Golf is an interesting game. It can be both exciting and frustrating, and both the excitement and frustration can occur in the span of just a few minutes. It has the ability to bring out the best and worst in each of us. You could be having the worst day on the course and on the verge of giving up, but then hit a shot exactly the way you want to and decide that golf is the best game ever invented.  

Golf, unlike almost every other sport out there, is a journey toward success that requires more than just hard work and a chin-up attitude. As influential golfer Bobby Jones once said, “Golf is a game that is played on a five-inch course—the distance between your ears.” If you have ever played golf, you will know this to be true.  

Golf requires mental fortitude, resiliency, and humility. To achieve success, you need more than just the physical skills required to hit a certain type of shot. You need to have the mental strength to hit that certain shot under tremendous pressure and in the face of your doubts and fears. It requires you to control and master what is between your ears. This is no easy task.  

For PGA Tour professionals, one of the most important contributors to success is found in his course management strategy and, just as importantly, how closely he sticks to that throughout a round or tournament.

Course management is a term used to describe how a player plans to approach a golf course. Essentially, it’s another name for a strategy or plan. This strategy is formulated by the golfer and his team, usually involving a coach and caddie. It seeks to maximize the player’s strengths and minimize his weaknesses and risk, essentially attempting to create a high ceiling, high floor strategy for success. 

For example, a PGA Tour professional will create a strategy for every hole on the course they are playing for that particular tournament. That strategy will include what club to hit from the tee on each hole, whether to go for it or layup on a par-five hole, and where to aim to minimize the potential impact of penalties. Again, the goal is to maximize the golfer’s strengths and minimize their weaknesses and the risks on the golf course.  

A professional’s success in golf is closely related to how well he follows and sticks to this strategy. The pro must stick to his plan in order to be successful.

Throughout each round, there are going to be good shots and poor shots. There are going to be temptations to deviate from the plan and pursue what seems like a better option. There is going to be a temptation to take a more aggressive approach to a challenging hole to make up for a previous bad shot. But, this is where the golfer must have conviction about his strategy. He must believe his strategy is what will give him the best chance for success, regardless of how things have gone to that point. The golfer does himself no favors to abandon his plan simply because he has had a few bad holes.   

The same is true as you pursue your financial goals. You must identify your goals with clarity, then create a plan to pursue those goals. This is not something you can leave to chance. Unfortunately, however, many do and are surprised when they don’t reach their financial goals. 

Many people think about their goals, but never get serious about their goals, or put a plan in place to achieve them. According to Gail Matthews, individuals are 42% more likely to realize their goals if they write them down. Writing down your goals and putting a plan in place significantly increases your chances of achieving those goals. 

And, it isn't just writing down your dreams and goals and creating a plan, you must also have conviction in your plan. You must believe, like the golfer, that your plan gives you the best chance for success. You must have so much conviction that when there are temptations to deviate, you remain disciplined and stay the course.  

What does this conviction look like? When there is volatility in the market, you stick to your plan and your investment strategy, not allowing yourself to make an emotional decision such as liquidating your portfolio and waiting until the volatility ends to jump back in. 

In times of volatility, such as what we have experienced so far this year, it would be easy to allow emotions to dictate actions. If you don’t have a plan and haven’t prepared for times like this, what is stopping you from making emotional decisions? What is keeping you from selling everything and trying to time the market? Your long-term success requires that you stay disciplined and stick to your strategy.

Notably, a sound investment strategy is crucial for your plan to work. Sticking to your plan with an inappropriate investment strategy isn’t a winning formula. If your portfolio isn’t constructed in a way that appropriately “pays” you for the risk you are taking and aligns with your plan, then it would be prudent to consider some changes to the portfolio or consider working with a professional.  

If you haven’t taken the time to clearly write down your goals and create a plan for those goals, what are you waiting for? We would recommend working with a professional who can help you identify those goals and create a plan for pursuing them.  

If you do have a plan, is that plan specifically personalized to you and your goals? Does it inspire confidence and allow you to act with conviction? If not, it might be time to readdress your plan.  

The Masters golf tournament played at Augusta National Golf Course is scheduled this week, April 10-13. It's one of the best weekends on the golf calendar. If you haven’t ever watched it, I would highly recommend taking a few moments to watch. Augusta National is a beautiful yet incredibly challenging course. To win the Masters and the coveted green jacket, a golfer needs both the necessary skills and a solid plan that inspires confidence and provides conviction for when things don’t go as planned. 

Accomplishing your goals doesn’t just happen. It takes careful planning and discipline. That's why we use the word accomplish. It requires action on our part. It requires us to do something. Let this be an encouragement to you to take a step towards your goals. That may mean writing down your goals for the first time. Or, it might mean reviewing and refining your goals. Whatever that step looks like, take it today.

John Graham is a Spokane-based financial adviser with Stifel, Nicolaus & Co. and can be contacted at 509.570.5722.