Thursday, January 11, 2007

Cover Your Assets & Other Money Tips from D-Wade & Miami Heat's Latest Victory

Yes, it's possible to recover from a large deficit. That's one of several courtside lessons that I gained from the Miami Heat's recent victory (107 to 103) over the Seattle SuperSonics.

Here's my list of the day.

1.Create a cushion: Dwyane Wade literally hits the b-ball court with as much padding (on knees, wrists, ribs) as some football players.

Financial Lesson: Create a fiscal cushion to soften the impact of sudden blows or even minor spills. I've been aggressively saving additional income in a savings account in order to boost my emergency funds.

Financial padding is also a good CYA move: Cover-Your-Assets!

2. Defeat Deficits: The Heat rallied from behind to win the game.

Financial Lesson: An aggressive plan on both ends of the court such as earning more (offensive drive) and super defense (saving and slashing costs) can erode deficits.

With that concept in mind, I'm on the defensive mode in my house: shutting off lights, DIY projects and other frugal moves. But I'm also hunting for new sources of income.

3. Pacing is important:
'Wade scored eight of Miami's first 11 points of the second half and then saved his best for the closing minutes.
"He was pacing himself in the first half ... and he was getting everybody shots," Miami coach Ron Rothstein said. "He was just letting the game come to him."' source: --Associate Press

Financial Lesson: Timing is everything and patience pays dividends when you carefully execute your game plan.

4. Distribute the ball: In the first half of the game, D-Wade constantly passed the ball to his teammates. The ball movement created a diversified portfolio of shots.
"Wade patiently distributed to shooters Kapono and Jason Williams in the first half, handing out nine assists. Combined with Payton's 10 points off the bench, the Heat were able to stay close enough for Wade to take control in the final 24 minutes." source: AP

Lesson: Don't be a ball hog. Play generously, but score when you're hot.



The Frugal Duchess Boutique


Derek said...

Nice post, I really like the relation you have made between sports and your finances.

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