One technique that helps keep you on track for your smart goal is to tell your friends and family about your intentions. A fitness goal may have a very linear exercise plan, while a job assignment may require you to work in spurts when clients need you most. The nature of your planning will depend on the type of goal you set. Once you have a smart goal, you’ll want to plan out the steps you need to take to meet your personal goal. As with life, each hand in poker can propel you further in the tournament, helping you reach your ultimate goal while sharpening soft skills along the way. So why is goal-setting important? Regardless of what your goal is, playing poker gets you in the mindset of identifying your objective early and taking a series of small actions to reach a significant target. Or you may simply have a hand that is so likely to win, your sole focus is to get as many of your opponents’ chips into the pot as possible. You might have a drawing hand where your goal is to either bluff out an opponent or to see another card to attempt to make your draw. ![]() You might have a middling-strength hand where your goal is to be able to show your cards without making more bets since only better hands will call you. In poker, you have a goal with every hand you play. When you are further in your career, learn ways to reduce spending, or have paid off your mortgage, you’ll be able to up this goal to fast-track your path to financial independence. This allows you to break down how much you need to save each week or month and easily track whether or not you’re on pace to meet the goal.Ī goal of saving $10,000 in 2022 is scalable because there is no limit to the amount you can expand the goal in future years. If you want to save more money in 2022 than you did in 2021, pinpoint the exact dollar amount you want to save. The most important aspect of achieving your ambitions is finding measurable, achievable, divisible, and scalable goals to work toward. ![]() Here’s how to select, plan, and achieve your goals in poker and in life. Fortunately, navigating the goal-setting process with the strategic mindset of a poker player yields a higher chance for success. Setting the right goals and putting in the work to achieve them is easier said than done 80% of Americans’ New Year’s resolutions fail by early February. These traits can prove be useful in many areas of life, including investing.With the holidays around the corner, you may have goals for the new year on the top of your mind. Remember to have patience, and try not holding on to losing positions too long. Either way, even if you don’t play poker you can still learn from the game. Or perhaps being good at poker is just a signal that you may be a skilled investor. So if you’re looking to improve your investing skill, then playing more poker may be an unexpected way to do it. Finally a big poker tournament win may also be a distraction to a hedge fund manager, meaning less time spent running their fund. Also, analysis suggests that after high-profile wins the hedge fund manager may take some risk off the table and run the portfolio in a way that tracks closer to the benchmark, playing it safe. The fund may have to alter investment strategies that worked in the past at a smaller scale. Therefore, even though the manager may be just as skilled after their big win, performance suffers because their fund is now larger. ![]() However, when a fund grows in size it can be more challenging to sustain investment performance. ![]() They find that a big win as a high-profile tournament such as the World Series of Poker or other televised poker event can lead to inflows into a hedge fund manager’s fund. This has less to do with poker and more to do with fund flows, according to the researchers. Ironically though, having a big win at a major poker tournament, may not actually help fund performance after the fact.
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