In golf, just as in wealth management, you should create a game plan, says financial advisor Altair M. Gobo in his book, "Getting to the Green." Not many of us do.
From setting realistic expectations to "risk vs. reward (or return)", the proper strategy is the first step to shooting a good score in golf and flourishing along life's bumpy road.
"People don't plan to fail, they fail to plan," mentions Gobo with regards to wealth. Although you may have heard this cliche a thousand times, golf mimics life. With reference to the 18 holes (or 9, depending on which you play that day), you have to look at both the big picture and each individual hole as a journey.
What is your game plan?
In both your finances and in your golf game, look at where you are starting from, "where you want to be down the road (short, mid and long-term or, as in golf, hole-by-hole) and what strategies you will develop to get there."
Know Your Strengths and Limitations - In golf, you know how far you hit the ball, and where your strengths lie. The same should happen with what you are willing to invest - set realistic expectations with the money you have.
Work with a Pro - Golf for Beginners always stresses the importance of taking lessons from qualified PGA professionals and the same goes for your wealth strategy. A financial advisor can help you "assess your situation, look at where you are today, where you want to be down the road and develop strategies that work for you."
Stay patient - Gary Player's tip? "A good golfer has the determination to win and the patience to wait for the breaks." Wait for the right opportunity to make your moves.
If you are a golfer (and you probably are if you are reading this blog), "Getting to the Green" is an enjoyable and straightforward read - the book offers financial advice to amateurs in an intelligible manner.
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