(This article was first published in The Economic Times.)
We all know about Mahendra Singh Dhoni and his many achievements in cricket. ET Wealth dwells on the winning traits of the sporting giant that all investors could imbibe to become more successful with their money.
Build on small beginnings
A small town boy from a humble background, M.S. Dhoni proved small beginnings were no hindrance in the path of big achievements if you believed in yourself.
When it comes to your money, systematic investment plans are the small beginnings that could lead to big earnings over the long-term, thanks to the magic of compounding. The important thing is to start, keep at it and believe that even the biggest goals can be met.
Stay calm in turbulent times
How many times has Dhoni taken his team out of crunch situations? Numerous, right? He isn’t feted as India’s best finisher for nothing. And it’s all because of his calm and collected nature. Being as composed during times of financial instability can be tremendously helpful.
Whether it’s a stock market crash or a medical emergency or a sudden loss of income, panicking will only make matters worse. What we need to do instead is stay calm and tackle the situation with a clear head in order to make the right decisions.
Dhoni wanted to play football, but he was pushed into cricket. He turned out to be a natural, but he never stopped learning. He studied the game closely and worked on improving himself in every aspect of it. Similarly, most of us know enough about money to earn and spend it, but not enough to make it grow. Even some basic knowledge can make a world of difference here.
Learn how the economy functions, understand insurance, figure out investments, and once you know that, learn a little bit more. In finance, learning can translate into earning. Constant learning made Dhoni one of the greatest cricketers of our times. While we might not become one of the greatest investors, constant learning can definitely make us more successful in reaching our financial goals.
Have faith in your beliefs
Remember Joginder Sharma? How many of us would have included him in our team, let alone give him the final over of a World Cup to bowl? But Dhoni had faith in him. And Sharma delivered. Investors should also stick to their guns if they believe in something.
Everyone around you might have an opinion contrary to yours, but if you’re convinced about an asset, sector or financial product then you should go ahead and put your money where your belief is. Remember, very few people go against the herd but those who do often turn out to be the biggest winners.
One of Dhoni’s most remarkable qualities is his humility despite his stupendous achievements. He never allowed his success to go to his head. As investors, we cannot afford to get carried away by the successes of our investments either. Things can easily go wrong if we lose sight of our goals.
Our investments are dependent on a lot of factors, some of which we cannot control. That is why we should be happy about an investment that has done well but not be complacent.