Cricket is a game loved, followed and embraced by millions in India. The craze of cricket in the country is such that, if a world cup match is being scheduled, roads become empty and office desk becomes cheering desks, and much more. Cricket unites every citizen with a common goal where, the joy of winning or the frustration of losing is shared among each one of us. But the lesson to learn here is that of unity, likewise cricket might also teach us a few personal finance lessons, so let us check out some of the significant personal finance lessons which cricket ought to teach us.
Good beginning is work half done: Be it any format of cricket, a good start to the game, makes the win nearly certain. If it is batting and the batting team scores 200 runs without loss of any wicket or if it is bowling and if half of the batting team is send to pavilion within the first 10 overs, the spirit of the team and supporters is jubilant. Similarly in personal finance if we begin the investing at an early age, the (financial) objective could be achieved far earlier than anticipated.
Discipline is must: From Sachin Tendulkar to Viv Richards and from Kapil Dev to Shane Warne all the great cricketers have one thing in common and that is the discipline in their game. Great cricketers are always disciplined about the net practice, their on and off the field behaviours along with their efforts in the game. As a result they always remain on top of their game. In personal finance also, it is pertinent to have discipline in budgeting, saving and investing.
Patience is the key to success: Cricket is never about hitting and taking wicket in every ball. Runs and wicket come only after patience and perseverance. Therefore taking into consideration the pitch condition, weather and the match situation every player analyses how to play the game. Personal finance is no different, as the economic condition along with other geo political factors keep on changing, achieving your financial objectives could be difficult. Therefore, keeping patience and having the will to achieve it, is the key to achieving success in cricket as well as personal finance.
Small beginnings later become big endings: Virat Kohli is second best batsmen having most centuries in the world, and his secret for success is not hitting boundaries but to keep rotating the strikes every now and then. Virat starts his innings in a slow fashion without taking much risks and yet he ends up with a strike rate of over 100. In personal finance a SIP of 1000 or 2000 per month may look small at first but to build wealth over a period of time this 1000 is enough at the beginning. It does not matter how small you begin, instead how you build up your innings in the middle and later stage is what defines the player’s and investor’s success.
A game of strategy: From winning the toss to setting your field and up to choosing the line-up, cricket is a thorough game of strategy. Each phase requires the captain and coach to design a strategy to stop the opposition team from winning. In personal finance, with factors such as age, risk taking appetite, income source and dependants, each individuals need to ascertain his or her needs and accordingly save and invest in different instruments. Moreover over a period of time and as per any development in personal life such as marriage, birth of child, etc. you will need to alter your strategy.
Game is not over until the last bowl is bowled: Be it T20, ODI or a test match, cricket lovers over the world have learned one truth is that the game goes on until the last bowl is bowled, remember the 2007 T20 World Cup Final where India won against Pakistan in the final over. Similarly, in personal finance never give up on your financial planning until your objectives are achieved. Sticking to your planning and consistently applying it until the destination is the only way to success.