Recently the Olympics has been ruling the airwaves for a couple of weeks. Everywhere you look, besides pandemic news, of course, you will encounter winning champions and runner-up athletes of Olympics 2021 – Tokyo. These athletes train, plan and improve their performance the whole year for the main event. Skiers, skaters, and sliders swayed back and forth, moving their hands as they rode up the chairlifts. They don’t rest but visualize their runs and what was going to happen next.
If you have been watching Olympics 2021, you may be amazed at what often look like superhuman feats. Real-life superheroes perform the stunts, but we don’t see all the years of struggle, training, and preparation for that very moment. That’s why looking up Olympics athletes is so interesting.
While looking up these superheroes, we discover that they also get themselves financially fit while they train. Following so, today we will learn some methods of budgeting that go with the examples of our Olympics athletes.
So here we go!
1. Discover Your Passion
One thing that drives Olympic athletes to put in all the time and hard work is their passion. For some of them, it’s about winning a medal, while for others, it’s a passion for the sports itself.
While finance management may not be the most exciting topic, we are sure that improving your finances can help you accomplish something you are passionate about. It can be a dream home, a job at a reputable company, admission to the world’s best university, travel around the world, or spend quality time with your people.
Whatever it is, make sure you have a goal that motivates you and keeps that dream at the top of your mind.
2. Pin Your Starting Point
Before starting a rigorous training regime, aspiring Olympics athletes thoroughly examine their physical condition to see what they must do to be where they want to be.
You can do the same thing with your finances as well. Track your cash flow by observing the last few months of credit card statements, recording your expenses, or using finance tracking software to monitor your spending online for free.
3. Build A Long-Term Plan
It’s prevalent for athletes to train hard for 4 to 8 years before joining an Olympic team. For instance, runners can take that long to develop lung capacity, heart strength, and lactate tolerance to have a chance of competing. To do that, they map out long-term plans that are then broken down into specific training schedules.
This way, it’s necessary to have a long-term financial plan to reach your goals. Your long-term plan can tell you how much you save for your children’s educational needs, retirement plan, or for an established business.
4. Start Small And End Big
Trust us; even the best athletes didn’t start where you see them today. Let’s take the example of Muhammad Ali – the greatest boxer of all time who won many Golden Gloves and an Olympic Gold medal. From the early age of 12, when someone stole his bike, he was determined to take any future thieves, and that’s how he learned how to fight. Muhammad Ali is a perfect example of starting his journey from a small good deed, i.e., to catch thieves that later made him a boxing world champion.
The same is true for your finances as well. If you start saving 5% of your income to 10% overnight might not be realistic, but what about saving just 1% more? If you can do that each year, you will double your saving rate in just five years.
In A Nutshell
So while a vast majority of us will never be Olympics athletes, there are lessons that we can pick from them and apply to other areas of our life, including our finances.
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