25/07/2021
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Investing is a journey. It is not about getting rich quick but having discipline, patience, strategies, and a combination of ideas, analysis, and data. As we always teach to our countrymen, thereβs no single investment approach that works for everyone.
If we will illustrate it through a basketball league, I think it will be a good practical example. Nowadays, there are a lot of platforms that we can invest in because of the growth in technology.
Just to enumerate some of it, stock market, cryptocurrency, online gaming platforms, real estate, business and many more.
Oftentimes we can be swayed by the trend, hype, or even stories of other peopleβs successes but end up being frustrated whenever there are unforeseen events such as the pandemic, investment risk fluctuations, unmet expectation,s and wrong information.
If youβre playing or interested in basketball, letβs take a look at investing as a basketball league. The levels of leagues vary depending on if youβre in a community, municipality, city or nationwide game.
Here are some of my tips if you want to invest like a basketball legend: ππβ
1. Learn the basics - if you are just starting to play basketball, you need to learn the basics. Dribbling, passing, rules, shooting, teamwork, exercise, coaching, and many more. Winning is just a by-product of the hard work behind the scenes.
2. List down your goals - if we will relate this to financial planning on a general note, we cannot expect overnight results to match all our financial goals, right? Yes there will be winning games, but there will also be challenges along the way, sometimes our analysis is right, sometimes it might not turn out to be good results.
This is the reason why one of the investments that we should take first is investing in ourselves through knowledge, seeking mentors, coaches who are experienced in a particular platform to guide us.
The question for us to answer is this, do I know the basics already so I can advance in my journey?
3. Have a game plan - we can compare dribbling, passing, and shooting to budgeting, savings, and insurance. Afterward, we can now proceed to invest. This time we can go to the next level of the financial planning league. May it be through the stock market, real estate or cryptocurrencies? Make sure that you understand first the rules and regulations because there are also inherent risks involved in investing. Do not rush, set a timeline, study first the different aspects of a platform.
Just like what happened to Milwaukee Bucks, before becoming the 2021 NBA Champion, it took them a lot of challenges, hard work, sacrifices, teamwork, and most of all prayers. In investing, we cannot take control of everything, this is the reason why setting parameters is important.
Try to ask yourself these questions:
A. What is my timeline for my financial goal?
B. Can I afford to lose this amount of money in case my plan didn't work out?
C. Why am I investing in the first place?
D. Where will I use this money?
Consult a professional first to have a guided decision and decide
based on your verified conclusion. ππ