Wisdom-Trek / Creating a Legacy

Welcome to Day 322 of our Wisdom-Trek, and thank you for joining me.

This is Guthrie Chamberlain, Your Guide to Wisdom

4 Financial Lessons from Baseball

Thank you for joining us for our 7 days a week, 7 minutes of wisdom podcast. This is Day 322 of our trek. Yesterday, we stopped by the baseball fields and discovered 9 Life Lessons from Baseball. It is such a beautiful spring day that today we will stay at the ball fields and explore what baseball can teach us about our finances.

 

Thank you so much for coming along with me as we discover that each event of our daily trek in life, whether small or large, is packed with wisdom and insight that we can learn and apply to our lives to expand our living legacy. These bits of wisdom will help us to live a rich and satisfying life that we were created for. While some of our daily treks are a multi-part series, you can join us at any time and start along with us from that point on. If you would like to listen to any of the past episodes, please go to Wisdom-Trek.com to listen to them and read the daily journal. You can also subscribe to Wisdom-Trek on iTunes, Spreaker, Stitcher, Soundcloud, and Google Play, so each day’s trek will be downloaded to you automatically.

We are broadcasting from our studio at The Big House in Marietta, Ohio. Late afternoon on Friday we headed north once again for a little over two weeks. There is much work planned on and around The Big House as the weather is starting to warm up and the leaves on the trees are being released from their winter hibernation. While owning the old family homestead is rewarding and an integral part of our long-term legacy, it is a lot of responsibility and work. It also takes a lot of financial resources to maintain and renovate it. Paula and I are very serious when it comes to managing and controlling our financial foundation. While we have had our share of financial ebbs and flows during the past 37 years, we are always learning on how better to control our financial position without it controlling us.

 

Keeping with our focus from yesterday of learning life’s lessons from baseball today we want to learn:

4 Financial Lessons from Baseball

For many people, especially in the US, there is nothing like the start of the baseball season. Even though the season seems ceaselessly long, there is something about the anticipation of the Opening Day of baseball games. It means spring is right around the corner.

Although I am not a sports fanatic myself, one thing I love about sports is the analogies that can be made to our trek of life. I really think any philosophy of life can be explained through sports analogies. The importance of teamwork in winning games and getting things done successfully in life cannot be ignored. Doing the hard work behind the scenes will usually lead to a good performance on the field and in your life or career. The analogies are endless. There is probably no sport more open to analogies than baseball. After doing some thinking, there are a good number of analogies that can apply to personal finance. Even if you are not a huge sports fan, I think you will be able to relate to these analogies.

1. Good pitching is essential, but you need to score runs to win.

Increasing your personal cash flow is a simple proposition. Increase the amount of money coming in and decrease the amount of money going out. Make more money and spend less of it. In baseball terms, that means score more runs and don’t let the other team score runs. Having a good set of pitchers and sound defensive play from your fielders will keep the opponent’s runs to a minimum. But this alone is not going to win you the championship. You need to be able to put runs up on the board to make up for any inevitable mistakes from the d...