*Five lessons from ICC Champions Trophy Final*
Recently, the much hyped cricket match between India and Pakistan finished with a gloomy impact on Indian
Cricket lovers. Lot of analysis and post mortem will be done on the reasons of India’s defeat. Let us learn some
key lessons from the match and see how we can benefit from this to fine tune our personal finance.
*Lesson#1 *Keep a cap on your discretionary expenses.*
Too many ‘extra runs’ given by Bowlers helped Pakistani team to set a big target for India. Similarly avoid making unnecessary or ‘extra’ expenses which make set our financial goals too heavy to achieve.
*Lesson #2 *Avoid impulse buying.*
Early wickets of opening key Batsman put Indian team on big trouble and ultimately they could not achieve the target set by Pakistanis. Many times we start for investing for a goal but very soon we have an urge to buy something attractive (like costly mobiles, luxury Cars, jewellery etc.) and we withdraw that amount to pay for our luxury. That makes our goals more difficult to achieve.
*Lesson#3 *Start early and invest regularly.*
India’s target was 339 in 300 balls that are some 1.13 runs per ball. Does it seem to be very challenging task? If singles could be scored from the very first ball with occasional boundaries, the target would have been easily achievable. Just like that, start small investment with your first pay check and add up part of your bonuses & continue till you reach your financial goals. Your effort should be to be disciplined and consistent and leave the rest on power of compounding. You will notice how effortlessly you have achieved your financial goals, well before time.
*Lesson#4 *Have a protection for your life & health*
Jadeja is being blamed for Hardik Pandya’s run out. He was so focused on his own running that he couldn’t see Pandya was coming on his way which leads to fall of the wicket of highest scorer from Indian team.
Likewise many a times we are so busy with our profession that we forgot to look at our family and take adequate protection for them. One sudden death of the earning member or a critical health issue of any family member could jeopardize your financial goals completely. Take a term and health insurance cover to guard your family from falling in any financial mess in case you are not around.
*Lesson#5 *Build a partnership, with your advisor.*
It needs two to tango! One of the big reasons why India failed to achieve the target is that no two batsmen could build a robust partnership. History shows, a winning team mostly represented by marvelous partnership from any two batsmen.
Build a long term mutual relationship with your advisor based on trust and compassion. He can guide you best in the ups and down of financial matter and at the end both of you can come out as a winning team in the lifetime tournament of wealth creation.
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