Athletes are often treated like superheroes. For good reason, too – they undergo rigorous training, develop astounding mental strength and achieve what we call mental and physical peak performance. Studies even show that student-athletes are more likely to have better academic and behavioral performance.1
Today, though, we aren’t talking about physical fitness. We’re talking about financial fitness — the mindset with which you approach your finances actually isn’t so different from an athlete’s approach to their sport.
Defining Your Goals
All athletes develop tailored goals to put them on the path to success. Financial goals are the same; if you don’t lay the groundwork for your financial future by establishing goals and priorities, it will be harder to achieve the financial future you want.
Short-Term vs. Long-Term Goals
Athletes often have both short-term and long-term goals; a track star may have a goal for their next meet while simultaneously working towards the Olympic trials far into the future.
When it comes to your finances, you want to think long-term. Those goals could be for your retirement and deciding how much you want to put away through a retirement savings account, or perhaps establishing a college fund for your children. What do you want your financial reality to look like in the long run? What can you do now to make it happen?
Establishing short-term goals is also crucial to your finances and intermingle with your long-term goals. For example, you might say “I am going to save ‘x’ percent of my income each month,” or “I am going to set aside ‘x’ amount of money every month to save for a vacation home.” By consciously thinking about your goals and the specific actions that you can take to attain them, you’re already one step closer to financial fitness.
Athletes are notorious for the hard work they put in. Staying in peak physical condition and aiming for constant improvement requires immense discipline, as does staying in peak financial condition.
By working with your Atlanta Financial advisor, they can help you create the plan and steps you need to take to achieve your most important financial goals. They can also help you monitor your progress toward those goals and help you stay on track. However, once your goals and the steps to reach them are defined, the most important thing is for you to maintain the discipline to make those goals a reality.
Stick With it
The best athletes don’t give up, even when they fail; they stay committed and focused on their goals. Your finances can be unexpected. Even though having a financial plan is vital, things happen that we can’t possibly account for.
Don’t be discouraged if you happen to go over budget, have some unexpected expenses, or you don’t receive the incentive bonus that you were expecting. Just like an athlete: pick yourself back up, refocus, and keep putting in the work to reach your financial goals.
If you have questions, call us! We are always happy to talk to you or answer any questions you may have.