Trading / Investing

3 Things to Learn from Athletes About Personal Finance

3 Min read

Athletes spend their lives focused on one goal; to excel in their chosen sport.

It is this tunnel vision and drive to achieve that inspires people and leads us to taking on athletes as positive role models in our lives from a young age.

However, in your adult years there is probably still a lot you can learn from athletes and adopt into your life. In the area of personal finance, people are so focused on money experts and financial websites, but fail to look at the positive role models we have around us.

Have a look at just three things we can learn from athletes about our personal finances:

1. You have to be willing to make sacrifices to successfully reach your targets

Athletes give up a lot to achieve their goals. Often this involves missing out on an active social life, cutting out the foods they like and living a very insular life at times.

We can take on this same characteristic to achieve our financial goals. If you want to pay off your mortgage or loans quicker, for example, you may have to cut your spending in other areas.

Looking for special offers or freebies can often be rewarding, as this gives you an easy way to transition into lower spending, by substituting your normal spending for more affordable methods. Sacrifices can be essential.

2. Working from a plan will help you hit your goals for long lasting success

Athletes will have a training plan that not only incorporates the short term, but also the medium and long term too.

With personal budgeting, people often simply look at their short-term needs without looking towards the future. How is your pension going to look when you close-in on your retirement, if you don’t think about it earlier in life?

This is an area you should seek advice on and discuss early on in your career to make sure you are adequately prepared.

3. You have to enjoy the process, as well as the actual achievements

Athletes have the motivation to work hard, not only because they are focused on success, but also because they love what they do.

If you want to hit your financial targets, you need to find ways to enjoy the process of getting there. A lot of pain is often associated with personal finance and working towards having a stable money situation, but there are ways you can find enjoyment in the journey, which will help you avoid the pain.

If you read around the subject of personal finance you can find methods you start to enjoy. Using online guides to help you manage your own finances will mean you become an expert in your own life and discover simple ways to see immediate improvements.

As soon as you see something having a positive effect, you will automatically get a good feeling about what you are doing.