Personal finance lessons you should learn from M S Dhoni

Tarun BiraniTBNG CapitalMahendra Singh Dhoni is one of the most successful leaders of the Indian cricket team. Recently, a movie ‘M.S. Dhoni: The Untold Story’ was released depicting Dhoni’s life at large. We can take inspiration from Dhoni’s life and also try to learn some personal finance lessons.Importance of Coach/Advisor:There are many people who cross our path and are responsible towards our success. We always remember their contribution and cherish those lovely memories. M S Dhoni’s family, friends, bosses were all responsible in shaping his career as a cricketer. Dhoni could not have reached the pinnacle in absence of selfless contributions from his well wishers. How can one forget his coach who passionately trained him and whose joy knew no bounds when he left his wife standing in the middle of the bazaar to convey the news of selection to M S Dhoni.In personal finance too, your financial adviser acts in a fiduciary manner to make sure you are on track to reach your financial goals. Financial adviser acts independently without any bias to make sure the client’s best are interests are served always. Patience is the virtue:Dhoni was depressed on the day his boss told him that life throws many surprises and like cricket ball, some balls are to be hit, some defended, some must be left aside and bouncers should be ducked. One must not lose patience and stand with determination to face challenges thrown by life. As a cricketer, M S Dhoni stood tall and faced success and failure with poise and captained India to some glorious victories. In the same way, investor is challenged by different market situations. Market volatility may turn our focus from investment objective but serious wealth can only be made with our resolve to face market gyrations and staying invested over long term. We should not lose patience and keep our sights on financial goals. Persistence pays:In the initial phases of his career, M S Dhoni suffered some bad performances to the extent that he was not sure about his chances of getting selected. However, Indian team management persisted with him and the rest as they say is history.Our investment performance may be affected due to some developments which may or may not be in our control but it’s always prudent to stay the course and keep in mind our goals and objectives for successful journey towards financial independence. Most of the time retail investors tend to get out of the market either to book profits or because of the market fall. In fact, equities are an ideal asset class for long term wealth creation but are subject to volatility. Controlling your emotions:M S Dhoni is famously called as ‘Captain Cool.’ Dhoni is known for his cool demeanor on and off the field. Dhoni did not lose his temper when he missed his flight to Agartala for the Duleep trophy match. Temperament is one of the most important qualities of the successful cricketing career of Dhoni. In his personal life also he took the setbacks in his stride and moved on.One of the biggest attributes of a successful investor is to have a cool mind and not getting carried away with emotions.Focus on our strengths and objectives:There was one scene in the movie when Dhoni’s team during his under-19 days was playing a match against a team having a star player Yuvraj Singh. Dhoni’s team members got influenced by Yuvraj’s cricketing ability and persona. They happened to lose that match. In the after match team meeting M S Dhoni categorically stated we lost the match in our mind without even the ball being bowled. Instead of focusing on our game we got hooked to our opponents.In personal finance too we should keep focusing on our own personal budgets, goals, investments rather than worrying about the next multi bagger, views of experts and keep churning our portfolios. The career of M S Dhoni can surely be compared to a fairy tale and he has inspired millions with his performances. We can also learn from him and become successful in our chosen path of lives. Let’s sum up with a quote of M S Dhoni himself: “I believe in giving more than 100% on the field, and I don't really worry about the result if there's great commitment on the field. That's victory for me.”