In March, we usually spend a lot of time paying attention to basketball. While it’s not on right now, let’s talk though some of the strategy behind the game as it applies in our own lives.
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When it comes to financial planning, what lessons can we learn from basketball? A game full of strategy, teamwork, and constantly moving pieces has a lot of similarities to carrying out your financial plan.
In basketball there is pressure from the other team on defense and then a shot clock with time running out, forcing you to make a move. Do you ever feel the same stress when planning for retirement? How can you set yourself up for ample time to make a good financial decision?
Sometimes players will double dribble, indicating that they didn’t have a solid plan for what to do with the ball once they paused. Do you have a plan for things like your Social Security or pension? Does it line up with your overall financial strategy?
If a basketball player commits too many fouls, it can hurt their overall team. When making financial decisions you’re bound to make a mistake somewhere. But if you make too many reckless errors, you hurt your team–your family.
Ultimately, you want to make sure your plan and financial strategy is the right fit for you. You want it to be thought out, continually updated, and specifically customized to your unique needs.
Listen to the full episode or click on the timestamps below to hear a specific segment.
[0:52] – How does the shot clock in basketball relate to financial planning?
[2:54] – Do you have a plan for what happens with Social Security?
[4:31] – If you have a pension, how much do you want the surviving spouse to have?