Kick off the Big Game With These 7 Super Investing Lessons From the Super BowlSubmitted by TLWM Financial on January 18th, 2023
The Super Bowl is more than just a game. It's an American holiday. As you prepare for this fun day, you may also want to think about how to create "big wins'' in your investment strategy. Get ready for Super Bowl Sunday by checking out these Super Bowl-inspired investment strategies.
1. Focus On Your Goals
Before any competition, athletes spend a lot of time practicing and thinking about their goals. Just as a kicker imagines the perfect kick, you might imagine what you want from your investments.
What are your short and long-term goals? Decide what you want from life in this moment and the future. Then, craft your investment strategy around those goals.
2. Think About the Whole Game
Super Bowl coaches and players do not only think about the current moment. They think about the whole game. This strategy also applies to investing. Instead of being overwhelmed by ups and downs in the market, think about the long-term growth of your investments.
This perspective is especially important when you invest for a goal like retirement, which is decades in the future. When you deal with long-term plans, you expect your portfolio may shrink a bit on a short-term basis, but ideally, you hope it experiences overall growth despite any short-term downturns.
3. Use Time-outs Strategically
Once in a while, you must step back and look at your financial plan. This strategy is just like calling a time-out in a big football game. You take a step back from the action. You look over the situation. And then, you decide if you need to change your strategies.
4. Make the Most of Limited Time
Think of how serious football is when the game is tied and only a minute is left. At this point, professionals do not just throw a "Hail Mary" as a last-ditch pass. Instead, they call a timeout and develop a very strategic plan.
If retirement is on the horizon or you have a short-term financial goal, you may take the time required to embrace a strategic plan.
5. Draft Players Carefully
Many people do not handle all of their finances on their own. Instead, they bring in professionals to guide them through the complicated decisions. When drafting a team to help you, make sure that you choose them carefully. Look at their references and experience before letting anyone help you with your finances.
6. Focus on Diversity
Just as a football team needs a range of players, your investment portfolio also needs diversity. Make sure you do not have all your investments in the same asset class. Work with a financial professional who may help you diversify asset allocation according to risk tolerance.
7. Play Your Hardest
You cannot afford to slack off whether you play ball or the markets. Make sure that you are always putting in your full effort. Learn as much as possible about the game, and outsource decisions to the pros as needed.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Asset allocation does not ensure a profit or protect against a loss.
This article was prepared by WriterAccess.
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