On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re sharing how baseball’s most basic principles can help you financially.
It’s not all about home runs
We’d all like to be able to hit home runs, but the truth is that there just aren’t that many home run hitters out there, even at the pro levels. That’s why a lot of teams prefer to play “small ball.”
It’s not as exciting as hitting a homer, but it still gets runs on the board by using other elements of the game (bunting, sacrifice flies, steals, walks, etc.).
A solid retirement plan should be built in a similar way. Don’t try to just hit home runs with risky investments (where you’ll often end up striking out), especially as you get older. Instead, focus more on taking less risk that still allows you to get the job done.
It’s not all about appearances
The book “Moneyball” (eventually made into a movie that received 13 Oscar nominations) told the story of Billy Beane and the Oakland A’s method of building a team.
The premise of the Moneyball concept is that you should draft, sign, and develop players based on the evaluation of advanced data and statistics. This was a contrast from baseball’s traditional methods, where scouts paid less attention to numbers and gravitated toward players who “looked the part.”
In your retirement planning, don’t be fooled by fancy brochures or sales materials, or by slick sales people who are simply hocking a product. Instead, work with someone who is willing to help you understand the numbers and places an emphasis on logic and math instead of emotions like fear and greed.
Listen to the full episode or use the timestamps below to find specific segments.
[2:31] – Home runs
[4:26] – Appearances
[8:12] – Five-tool players
[11:59] – Coaching
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.