Are you struggling to take action?
Do you know that the world’s most popular sport has an estimated fan base of 4 billion people?? Whoa! That’s a lot of fans!
Soccer (aka football for most of the globe) is a sport loved by people of all ages. Although I was never a devoted player, several of my roommates from college played soccer for our university and I’ve heard more than one *epic* tale of action on the field.
I was recently reminded of some fascinating research done several years ago about soccer goalies and penalty kicks. A penalty kick is awarded after certain types of fouls are committed and it sets up a serious sweat-inducing, heart-racing faceoff between 2 players of the opposing teams: the goalie and the shooter.
Picture this: With a penalty kick, a player is allowed to take a single, free shot on goal while it’s defended only by the goalkeeper. The player taking the shot will line up with the penalty mark (about 12 yards/11 meters from the goal line) and the referee will stand ready with their whistle. All of the other players must stay outside of the penalty area. The goalkeeper must remain on the goal line between the goals posts until the ball is kicked, and the shooter cannot take the kick until the referee blows the whistle.
It’s an intense situation. The average speed of a ball propelling through the air in a penalty kick of a professional game is reportedly 70mph, with the strongest shooters moving the ball at speeds up to 80 mph!! That means the ball can reach the goal line in 500 milliseconds.
Admittedly, I have NO idea what I would do if I were a goalkeeper in one of these penalty kick scenarios…. While soccer wasn’t my sport, I am a former competitive athlete, and I’m pretty sure that if I was standing between those goal posts, I would want to do whatever I could to prevent that ball from going in.
According to the fascinating findings of research analyzing 286 professional soccer penalty kicks, the best thing that a goalie can do in a soccer penalty kick is….nothing.
Wait, what? Nothing? But it’s so intense! There are heart palpitations and sweaty palms galore and you’re telling me the best thing to do is nothing?!?
Yup.
And this is why I found the research so fascinating. The analysis showed that typically goalies jumped either left (49%) or right (44%) in a penalty kick. They almost always moved, staying in the center of the net only 6% of the time. However, the kicks were much more evenly distributed with 32% left, 39% right, and 29% kicked in the center.
It’s totally understandable that a player doesn’t want to kick a ball straight into the middle of the net, even if the data shows it’s the most effective shot to take (since the goalie typically dives).
And the goalie? Remember, they have a ball coming at them at 80 mph, fans screaming at them to protect the net, and teammates watching. It’s totally understandable that they’re compelled to DO SOMETHING.
Doing something is typically preferable to not doing something. We have a strong bias for action. We want to try. We want to take control. We don’t want to stand still and look silly. Plus, choosing not to act just feels unnatural.
I think all of these cognitive biases are playing a role today as we live in COVID-19 quarantined world. We want to get out! We want to do something! It’s been really hard to proactively choose not to do something – even if the data shows it’s a wise choice.
‘Action Bias’ has also been apparent as we’ve watched how investors react to stock market volatility over the past few months. During periods of financial stress, it’s natural to want to do something that will give us at least a temporary sense of control. Unfortunately, this tendency can lead us into making decisions that counter the comprehensive goals-based plans and long-term strategies we assembled during calmer times.
We’re all making our way through these unprecedented times day by day. My days have felt both different and the same. And, I’ve definitely had some days that felt like somebody was kicking a ball toward my head at 80 mph….
When it comes to your personal financial wellness, why wait until you have 500 milliseconds to make a decision? If you’re jonesing to take action on something now, check these off your list:
· Update your will. Don’t have a will? That’s okay…but you should get one. Especially if you don’t want the government to decide what happens with your money, your assets or your children if something happens to you.
· Confirm you have Health Care Proxy or Medical Power of Attorney. Naming a proxy can help ensure you get the health care you want if you’re not able to speak up for yourself.
· Check your beneficiaries on your financial accounts (i.e. life insurance policy, retirement plans, bank accounts). It’s easy to forget to update the beneficiaries on old accounts, and you’ll want to make sure you keep these current.