After a career spanning 24 years and over 1,500 games, Roger Federer has finally announced his retirement. The bittersweet decision was a pivotal time in tennis history, bringing countless fans to tears around the world. The tennis icon has inspired many sports professionals, students and tennis enthusiasts over the years. However, his dedication, patience and simple courage can also be a lesson in other areas of life, especially wealth management. Here are four financial lessons to learn from Roger Federer.
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Keep a long-term approach
Roger Federer had an illustrious career. But it wasn’t handed to him on a plate for the first few years. It took him 24 years to become the third in the world to win the most Grand Slam tournament titles – a total of 20, a gold medal in men’s doubles and a silver medal in men’s singles at the Olympics, the ATP player of the year – five times, and many more. Keeping a long-term view can also be useful when investing. You may feel anxious to create a lot of wealth very soon. However, this is rare. In most cases, it takes time and patience to build wealth. Spending time in the market is important for overcoming short-term swings and volatility. The important thing to remember is that even though Federer won 20 Grand Slam titles, he lost 11. So try to keep an eye on the prize and enjoy the journey. The ups and downs eventually balance out as long as you have a solid strategy and stick to it.
Roger Federer has often been pitted against other tennis players like Rafael Nadal and Novak Djokovic. Federer and Nadal have faced each other 40 times, of which Nadal has won 24 games. Djokovic and Federer have played 50 times, of which Djokovic has won 27 times. However, despite these wins and losses, Federer never diverted his attention from his goals. Even after winning the French Open and Wimbledon in 2009, he was encouraged to retire in 2009. But he shrugged off the chatter, continued playing for another 13 years and only recently announced his retirement at the age of 41. be hypothetical and entertaining. It can take you away from your goal. Like Federer’s strategy, sometimes it’s important to turn a deaf ear to all those opinions and speculations and keep moving forward. Being logical is more beneficial than being emotional when it comes to investing your money and managing your wealth. Avoid the urge to make decisions out of fear, panic, or hearsay. Instead, trust your instincts and seek professional advice if necessary. Remember that your investment choices should meet your personal goals, not those around you.
Diversification is key
Federer has been a diverse tennis player. He played on all types of courts – hard, clay and grass. Despite his decision not to play clay for Roland-Garros, he returned to clay in 2019 after a three-year hiatus. It shows his diversity as a player. In fact, being open to multiple courts has helped a lot in his career. Federer has also used diversity to his advantage to build his public image and be more accessible to the media. Being able to converse in German, English and French has helped him attract many fans and attract media attention. He could give interviews to various international media and reduce the chances of being misquoted or misunderstood.
To be coherent
Consistency may be one of the best ways to describe Federer. The tennis star underwent surgery on his left knee in 2016. He also underwent three other surgeries on the same left knee between 2020 and 2021. However, he remained consistent with his determination and embarked on the path of healing. Federer’s stability can also be seen in his matches. In the Australian Open final, he lost 3-1 in the fifth set against Nadal. However, he didn’t give up hope and eventually won the last five games and the match. Being consistent in investing can be an effective strategy for building wealth. Regardless of short-term losses, market hits, personal or business downturns, keep investing and let the power of compounding work wonders on your money.
Wealth management doesn’t have to be boring or complicated. You can find inspiration and lessons all around you, and Federer is a living example of that. All you have to do is keep an open mind and keep learning and of course playing to your strength!
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(Ashish Ahuja is Senior Managing Partner at IILF Wealth. The opinions expressed are those of the author and do not reflect the official position or policy of FinancialExpress.com.)