Nothing unites Indians more than the sheer joy of bonding over their favourite cricket teams. So, it’s no surprise that the IPL season brings out the staunch strategist within cricket buffs. This beloved sport welcomes fans from diverse industries, including the fiscal sphere. Woah! Are you surprised? Financial experts have found ways to inculcate cricket strategies into your personal finance planning!
While bizarre at first, it’s not that far-fetched at all. As a sport, cricket requires extensive planning and strategising to achieve various short- and long-term goals. Hence, you can learn several financial planning lessons through IPL matches.
Cricket & Finance: They’re Not So Different!
Still can’t believe it? Here are a few links between the world of cricket and finance.
1. Making Goal-Based Actions
Both require you to seek out your goals and actively work towards achieving them. In cricket, reaching your goal results in your victory over the opposing team. While winning over someone isn’t the goal in finance, you still need to work towards attaining your financial objectives.
2. A Strong Commitment
Lack of commitment on your part can lead to detrimental results in both these spheres. Sports and finance require a great deal of commitment to stay on track and accomplish your pursuits.
3. Your Ability Improves Over Time
Spending time to hone your skills will significantly improve your ability to pull off the most difficult moves. Start playing like a professional cricketer or investor by investing time to master either field.
4. Learning from Mistakes
Much like in cricket, when you make mistakes while investing or managing your budget, it’s crucial to learn from these errors. Take it in your stride and revise your strategy to avoid making the same misstep again.
5 Personal Finance Moves to Learn from IPL Matches
Whether you’re a cricket fanatic or a casual fan, you can master these moves in no time!
1. Don’t Get Distracted Easily
Despite the loud cheers of support or string of harsh criticism during matches, cricketers always exercise great restraint by solely focusing on the game. Financial experts recommend practising patience and not being swayed by the latest trending investment instruments. If you can’t understand how a policy or investment functions, seek help from professionals or avoid engaging with them altogether.
2. Regular Strategic Breaks
Every ten years or so, cricket teams re-examine their strategy and upgrade them by switching out old moves for newer and improved game plans. You should apply the same by evaluating the condition of your finances. If your investments haven’t yielded any results, consider revising your strategy by diversifying your portfolio.
3. Consistency is Key
IPL teams ranking in the top are usually consistent performers, like the Chennai Super Kings with four titles and finished as runner up on other occasions. Taking notes from this, learn to handle your finances prudently. By continuing to save a substantial portion of your income, you will arrive at your financial dream position in no time!
4. Manage Your Risk Appetite
While hitting fours and sixes ensure a faster victory, there’s also the risk of getting out. Regardless, it’s a risk the players are willing to take as they try to build a high score. In the fiscal realm, your risk appetite reflects the kind of results your investments will yield. Over time try to increase your risk endurance and aim for better outcomes.
5. Always Analyse Performance
By playing poorly through several games, a cricketer risks the chance of being dropped or replaced on the team. Similarly, if one of your investments has constantly been incurring losses or less than stable yields, switch to a different scheme for better results.
A finance novice, but also a sports enthusiast? Then, this is your cue to practice these cricket-inspired financial moves in your personal finance management routine!