Golf is unlike any sport out there. The lowest score wins, the ball is motionless when played, and for many the game is an endless series of tragedies obscured by the occasional miracle.
At first glance, golf may seem a million miles away from the investing world, but the two are more connected than you think. That is because to be successful at either endeavor, you need to avoid letting your emotions be your guide.
With golf, we experience a range of feelings: happiness to frustration, nervousness to satisfaction, confidence to disbelief. Some days, everything works out-- other days you are tossing your putter in the pond. When investing, you might find yourself experiencing similar emotions.
In both pursuits, the most successful are those who do not let emotions guide their decisions. When is the last time you witnessed Ko Jin-Young, LPGA’s top female golfer, snap her golf club after a bad shot?
One strategy to prevent emotions from compromising your investments is to set up a regular investment plan regardless whether the market is high or low. This way, you minimise the effect of market fluctuations whilst taking you a step closer to growing your wealth. To simplify the process and further reduce the chances of letting emotions affect your investment decisions, you can set up an automated recurring deposit. This means transferring a certain amount of money from your personal banking account into your investment plan each month.
The automated part means you never forget to top-up your investment account, helping you avoid splurging $300 on a new golf kit (however tempting this may be!).
With SaxoWealthCare, you can set up an investment plan and automated deposits easily. SaxoWealthCare is a new automated digital wealth manager that builds, manages, and rebalances your portfolio to help you meet your personal financial goals.
To learn how you can set up recurring deposits using SaxoWealthCare, click here. If you already have a SaxoWealthCare account, simply head to your SaxoWealthCare ‘Plan’ tab and click ‘Edit monthly deposits’ or ‘One-time contributions’.
Although investing shares similarities with golf, there are greater financial risks involved with investing. It is possible you lose more than you initially deposit and returns are never guaranteed.
Access on SaxoTraderGO
Access on SaxoInvestor