How to Approach Investing Like a Tennis Pro

Investing can be like any skill: You have to learn and practice to become good at it. But for most people, the goal of self-directed investing isn't necessarily to become a record-breaking Bay Street tycoon. Rather, it's usually to invest smartly to reach personal goals.

One of the best ways to accomplish that can be to approach investing like a professional athlete. Take Canada's up-and-coming tennis star Denis Shapovalov, or legends like Roger Federer and Rafael Nadal, for example. Tennis players have access to coaches, trainers and therapists, but they're on their own once they walk onto the court. They're a great metaphor for do-it-yourself investors.

Diversification

First, as you learn and remain disciplined in your savings - retirement or otherwise - you might consider your court coverage strategies. Shapovalov displayed an impressive set of plays last week at the Rogers Cup. The young star not only throws a powerful serve but is now famous for his one-handed backhand. Nadal on the other hand often uses his forehand to stay in the game when his serve is a bit off. Diversification in investing operates in a similar way. By diversifying your investments and holding various types of assets in your portfolio, you can help protect yourself if one piece of your investment mix is struggling. Find out more in The Benefits of Diversification.

Build Skill, Continuously

Federer, now 36, holds a record 19 grand slam men's singles titles, but he didn't start out at the top. Early on in his career, he struggled to make it out of the first rounds of grand slams and battled to keep his emotions in check. And in 2013, he failed to win a single major title — the first time that had happened in a decade. Federer had setbacks, but he persevered, building talent, fitness and mental strength along the way.

Investing can be similar, and building both skills and knowledge can be invaluable. For some, that might mean exploring different types of accounts like tax-free savings accounts, registered retirement savings plans or similar investment vehicles. Some choose to start with investments like equities or bonds. Figuring out the first steps, such as how much you can afford and how much you need to save to have the retirement of your dreams, can set you on the road to becoming a better investor. Find out more about investment choices in The Six Steps to Investing: Understand Your Investment Choices.

Discipline in Play

A professional athlete doesn't become the best and achieve all of his or her goals by hitting the gym once a week and playing a tournament every now and again. In the off season, Nadal, currently number two in world tennis rankings behind Andy Murray, has been said to hit the gym and the court six days a week. While the schedule is up to you, the same kind of discipline can work for planning your own retirement. Not only are you the player, but you're the coach, too! You're in charge of the rules, the plan and the execution.

Things to consider when it comes to discipline:

1. You might want to ensure you're saving the right amount of money at the right times. For instance, if your plan says you need to save $5,000 a year to reach your goal, consider breaking that into many small amounts over the course of a year.
2. When you make that commitment, aim to let nothing get in the way. There may be months where you have to make adjustments, but remaining disciplined in your savings could pay off when it comes time to retire or reach your goal.

Game on!

This article was updated on August 14.