Conor Mcgregor’s Lessons
Floyd Mayweather claimed his 50th victory in a usual boxing match by beating mixed martial arts (MMA) champion Conor McGregor and kept his record unblemished by defeat. McGregor was written off before the fight but, surprisingly, the Irishman took the fight to the 10th round.
McGregor got off to a rousing start, counterpunching and outpointing Mayweather in the first four rounds. In round three, he got a warning as he illegally hit Mayweather on the top of the head. Despite this, the fight was a controlled professional display from the MMA fighter.
Mayweather seemed a different fighter when he fought Pacquiao, as he struggled to make an impact on his younger opponent up to the fourth round.
Starting in the fifth, the American turned the table with successful punches and was in command. He was composed and his confidence was building, as McGregor seemed to tire already. He finished off the Irishman in 10 rounds.
The UFC champ may have lost but he sure gave us lessons to remember.
Haste makes waste. McGregor was in a hurry to dispose of the American. He did not realize that Mayweather’s plan was to drain his energy. Mayweather knows UFC fights last less than 10 rounds. He has stamina on his side. This is similar to investing recklessly with the intention of quick profits. The investor does not know he is already being tricked by the solicitor opposite him. Before throwing away money, be a thinking fighter like Mayweather, who throws jabs knowing he will hit his target.
Choose your battles. McGregor may be a feared MMA fighter but that does not give him a guarantee that he will win in boxing. The reason is that there are restrictions in boxing that prevents McGregor from doing his usual in the ring. In short, he fought someone else’s battle. Investing is no different. When we invest, we must have knowledge of the instrument so that we can choose the investment that fits us. An example will be a conservative investor who invests in equities. He has a high risk of losing money as McGregor lost to Mayweather. Invest only in instruments you know and align it to your risk profile. That will give you peace of mind and minimal chance of loss.
Be experienced. Nothing beats experience. Mayweather may be old but he leveraged on experience. McGregor has less experience in boxing. Remember that boxing is not all about brawling. Boxing is a science. It takes a lot of experience to become a scientific boxer like Ali and Mayweather. It must be noted that in their early years, both suffered losses from which they learned. Same with investing.
Experience makes us financially and emotionally stronger. Those who invested during the global financial crisis are certain to have learned lessons in investing. When another crisis comes up, they will welcome it and plan strategically to invest more during the bargain season. The inexperienced ones will surely stay away and make the mistake of not taking risk. Instead of winning by gaining when the market recovers, they permanently lose the opportunity to gain. Mayweather used his vast experience to lure his opponent into a false sense of security in the early rounds. Experienced scammers use this technique to unsuspecting victims. By learning from personal and other people’s mistakes, we can avoid losing our hard-earned money.
Have a coach. Do not be a know-it-all. No man is an island. We need other people to mentor us in whatever field we are. To succeed financially, we need to be mentored by people who are good in personal finance. It is better to look for someone who has done it already than to have a coach who is good in theory only.
Bruce Lee, considered the father of MMA, was once quoted: “Knowledge is not enough, we must apply. Willing is not enough, we must do.”
Learn how money works and just do it. Happy investing.
Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 65th RFP program this October 2017. To inquire, e-mail firstname.lastname@example.org or text <name><e-mail> <RFP> at 0917-9689774.
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