Ask a sports enthusiast and they will tell you the many life lessons you can learn from sports. However, do you know there are many important money lessons too that you can learn from sports? Yes, you heard that right. Take the latest IPL final match. While it's a match you can never forget, here are 5 money lessons from the victory of Chennai Super Kings (CSK) that you should always keep in mind.
Take a chance with beaten down stocks
Though Ravindra Jadeja faced much hardship to fill the shoes of MS Dhoni as a captain in the last season, the boundary at the last ball by Jadeja is seen as a major redemption. Stocks may crash but that might just be a golden opportunity to seek massive returns by investing at a time when the prices are low.
Keep an eye on circumstances
While Gujarat Titans (GT) set a massive total, the threat of rains becoming a spoilsport loomed. It is important for investors to always keep an eye on micro and macro economic factors that could affect their investments and take a cautious approach.
Bet on an investment for long term
A case in point here would be the consistent achievements of Dhoni as a captain who has time and again proven that even if his individual performance takes a hit, his contribution as a strategist in the team remains massive. Likewise, stick with an investment for the long term as it may take a hit from time to time but certainly, will help you achieve your goal in the long term.
Don't always follow the trend
While it is CSK's team effort that made them IPL champion for the 5th time, they also received an unexpected support by the application of the Duckworth–Lewis–Stern method (DLS). Most had written off CSK's chances of winning at the end of the first innings which resulted in 214/4 for GT. However, the DLS restricted GT's best bowlers such as Mohammed Shami, Noor Ahmad and Mohit Sharma from bowling beyond 3 overs. At one point, even the live-win probability for CSK on Google stood at a mere 36 percent. But, those who decided to bet on CSK, saw the best return. It is important to not blindly follow the initial trends in an investment but assess for yourself if there are other options that can give you better returns.
The winning team's decision to choose Shivam Dube as the impact player played a crucial role in chasing 171 runs thanks to his contribution of 32 runs for 21 balls. While many criticized CSK's decision to bowl first after winning the toss, their balanced strategy of having more bowlers for the first innings and bringing in an extra batsman in the second innings was all that they needed. It is important to diversify one's investment portfolio with a balance of risk and stability.