Investing Habits of the Fairly Wealthy: #2 Coach

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“The games you remember most are on the negative side,” Parcells says. “I don’t know why. You’d have to speak to a psychologist about that. But the time you enjoy a win is minimal compared to how long you feel disappointed by losing.” That’s a quote from Parcells: A Football Life by Bill Parcells and Nunyo Demasio.

As a lifelong New England Patriots fan, I remember when Bill Parcells became head coach, having won two Super Bowls with the New York Giants and the media attention that surrounded his hiring. As “The Big Tuna,” he was the show, which would be a problem if you, the player, didn’t understand that. Don’t worry, he’d remind you.

But his relationship with his players was and still is that of a father figure for those who needed him to be, a motivator, a pain in the you-know-what, and whatever else he needed to be to get the best out of his players. The background research he did on his players was extensive, borderline crazy, and included phone calls with players’ family and friends just to find that one nugget of information, a childhood nickname, for example, to use at that special moment when he needed to call your attention to the task at hand. He was relentless in his work to understand you, the player.

And he recognized at an early age that each player was different, had different needs, and was different in how he responded to the coach. As players walked off the field into the locker room, there would be coach Parcells waiting around the corner with a sharp message for some, a pat on the helmet for others, a glare, or just nothing at all, which could be the worst because it showed he lost interest in you.

His players, and that’s a key distinction—his players—had to believe in him, would go to war for him, and he for them. They understood his system. His style. And they thrived in it.

Years after players retired, he would still talk with them on the phone, be interested in their lives, and just have love for the boys who put it on the line, through thick and thin, for him, the coach.

Which brings me to investing habits of the fairly wealthy: #2 Coach. This is for you, dear reader. Because the most successful players for Parcells were coachable. Yes, they had the talent, much like yes, you have money. But to put it all together, to be the best they could be, they needed to be coachable. They needed to have the right temperament, one of the most important characteristics of a successful investor. And they accept what a coach can bring to the table to help them reach their goals.

Action Line: You, dear reader, have what it takes. You’re coachable. You believe in a certain way of life. Because, you tell me, in my conversations about your life—how you got to where you are. It’s a most precious bond we share. A bond you won’t find in your portfolio. When you’re ready to talk about a game plan, I’m here.

Read about all of the Top 10 Investing Habits of the Fairly Wealthy here. 

Originally posted on Your Survival Guy.