracked the game at the first attempt often just leads to disappointment later on.
- Be selective about the advice you take. You could ask 100 different people about your swing and they’ll all tell you something different. Just like everyone seems to have a master plan for making money. It might be right for them but that doesn’t mean it’s right for you. Only act on the advice of a professional who really knows their game and can tailor it to you.
- Don’t give up after one bad performance. Learn from it and stick at it. You’ll have bad days but it’s the longer term that matters. Over time results will often start to improve, or at least level out.
- Set yourself targets to help you focus on the end goal, like bringing down your score on a particular course or reducing your handicap. Or maybe saving enough for that mortgage deposit, holiday of a lifetime or your daughter’s lavish wedding. Make the targets achievable so you don’t end up disappointed or bite off more than you can chew.
- Track your performance and alter your behaviour accordingly, heeding the advice of the pro. Club membership and competitions will help you monitor your scores and improvement. And good financial providers will give you and your adviser the tools to track the performance of your investments.
- Weigh up the value of getting professional guidance right from the start against doing it your own way. Bad habits are harder to change once they’ve become ingrained. It might seem more fun doing it yourself at the beginning but what about when you get more serious further down the line? The best way of achieving your goals over the long term is to get the right advice before you even start.
So, whether you want to perfect your golf swing and be the envy of the clubhouse, or become a successful investor and impress your bank manager; it seems the key is to take the right advice, think long term and keep chipping away.
Get the finances right and it might also mean you have much more time to spend on the golf course in the future!