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Relationship between golf technique and financial decision making

Anyone who makes an argument that understanding golf techniques can help the average person with financial decision making is either a golfer who wants to find a justification for their hobby or someone hoping to market financial education to golf fanatics. Both are true for the writer of this article.

Take the example of deciding whether to invest in a particular opportunity. One way to organize and evaluate that decision is to split it into four parts: (1) the project, (2) the financing, (3) the partners, and (4) the management. If you don’t understand one or more parts of this situation, or see a potential issue in one of these four areas, it may be very unwise to move forward.

On the golf course, with a bit of a stretch of the imagination, you can use the same model to decide whether to go out and enjoy a round of golf. Two of these areas are very easy to understand. If the financing isn’t in place (green fees, babysitter, food and beverage costs, tip for the caddy, reserve for lost bets), or if you really don’t want to golf with the other people in your party (for example a client that you can’t stand), then staying away from the links may be a good idea. Of course, if the project is attractive enough (a round a Pebble Beach, golfing with a US Senator), you may find the resources and motivation to deal with the partner and financing issues.

The hardest thing in both financial decision making and golf is management. In business, while you should have at least of basic understanding of how to manage the investment, you often have the option of evaluating an outside manager or management group to take over many and perhaps all management aspects of your investment. That option doesn’t exist in golf.

In managing one’s golf game, some things like deciding what shots to take in a particular situation is a function of experience, with the decisions often getting better over time. Other things, like golf technique, also depend on experience, but are affected by the the quality of the formal training you get, or the kinds of advice you may get, especially from an experienced golfer like Neil Haboush. As is the case with financial decision making, the best advice may not come from someone with the best textbook or theoretical knowledge, but from someone who has been out there in the middle of if all an knows from personal experience how to get out of a bad situation.

How to travel with large amounts of cash

When traveling with a large amount of cash, or other monetary instruments like travelers checks, money orders, and bearer bonds, you should take common sense steps to protect yourself from unwanted attention, and you should also be aware of what legal issues you may have to address.

Travel within the United States
The US has some odd rules about traveling with money. While it is legal for anyone to travel with as much money on their person as they please, there are a variety of laws that were designed to stop criminal transfers of money that may put you at risk to having your money confiscated. Basically, many law enforcement authorities can confiscate cash is they believe that it may be involved with a criminal transaction. It does not matter if there is no real evidence of a crime, it is up to the opinion of the law enforcement representative. The only ways to avoid this kind of hassle is to either avoid traveling with large amounts of cash, or to have along with the cash documentation, for example business receipts from US Money Reserve, or banking transaction records, with you that provides a reasonable explanation for the cash.

Travel to or from the United States
If you are departing or arriving the US, there are no limits as to the amount of money a passenger can carry. However, passengers who are carrying currency, endorsed personal checks, travelers checks, gold or silver coins or bars, or securities that are valued at $10,000 or more must report the amount that they are carrying to US customs officials. Failure to do so can result in fines or confiscation of the money. This reporting requirement applies all the travelers in your group, for example a family. For example, if a family of three is traveling together, and they have $10,000 or more between them, they must to report these amounts.

Travel outside of the United States
When leaving the US, review the customs requirements of your destination country before you travel. Rules will vary by country, so be sure to check those laws and regulations before you fly, and if necessary make alternative plans before you fly.

Protecting your money from theft or other losses
When you carry cash with you on an airline trip, you should take some very basic steps to keep from becoming a victim of theft, or from losing your money by accident.

  • Avoid traveling with large amounts of cash.
  • Keep your cash and other valuables out of public view.
  • Keep your baggage and belongings in sight when passing through a security checkpoint.
  • If your baggage must be searched, insist on keeping your bag in sight.
  • If asked about the amount of money in your baggage by a responsible authority, tell the truth.
  • If you suspect that you have been a victim of theft, contact a law enforcement representative immediately