Yogi Berra Quotes Investors Can Live By
Baseball legend Yogi Berra was wise, in his own muddled way, about more than just sports. His words hold truth in life – and in investing. Here are three lessons any investor can glean from famous Yogi Berra quotes.


Yankee great and Hall of Fame catcher Yogi Berra may be the most quotable athlete ever. The malapropisms attributed to him are legendary and, when viewed through a particular lens, are more useful than at first glance. While not likely to threaten Warren Buffett’s ‘oracle’ status, if Yogi hadn’t chosen baseball, he might have become a Hall of Fame financial planner.
Here are three financial planning tips based on wise words from Mr. Berra.
'If you don’t know where you’re going, you might end up someplace else.'
In financial terms: Start with a plan.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
A comprehensive written financial plan is one of the most underappreciated tools for investor success. Unfortunately, many people ignore this critical effort, in part because it can be very time consuming, detail-oriented and tedious. However, it’s also the blueprint for a person’s entire financial “house” and, done well, provides the firm foundation on which all else rests.
An investor’s personal headlines are at the heart of a financial plan, which is an invaluable tool for helping investors through unsettled times. The plan focuses on the unique goals and considerations that the investor said were most important to them. Portfolios or strategies should change over time, but those alterations should be in response to changes in an investor’s headlines — the birth of a child or pending retirement, for example — rather than the headlines in the news.
Having a well-thought-out financial plan is often the behavioral anchor that investors need to contend with the uncertainty and doubt that investing entails.
'Ninety percent of the game is half mental.'
In financial terms: Realize that investing is often emotional.
In theory, investors make rational decisions, but that theory often fails in practice. Emotions can play a significant role in investment decision-making.
The process of investing is a mental game, often punctuated by unexpected events — some good, others bad — when our very human fight-or-flight reflex seems overwhelming. This is when the temptation to do something different can be strongest.
What can an investor do to improve their odds for investment success?
- First, mentally prepare for losses as well as gains. Investing is an activity that requires the bearing of risk for the hope of a return on the investment. However, there are no guarantees that ensure success. While asset allocation and diversification are the two most effective risk-management tools at our disposal, they do not immunize the portfolio from all volatility or losses.
- Second, prepare for doubt. Something — at some point — in the future is going to make an investor question their investment strategy. Having a financial plan in-hand when this doubt arises frequently pays huge dividends. Often, it is easier to stay the course when things don’t work out as planned, than when things didn’t work out because you failed to plan.
- Lastly, embrace inactivity. Too often, staying the course is interpreted as “doing nothing.” This is a shame because it actually means something powerful: Have a plan and stick with it unless your situation — your personal headlines — changes. During emotionally charged markets, snap decisions often do not play out as well as intended, destroying wealth rather than creating or preserving it. Ignoring the media and market noise isn’t being ignorant, it’s being enlightened.
'When you come to a fork in the road, take it.'
In financial terms: Perseverance is the key to progress.
As mentioned above, investing is an emotionally challenging journey that forces us to contend with obstacles — both real and imagined — along the way. For some investors, these obstacles cause them to stay put, halting their progress. For others, these “forks in the road” require them to choose a path and continue forward, despite the certain knowledge that the path forward is filled with further uncertainty.
Take the current environment, for instance. With the U.S. stock market at or near all-time highs and bond yields very low, it seems like few investors are completely comfortable with the path ahead. Whether in bull or bear markets, for some investors it never seems to be the “right” time to invest. While most investors invest knowing that higher expected returns come from higher expected risk investments, too often they fail to complete the thought: While this risk-return relationship is reasonable, it is over the longer-term — not the short-term — where it is most (yet, not perfectly) reliable.
Preparation is the key to overcoming these obstacles. If you know that you’ve prepared a thoughtful financial plan that focused on your long-term objectives, and incorporated asset allocation and diversification to help temper risk, you should find it easier to persevere through whatever the market may throw at you in the short-term.
All information presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This information is distributed for education purposes, and it is not to be construed as an offer, solicitation, recommendation or endorsement of any particular security, product or service, nor should it be construed as tax or legal advice. Please click here to see our blog disclosure, which immediately follows the “Applicable Law and Venue” section.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Don Bennyhoff, CFA®, serves as the Chairman of the Investment Committee and Director of Investor Education at Liberty Wealth Advisors, a $1.7B RIA. An industry expert who spent over 22 years at The Vanguard Group, Don was a Founding Member of Vanguard’s Investment Strategy Group, and served as a Senior Investment Strategist.
-
US Increasing ESTA Fee to Nearly Double Starting in September
New fee structure hikes ESTA from $21 to $40, adding a new layer to visitor costs under the One Big Beautiful Bill.
-
Can You Afford a Million-Dollar Home on a $250,000 Salary?
It’s more than the sticker price — mortgage rates, down payments, taxes and debt all factor into whether a million-dollar home fits your budget.
-
Four Clever and Tax-Efficient Ways to Ditch Concentrated Stock Holdings, From a Financial Planner
Holding too much of one company's stock can put your financial future at risk. Here are four ways you can strategically unwind such positions without triggering a massive tax bill.
-
Beyond Banking: How Credit Unions Serve Their Communities
Credit unions differentiate themselves from traditional banks by operating as member-owned financial cooperatives focused on community support and service rather than shareholder profit.
-
Answers to Every Early Retiree's Questions This Year, From a Wealth Adviser
From how to retire in a crazy market to how much to withdraw and how to spend without feeling guilty, a financial pro shares the advice he's given this year.
-
The Risks of Forced DST-to-UPREIT Conversions, From a Real Estate Expert
Some new Delaware statutory trust offerings are forcing investors into 721 UPREIT conversions at the end of the hold period, raising concerns about loss of control, limited liquidity, opaque valuations and unexpected tax liabilities.
-
I'm a Financial Adviser: You've Built Your Wealth, Now Make Sure Your Family Keeps It
The Great Wealth Transfer is well underway, yet too many families aren't ready. Here's how to bridge the generation gap that could threaten your legacy.
-
Want to Advance on the Job? Showing Some Courtesy and Appreciation Could Help
Two business professors share their insights about the impact of digital communication on the social skills of some in Gen Z and the importance of good manners on the job.
-
From Job Loss to Free Agent: A Financial Professional's Transition Playbook (and Pep Talk)
The American workforce is in transition, and if you're among those affected, take heart. You have the skills, experience and smarts that companies need.
-
A Financial Planner's Top Five Items to Prioritize When Your Spouse Is Ill
During tough times, it's easy to overlook important financial details, but you'll be so much better off if you take care of these things right now.