02 Nov 3 Financial Lessons from Melbourne Cup
Quipped as the “race that stops the nation,” Melbourne Cup is an annual event that is almost as big as Christmas or New Year’s celebration in Australia.
7 November 2017 will be the day for one of the most prestigious horse races in the world. The race seems to unite the nation no matter which State you are in as Australians would gather and stop for a few minutes or at least participate in the office sweep.
Just like in any gamble, the Cup involves some money and others take it pretty seriously. If you are a pro or just an amateur to this, it is always a good thing to take note of some of the financial lessons that we could learn from the race that stops the nation.
Do your research first.
Melbourne Cup season tends to be overwhelming especially if you are a beginner. You might bet on a horse because of its fancy name, or just because your favourite number is 8 so you went for it.
Nobody could really aptly predict the results (hence a gamble, *rolls eyes*), so the most efficient way of doing it is to conduct your research before placing your bet on anything. Despite the fact that there is something called beginner’s luck, the probability to win at your very first bet is really small. Nothing is going to come to you without work. If you really want to take this seriously and you’ve got your eyes on the prize (a.k.a. collective bet in your office), ask questions and stay curious. Know the rules and familiarise yourself with the race. There are helpful reviews online from professional punters. Use this information to your advantage and take advice from the experts. Much like your financial needs and goals, there’s no manual on how to achieve these. Hence, doing your research and seeking the help of a professional in the industry is always a smart move.
The favourite doesn’t always win.
Just because it’s the crowd’s favourite doesn’t mean that horse will win. There’s a sense of security knowing we do what everyone else is doing. However, the most efficient result comes from doing your research and pursuing your own desires.
Take for instance your home loan. Just because your current home loan deal seems to be the “popular” offer in the market doesn’t mean it’s the “best” deal for your financial situation. Reflect on your financial goals and seek the help of your local finance broker to make sure you get the most competitive deal for your specific circumstance.
Not winning is okay.
You bet all your hard-earned money but you lost. So know you’re probably going to starve until the next payday (okay that’s exaggerating). But hey, it’s not the end of the world! While this Cup proves to be the most popular race in the nation so people tend to really take it seriously, not winning on your placed bet is okay. After all it’s a gamble. Charge it to experience and there’s always next year!
Much like your rejection from your chosen lender for having a bad credit or some other reasons you refuse to accept…The mortgage industry is competitive and you have tons of available options. So getting rejected by one lender isn’t the end of achieving your financial goals. Consult your local finance broker to help you find the most efficient deal that will work for your financial situation.
At the end of the day, you should regard this as something fun and just enjoy the experience. After all, life is a gamble. Every day you make choices and each choices have their corresponding consequences. 😊
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