Money Matters: How managing your money is like baseball

February 17, 2017 01:30

Sponsored by NEFE

With spring training getting under way for baseball teams this week, we turn to some baseball metaphors to talk about personal finance and retirement. If you're looking to win the game and even hit a home run now and then, you'll need to be prepared to play for the full nine innings. In financial terms, that means starting (saving) early and thinking about the long term.

As U.S. News Money explains, you should keep your eye on the ball by setting priorities and sticking to your plan. Remember that striking out doesn't mean you're out of the game; bouncing back from mistakes can get you back on a winning path. You don't have to swing at every pitch. Carefully consider which financial strategies and products are right for you, so you can let bad pitches go by. And be ready for unusual bounces. Adaptability is important, so you can react to unexpected changes such as a job loss or medical emergency.

To help your readers/listeners/viewers understand how they can develop a solid game plan for their financial future, interview financial planners in your area who can talk about the basic steps everyone can take to build a responsible monthly budget and long-term savings for retirement. With the right lineup in place and some discipline, they'll put themselves in position to win.

Sponsored by the National Endowment for Financial Education
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Nancy Marshall-Genzer of Marketplace entered the 2016 NEFE/RTDNA awards contest with a story about the financial anxiety of living on a fixed income.