7 Financial Lessons You Can Learn from Baseball
Batter up – it’s baseball season! Time to polish that mitt and get the old pitcher’s arm warmed up.
But, believe it or not, America’s national pastime can actually teach you valuable money management lessons. Let’s take a look at six money takeaways you can learn from baseball.
1) Three strikes, and you’re out
We all drop the ball sometimes, but you only have two chances to make mistakes before the consequences get dire. For example, missing one or two credit card payments isn’t the end of the world. But, missing three can have a far bigger impact on your financial health. Creditors will likely hand over your debt to a debt collection agency, your credit score will plummet and your account may be terminated.
Don’t miss those credit card payments. Three strikes and you’re out!
2) Singles and doubles can help win the game
Everyone would love to play or watch a game where your team only hits homers, but that never happens. Don’t give up when you only hit a single or a double – those can help win the game, too.
When it comes to money, every dollar saved adds up. Don’t fall into the mistake of thinking it only pays to save big bucks. Every little bit can help you build your nest egg and reach your financial goals.
Aim for the home runs, but remember that singles and doubles can help win the game.
3) It’s a long season
It’s easy to get disheartened after a long game, but nearly every team will have to pick themselves up and get back in the game after a loss. The best way to keep your spirits up after losing a game is to remember that it’s a long season and your team can recover – maybe even take the championship.
The same holds true for your finances. You likely won’t experience ongoing financial success without setbacks. Don’t let these difficulties slow you down!
4) Strike out swinging
In baseball, you can strike out by sitting out a great pitch that hits the strike zone, or by trying to hit a ball and missing. In fact, Ty Cobb, who holds the highest career MLB batting average, had a .366 average. This means that even the best baseball players miss morethan they hit.
Finances work similarly. You may miss more than you hit, but you’ll only see real success if you swing at that ball. Look for investment opportunities, avenues for career growth and other ways to improve your financial circumstances..
5) Know your stats
In baseball, players carefully track their performance metrics, including their batting average, on-base percentage and earned run average. Similarly, ignorance is never bliss when it comes to your finances. Make sure you are fully aware of your financial stats, such as your net worth, credit score and debt-to-income ratio. This will keep you on top of your financial health and improve your weak spots before they spiral out of control.
Know your financial stats so you can be on top of your game.
6) Practice discipline
Baseball players spend a ton of time honing their skills and perfecting their craft. Successful money management requires similar levels of discipline. Stick to a budget, try to avoid unnecessary expenses and prioritize saving and investing for your future.
Discipline wins the game!
Use this guide for important financial lessons you can learn from baseball.
Your Turn!
What does baseball teach you about your finances? Share your favorite financial lessons to learn from baseball in the comments below!