Money is like a Basketball

by Gily Tenorio on November 12, 2011

in Personal Finance

I like playing basketball and I’m a fan of PBA and NBA. It is my favorite sport since I was in the elementary primarily because it can be played anywhere without needing sophisticated and expensive equipment. You only need to have a ball and a small court for playing which can be your back yard, a vacant lot or the real basketball court. It exercises almost any part of the body when you play it alone or even more in a team.

Money and basketball have in common. Why I said this? Basically, both should be played with offense and defense. Offense in basketball is the strategies and techniques on how to make a score or point while defense is all about how to stop your opponent from scoring a goal. Both methods are vital for winning the game.You can’t win the game if you are only good at offense or the other way around. You should master both in order to win the game and become a champion.

In correlation with money, an individual should learn how to make offense and defense in “playing” with it. Most of us only know the offense part on dealing with money. It is the reason why we work, do business and make part-time jobs because we are taught to do offense. Many people are weak in the defense part of dealing with money and it’s the reason why many people lose in the game of money.

In my own personal experience, I was never taught how I should make defense when dealing with the money I have. Only when I worked abroad I learned that it is very important to perform defense or you will be a loser at the end even though you are good in offense. I don’t say I’m very good in defense, I’m telling you that in order to win, both actions should be taken.

I would like to focus more on the defense part of playing the game of money since many people these days are lost on how to do it. One way to conduct a good defense is by monitoring your opponent. Here the opponent is expenses you made everyday. You should list all in a notebook or spreadsheet so you can have a history of your spending. Having a record will be the starting point on defending the money you own. You should update your record regularly as much as possible each day so that you know how much is your current expenses.

Another way to do defense is by controlling your money. If your spending is out of control, your in big trouble and will end up a loser in the game of money. Controlling and hoarding is not the same, it is quite different. Hoarding is done out of greed while controlling or what other people called “budgetting” is done out of careful planning. To win in basketball, you should be in control to win the game. Much the same in dealing with money, you must control it or it will control you.

Offense and defense is not permanent, it is always changing to be better than before. A basketball player always practices these two methods in order for him to play with great skills. Same with your money, your income and spending is always changing but you should make it sure that it change for your betterment.

If you would like to learn more about financial education, personal finance and investing, set aside a few minutes of your time reading my blog or other blogs that tackles the topics that you want. You may also attend seminars that teach financial management and literacy if you could afford the fee.

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