What The Kentucky Derby Can Teach You About Finance and Investing

The Kentucky Derby is said to be the most exciting two minutes in sports, but there is a lot of preparation that leads up to that short amount of time. Regardless of whether or not your horse won, the underlying ideas behind the race have major implications that you can take into your own plans:

1) Charting a proper course: A horse only has one chance to win the Kentucky Derby. That horse has to be three years old, qualify for the Derby, run in the race on the first Saturday in May, and defeat the other horses. In order for all those things to fall into place, meticulous efforts must be made to ensure the best chances. Similarly, you must plan for your financial journey and make sure to account for any contingencies that may occur. Small changes can have large consequences, so keeping that in mind ahead of time and allowing for changes can help you more effectively.

2) Focus on your own race: Each horse that runs in the Kentucky Derby will be focused on its own mission to achieve victory. When it comes to finances and investing, you should be focused on the exact same thing. It matters very little how well you do compared to other people, since we all have unique circumstances. Good personal financial management is a lifelong practice of trying to spend smarter, save money, and invest wisely.

3) Surround yourself with the right team: Even though the horse gets most of the credit for winning, there is an ensemble cast of support, including the jockey, the trainer, the veterinarian, the stable workers, the owners, and the breeders. The team that you pick should help you work to achieve your goals in the same manner. Think about how the people in your life will help you succeed and empower them to aid you in the best ways possible, especially when dealing with your finances.

Did you know? According to The Blood-Horse magazine, only two horses in the 142-year history of The Kentucky Derby have ever finished the race in less than two minutes: Secretariat (1973) and Monarchos (2001).

2018-05-01T05:27:09+00:00 May 1st, 2018|Financial Advice|