Relating March Madness to long-term financial planning and investing.
March Madness will be upon us soon, and for basketball fans, it’s the most exciting time of the year. As the top college basketball teams compete to make the cut on Selection Sunday for the Sweet 16 and the Elite 8 at the NCAA Tournament, there are financial lessons we can learn.
Diversified portfolio. Coaches learn the strengths and weaknesses of each player, and have an arsenal of plays that they can strategically use during a game. Likewise, by knowing your financial circumstances, we can recommend strategies for cash flow, tax-efficiency or estate planning. We look to diversify your investment assets and accounts to help minimize risk, both while you are working and through retirement.
Focus on fundamentals. Teams with strong fundamentals that are committed to putting in hours of practice and studying their opponents, along with an effective offense and defense, are more likely to advance to the tournament. Similarly, companies with strong fundamentals, such as solid financials, a track record of growth and good management, tend to perform well in the stock market. Our portfolio managers put a tremendous effort into researching individual companies before making the decision to add them to our clients’ portfolios.
Stay the course. The most successful teams often have a game plan and stick to it. They deal with player injuries or academic struggles, and need to make small tweaks during the game, but never deviate from their ultimate objective of winning a national title. Similarly, we manage your financial strategy through market fluctuations and economic downturns, keeping your long-term goals in mind. The key is to remain patient and stay the course.
A good coach. Just like a good coach, your Wealth Advisor is there to be a supportive, trusted, knowledgeable resource, and to give you clear guidance to help you make informed financial decisions. They stay current with the regulations, trends and complexities of the investment industry in order to create and manage a strategy that aligns with your goals.
It’s not just a game. Whether it’s watching parents of seniors play their last collegiate game, or watching the Cinderella teams we all get behind rise to victory, the fan excitement and inspirational stories during the tournament yield so many heartfelt emotions. Planning for your financial future can be pretty emotional too. After all, it’s about the priorities and goals you have for you and your family. At Biondo Investment Advisors, we strive to bring the procedural and emotional elements of wealth management together to reach that sweet spot of financial understanding and peace of mind.
Source: Copyright © 2023 FMeX. All rights reserved. Distributed by Financial Media Exchange.
