This article is for all the guys out there who just don't get what this saving and investing is all about. So today I'm going to talk our language - Sports.
Why did Ricky Hatton lose? Because he didn't protect himself when Manny hit him with that powerful left hook. He was too focused on trying to knock Manny out! In other words all offense and no defence.
In basketball, it's the same thing. All basketball experts will tell you, defence wins games. It’s nice to see the basketball teams that can score, dunk and shoot but rarely do these teams win basketball games.
Fortunately, it's the same with saving and investing. Offense is income generation and defence is expense minimization. In other words offense is trying to earn as much money as possible through salary or business. Defence is trying to keep money in your pocket, saving and minimising expenses.
Ricky Hatton was all about offense, all he said he was bigger than Manny and he was going to knock Manny out. He was all glitz and glamour. High profile. All offense and no defence.
The high scoring basketball teams are all glitz and glamour, people love to watch teams that are all offense. People love the dunks and the nice shots but don't appreciate the defensive plays. In the NBA, the Phoenix Suns and Dallas Mavericks are the best offensive teams. But it was the Boston Celtics, the best defensive team that won the Championship. This happens every year.
It’s the same when it comes to saving and investing. We often admire and appreciate the high offense people; people who earn high incomes and live the glamorous lifestyles. But like Ricky Hatton normally puro hangin lang sila. We should look for and emulate people who live simple lives but retire early. These people earn good incomes (good offense) but are extraordinary savers (excellent defence).
Its true that we can't save if there is no money coming in but I believe people today are too concerned with how much they earn and not concerned enough about saving. No amount of offense can't stop a poor defence! In other words no matter how much money you earn it will never be enough if you don't have the discipline to save.
My message today is short and simple. You can't win in boxing without defence, you can't win in basketball without defence, and you can't win in life without defence!
For more information on how I can help you email me on hoover@barongroup.com.ph.
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