On The Agenda:
The financial world is full of acronyms that get thrown around for convenience, but the average person doesn’t necessarily know what they all mean. Today we’ll share the financial acronym salad and their meanings. We’ll also discuss how retirement planning is like baseball.
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Episode Show Notes:
On this episode of How Money Works, Craig and Jennifer Moser share what you can learn about retirement planning from the game of baseball.
It’s not all about home runs
We 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.
We build a solid retirement plan in a similar way. Don’t try to just hit home runs with risky investments, especially as you get older. Instead, focus more on taking less risk while still getting the job done.
“We remember the home runs, but the strikeouts are quite costly,” said Craig.
It’s not all about appearances
The book “Moneyball,” is now a movie. It tells the story of Billy Beane and the Oakland A’s method of building a team.
The premise is that you should draft, sign, and develop players based on the evaluation of advanced data and statistics. It’s a contrast from baseball’s traditional methods, where scouts pay less attention to numbers and gravitate toward players who “look 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.
“Understand the statistics so you can win more consistently. That’s the bottom line in investing as well,” said Craig.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
0:33 – Not about home runs
3:04 – Understand statistics
5:11 – Five-tool player
7:04 – Special coaches
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