In many ways, golf is a lot like investing – your golf game and investment portfolio both require continued tune ups to bring positive results.
Here are some tips to help set you up for success – on the course and in the market.
Hire a great coach
Your clubs, stance and swing all play a part in reaching the green. With so many elements to consider, it’s beneficial to consult a pro to make sure you have a strong foundation.
Likewise, a financial security advisor can give you a rundown in all the investment options available to help you achieve your financial goals.
Make a game plan
Consider the roughs and other hazards you may encounter on the course. Do you have the right club to make the shot? How much risk are you willing to take given the environment and your competition?
As important as planning out your shot, you need to consider the right types of investments to help reach your goals. Once your advisor has helped you cover the basics, you can work together to create your financial plan.
Don’t psych yourself out
It’s easy to let your emotions take over playing golf. Maybe the front nine was great, but things changed on the back. You may be tempted to let your frustrations make a bold move to compensate, but there’s no guarantee it will pay off.
Like a stroke of bad luck on the course, changing market conditions can cause investors to make irrational decisions. Emotional investors often panic when markets fluctuate and can be tempted to make hasty decisions. Your advisor can help you review your plan so you can focus less on changes in financial markets and keep your eyes on the long game.
Reassess your strategy
Are you looking to master a new shot or try out more challenging courses this season? Perhaps you're slicing the ball too often? People who take their golf game seriously understand the importance of continual development.
While a solid financial plan can put you on the right path, it's important to fine-tune your strategy over time. You may need to adapt your plan as your goals change. Whatever your needs, your advisor can help steer you in the right direction towards your financial goals.
In both golf and investing, there will always be an element of unpredictability. Developing a strong foundation of the basics – and revisiting them regularly – can help you master the game.
Get your planning off to the right start. Contact an advisor today.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.