SeaComm Federal Credit Union OFFICIAL BLOG

4 Financial Lessons You Can Learn from Basketball

Basketball is a sport that requires discipline, passion, and a goal-oriented attitude. Continue reading to discover four surprising financial lessons you can learn from this iconic sport and its players!

Lesson 1: Passion leads to success

As any professional athlete can tell you, it takes more than muscle and talent to be a star. You need to be completely passionate about the sport to succeed; otherwise, you will find it challenging to summon up the commitment necessary for building your skills and strength.

In the same way, you will see the most success while working at a job you feel passionate about. Your interest in the field will drive you to push yourself harder, set increasingly larger goals and achieve true success on a personal and financial level.

Lesson 2: Discipline is key 

From grueling training sessions to early-morning workouts, basketball requires an endless amount of self-discipline. Athletes must learn to ignore distractions and devote themselves completely to the game to reach the top. This can mean missing out on social events and spending hours on training sessions.

Managing your finances successfully requires a tremendous amount of discipline as well. Will you stick to your budget for groceries this month or blow it all on an expensive product that catches your eye? Will you have the self-control to decline an invitation to join your friends at a pricey restaurant when you already used up your allotted monthly budget for dining out? Will you remember to pay yourself first each month and set aside money for savings when there are so many things you’d love to buy today?

Training yourself to be disciplined with money is the key to a lifetime of financial wellness.

Lesson 3: Set small goals

Young athletes aspiring to compete on a professional level have a long road ahead of them. To bring their long-term goal within reach, they set smaller, trackable goals along the way. For example, they might work on increasing their muscle mass one season and then focus on bringing up their speed the next year.

Setting small goals is equally important when managing your finances. It’s better to set smaller, manageable goals for your money, such as saving up a targeted amount of money, putting away a specific percentage of your monthly income for the future, or bringing your monthly discretionary spending down by 10 percent.

Lesson 4: Research, review, revise

Athletes prepare for games beyond training sessions and practice runs. Before a scheduled game with an opponent, coaches will show their players videos of previous games they have played against that particular team. This way, the players can get an understanding of what they are up against, learn the other team’s strengths and weaknesses, and develop the best strategy to help defeat them.

In smart money management, there’s no end to the ways you can build your knowledge. You can check out online financial resources, read the latest in personal finance literature, and listen to SeaComm podcasts on money topics that interest you.

Click here or call us at (800) 764-0566 to discover the best financial options for your lifestyle. You can also stop by your local SeaComm branch to meet with a representative in person – we are happy to help!

Comments are closed.