Take me out to the ballgame...
Baseball is the definition of the American community. From Little League to the Major League, baseball offers the opportunity for millions to come together, eat peanuts, and cheer for their home team. However, America’s favorite past time can also teach us some essential lessons about finance. Take a look at these three nuggets of knowledge baseball can teach you about managing your money.
1. Discipline is vital
The great legends of baseball like Babe Ruth, Barry Bonds, and Mickey Mantle didn’t become great overnight. It took plenty of discipline and practice. You can use the same principles to reach your financial goals. It’s crucial that you set a money objective, which will steer your behavior. Try challenging yourself to cut down unnecessary expenses by cooking at home or avoiding spending on entertainment.
2. It’s ok to strike out once and a while
Just like when you’re up to bat, with money, sometimes we strike out. But striking out doesn’t necessarily mean you lost the entire game. If you have a hiccup on your way to reaching your financial goals, it’s important to be able to wipe yourself off and try again. Some months, you may overspend, forget a payment, or be forced to borrow money. However, you’re still in the game and able to reach your goals with renewed effort. Take it from The baseball legend Babe Ruth who once said, “Every strike brings me closer to the next home run.”
3. Be prepared for curveballs
When it comes to your finances, you should be prepared for life’s unexpected curveballs. Most financial experts suggest having an emergency savings fund that is able to cover three to six months of living expenses. For example, if your monthly expenses (rent/mortgage, utility bills, groceries, etc.) cost $2,000/month, you should have between $6,000 and $12,000 in a savings account that you have easy access to.
Join team MoneyLion
Another way you can be ready for any pitch that’s thrown your way (like the best baseball hitters), is by aligning yourself with a financial institution that has your back. Join team MoneyLion for access to Zero Fee Checking℠, Zero Fee Investments℠, 0% APR Instacash℠ cash advances when you need them, and much more. Stop paying unnecessary bank fees, and join the team that'll help you hit a financial home run when you’re up to bat. Learn more in the MoneyLion app or at moneylion.com today.
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