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Here's How You Can Become a Guru in Money Matters by Watching Cricket -II

Let the second edition of this article teach you what important money lessons can be learnt from cricket and cricketers.

India has a rich history in cricket. In 1983, we won the World Cup despite being the underdogs. In 2007, we won the first ever T20 World Cup. And finally, in 2011, Mahendra Singh Dhoni led India to its second World Cup Trophy- with a team which includes the likes of Sachin Tendulkar and Virat Kohli.

With this level of popularity and success, the game does well both on and off the field. Let’s find out the financial lessons that we can learn from the game of cricket.

Financial lessons from cricket
Financial lessons from cricket

1) Take a Strategic Time-out Every Now and Then

The strategic time-out is a popular feature of the T20 format. It is usually taken in mid-overs and lasts for only a couple of minutes. It allows a team to regroup, assess their game up until that point, and make strategies going further.

Every couple of months or years, you must re-assess your financial goals, re-calibrate your financial plans, and change your investment plans. This is particularly helpful as your age keeps on increasing and market conditions also keep changing.

2) Ensure You Have a Coach to Guide You

Behind every success, there are hidden faces who are responsible in making it happen. Credit is almost always showered on the players who win a match. But a team’s technical staff which consist of the head coach, batting, bowling and fielding coaches, selectors, physios, analysts among others are as important. Without them, the team would be unable to perform.

Similarly, when you make your investments, you should have a team of people that guide you. Your family should be involved when you make big money decisions. You should always seek the advice of a financial advisor who will be able to help out with the investment options.

3) Make Sure You Follow the Rules

In March 2018, Australia’s captain Steve Smith and vice-captain David Warner were suspended for a year, for illegal ball tampering, after using sandpaper to change the ball’s swing. This wasn’t allowed by the ICC (International Council of Cricket), and they were duly penalized. The BCCI (Board of Cricket Control in India) banned S. Sreesanth in 2015 for spot-fixing.

When you are investing, you must make sure you don’t break any rules. You must also be sure, that you pay necessary charges and taxes with every transaction you make and amount you earn.

4) Teamwork is the Key to Success

The efforts of a group, almost always outweigh that of an individual. A single player who scores a double-century is less important, than a team where every player scores 30 runs each. In cricket, teamwork is everything. The batting team needs to build a partnership between its batsmen, while the bowling team needs to strategise together to get as many wickets as they can.

In investing also, when a group of individuals pool their money together, it is almost always more than that of an individual. Pooling funds not only increases the pool amount, but also distributes risk evenly. The best example of this is a Term Insurance Policy. You pool your funds together to be eligible for insurance- where the premiums are low, and risk is distributed.

If you follow these steps, you will soon reach the pinnacle of financial freedom, and if you’re lucky, also watch India lift the World Cup Trophy.

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