6 Financial Lessons You Can Learn From Baseball

Summer is here and that mean's that baseball is on center stage. But, believe it or not, America’s national pastime can actually teach you valuable money management lessons. Let’s take a look at six money takeaways you can learn from baseball.

1. Three strikes, and you’re out

We all drop the ball sometimes, but you only have two chances to make mistakes before the consequences get serious. For example, missing one or two credit card payments isn’t the end of the world. But, missing three can have a far bigger impact on your financial health. Creditors will likely hand over your debt to a debt collection agency, your credit score will plummet and your account may be terminated. Don’t miss those credit card payments. Three strikes and you’re out!

2. Singles and doubles can help win the game

Everyone would love to play or watch a game where your team only hits homers and scores lots of runs, but that can't be your whole game plan. Don’t give up when you only hit a single or a double – those can help win the game, too. When it comes to money, every dollar saved adds up. Don’t fall into the mistake of thinking it only pays to save big bucks. Every little bit can help you build your nest egg and reach your financial goals. Look for your opportunities for the home runs, but remember that singles and doubles can help win the game.

3. It’s a long season

It’s easy to get disheartened after a long game, but nearly every team will have to pick themselves up and get back in the game after a loss. The best way to keep your spirits up after losing a game is to remember that it’s a long season and your team can recover – maybe even make a postseason run or win a championship. The same holds true for your finances. You likely won’t experience ongoing financial success without setbacks. Don’t let these difficulties slow you down!

4. Strike out swinging

In baseball, you can strike out by sitting out a great pitch that hits the strike zone, or by trying to hit a ball and missing. In fact, Josh Gibson and Ty Cobb, who hold the top-two spots for career batting averages in Major League Baseball, had BA's of .372 and .366, respectively. This means that even the best baseball players miss more than they hit. Finances work similarly. You may miss more than you hit, but you’ll only see real success if you swing at that ball. Look for investment opportunities, avenues for career growth and other ways to improve your financial circumstances.

5. Know your stats

In baseball, players carefully track their performance metrics, including their batting average, on-base percentage and earned run average. Similarly, ignorance is never bliss when it comes to your finances. Make sure you are fully aware of your financial stats, such as your net worth, credit score and debt-to-income ratio. This will keep you on top of your financial health and improve your weak spots before they spiral out of control. Know your financial stats so you can be on top of your game.

6. Practice discipline

Baseball players spend a ton of time honing their skills and perfecting their craft. Successful money management requires similar levels of discipline. Stick to a budget, try to avoid unnecessary expenses and prioritize saving and investing for your future. Discipline wins the game!

Looking for more self-help tips and resources? Head over to the Financial Resource Center or check out our blog library.

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