Baseball, Life and Money - Tips From a Local Financial Advisor - KTEN.com - No One Gets You Closer

Baseball, Life and Money - Tips From a Local Financial Advisor

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The All-Star game happens Tuesday July 15th, and that means baseball is on the brain! There’s more to America’s favorite pastime than peanuts and crackerjacks- baseball can teach us all some lessons about life and money!

Financial professional Scott Maxwell from Talis Advisors joined Lisanne on Good Morning Texoma with some tips to take away from the ballgame.

1. Keep Stats

Baseball is a numbers game, and to really understand the game requires great attention to detail. Same goes with your spending plan at home. Just keeping mental tabs on your spending isn’t enough. It’s easy to forget the $5 lattes or $10 cocktails if you don’t write them down. I recommend starting with a budget worksheet- like the one on my website, talisadvisors.com. That’s a good place to start to keep tabs on where your money is going.

2. Look at the Long-term

When our team is having a rough spring, we remind ourselves that there’s a lot of baseball left in the season. While each of the 160 games makes a difference, it’s the overall standings that really matter. You can apply this long-term view to your financial planning. Even low interest gains can add up, and that’s why it’s important to start saving early. I recommend my clients start planning for their last day of work on their first day of work by putting away as much money as possible for their financial futures.

3. Take a 7th Inning Stretch

Just as baseball fans need a break in the action- we need to remember to take a break in real life. Researchers have found brief diversions in daily life increase our ability to focus for prolonged periods. So, when you’re putting that budget together- don’t forget a splurge here or there. A once-a-month movie or a lunch with friends can help break up the routine and help you keep focused on your financial goals.

4. Remember You Won’t Bat A Thousand

In baseball, batting a thousand means you get a hit at every at bat. The average major league player bats .300, meaning he only gets a hit a-third of the time. Just as baseball players don’t bat a-thousand, don’t expect perfection in your finances. By setting realistic goals for spending, saving and investing, you’ll be more likely to stick with them.

Q: What about when we’re headed to the ballpark? What should we keep in mind?

Baseball truly is America’s favorite pastime. Attendance at major league games topped 74 million last year- more than four times professional football games! But at a cost- a family of four will spend an average of $212 to attend an MLB game. Remember, many teams will have special nights with discounts on tickets, food or drinks. And if the cost is still too high, consider checking out a minor league game, or just watching from home.