The 4th of July has come and gone, the heat is up
all across the nation, and no one returns phone calls…summer time is most
definitely here.
“The Boys of Summer”, can teach us a lot about managing our
finances, and no, I’m not talking about the Don Henley song. I’m talking about
baseball, America’s pastime. Baseball is a game of skill. But it’s also one of
strategy and fundamentals. The teams that make it to the World Series in
October are those who practice and master the basics of the game in July.
Finishing the retirement game is the same. You have to
practice the fundamentals early in order to win later.
Small Ball
Bring in Your Closer
An ace pitcher
can start off a game strong. And if he makes a mistake early in the game, there
is time to recover. But in the late stages of the game, mistakes can no longer
be tolerated. The Closer comes in with a fresh arm and laser focus to preserve
a victory. Your financial life starts with someone that specializes in
accumulation. But eventually, you need a specialist who can help you protect
what you’ve got, find other ways to generate wealth, and minimize or eliminate
mistakes.
Five-Tool Player
A well-rounded
baseball player has running speed, arm strength, hits for average, hits for
power, and is a good fielder. They are called a “five-tool player”. Your
retirement plan’s five tools are an emergency fund, structured income, money
for occasional major expenses, long-term growth, and a legacy plan.
Live Fabulously – Diva
