In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life and vice versa may help you improve your game in both arenas. Here are three tips that may help you work toward success on andoff the golf course.

Avoid Hazards

Getting bogged down in a sand or water trap may cause frustration and add many strokes to your round. While it may not be possible to avoid financial hazards, it is important to make purposeful moves that are in step with your visions, goals and dreams. Have a plan that prioritizes what you ultimately want to happen and start moving in that direction. Be decisive. The pace of your movement is immaterial at the beginning. Start making positive changes today that can be replicated in the same or similar fashion over time. 

Find a Good Caddie

When you are on the course, focus on the game with little to no distractions. Just like a caddie may help you keep your gear accessible and provide you with sage advice on how to work toward your goals, a financial professional might be your partner on your journey in seeking to build wealth. Find someone that you connect with and can build a long-term relationship. Consider using the services of a CERTIFIED FINANCIAL PLANNER™. A CFP® designated advisor has met extensive training and experience requirements and is committed to the CFP® Board’s ethical standards that require them to put their Client’s interests first.

Do Not Let a Bogey Send You Off-Course

In life and golf, the skies are not always sunny. Complications inevitably arise and the financial markets continuously ebb and flow.  Surrendering and embracing this fact of life will help you better pursue the quality of life you desire for yourself and your family. What matters is that temporary issues do not take you away from your permanent visions, goals and dreams. 

When you encounter financial setbacks, consider what led to it, what it means, and what actions you may take to prevent similar situations from occurring in the future. In some cases, these slips may occur due to no fault of your own, and there may not be much you can do to prevent their recurrence. Instead, make a plan and prepare for it.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss.

Asset allocation does not ensure a profit or protect against a loss.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

This article was prepared by Eastwood Wealth and WriterAccess.

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