Sports offer both entertainment and valuable lessons. In 2023, the New York Mets generated buzz due to their prior success and significant offseason spending, reaching a payroll exceeding $400 million. However, they ultimately finished fourth in their division and had a losing record, missing the MLB playoffs starting tomorrow.
When it comes to money, we can learn a few things from what the Mets did wrong.
Here are 3 reasons the Mets failed:
- Lack of Consistency– After being ousted in the 2022 Wild Card, the Mets never seemed to recover from the previous season and were inconsistent all year.
- Mismanagement and Chaos – Beyond day-to-day poor decision-making, the Mets chased after the “big and shiny things” this offseason by spending millions on players who did not help the team win.
- Inefficiency – The Mets were not able to find a team that worked for them, so the season was fatally flawed from the beginning. Injuries also took a toll on the team, and not enough players contributed.
Now here are 3 things you can learn from their failure:
- Lack of Consistency– The best financial plan is the one that you can stick with on the most consistent basis. Automatic contributions, sound strategy, and long-term planning and mindset will go a long way toward a better future. Next Step: Review your investment plan. Ensure you take advantage of tax-advantaged accounts such as your 401(k), Roth IRA, etc.
- Mismanagement and Chaos– Simply organizing your finances is a small win that may propel you in the right direction. This includes your investment strategy, estate planning, tax planning, and an entire gameplay for your financial strategy. Next Step: Set aside 30 minutes to discuss your current financial plan starting with your budget. Discuss how much you’re spending, saving, and investing. You should come away with three numbers on a monthly basis.
- Inefficiency– Gathering an understanding of what you’re currently invested in and what you can expect is a huge gap missing from many families’ financial plans. Next Step: Visit our tool to learn where your portfolio is inefficient. If you are ready, this is where we may offer some help to your plan.