Are you physically fit? Are you ready to race?
Are you financially fit? Are you ready for retirement?
The same level of commitment and dedication applies to both. If you’re a cyclist or runner for instance, you’ll know all about the hours of planning and perseverance that are required to be successful. But did you know the exact same qualities could help you achieve your financial goals?
Here are five lessons to get your money moving faster.
1. Goal Setting
Whether you have a personal best (PB) time in mind, or you just want to reach a certain milestone, you’ll need to start with a goal. The same goes for saving and investing. When you know the kind of future you’re planning for and what you want to achieve along the way, you’ll be better motivated, better focused and better financially prepared to achieve it. So whether you want to retire comfortably, buy a home, or take the holiday of your dreams, start by setting a target you can focus on.
2. Training
You can’t just wake up the week before a big competition and decide to be part of the race, with no training or preparation - nor can you wait until you turn 60 before you start saving for retirement. If you’re a cyclist or a runner, you know the earlier you start training, the easier it is to build up speed and strength. Similarly, the earlier you start saving, the more time you have to build your interest and returns, helping you to finish in style.
3. Going The Distance
Long rides and runs are all about lasting the distance – if you try to do too much too quickly, it could all end earlier than you’d planned. The same goes for investing. A disciplined savings plan that builds your wealth gradually is a very effective way to get you where you want to go, without suffering too much pain along the way. Even a small amount can build up to something surprisingly big over time.
4. Mixing It Up
A varied training regime is better than running or cycling kilometre after kilometre at the same pace. Just as you should mix up your training sessions with intervals, hills and cross training, you should also use a variety of different investments strategies to spread risk and help you to reach your lifestyle goals.
So while it may be tempting to focus on paying off your mortgage, don’t forget to pay attention to your super and other investments as well. A good mix of investments could help you achieve your goals both now and in the future.
5. Getting A Good Coach
Every runner or cyclist benefits from expert advice - someone who knows the race profile and the terrain, and is able to develop a personalised training program to suit you. And that’s exactly the role a financial advisor plays when it comes to managing your money and helping you achieve your financial goals.
So if you’d like to achieve a financial PB, come in and have a chat with us.