On 24 August 1875, English seaman and stuntman, Matthew Webb, set off from the Admiralty Pier in Dover and began his attempt to become the first person to ever swim the English Channel. 21 hours and 45 minutes later, he arrived at Calais.
This was the first recorded solo swim between England and France, and Webb was essentially the pioneer who inspired successful and aspiring Channel swimmers to this day. Since then, Dover.uk reveals that there have been a total of 4,133 Channel swims, with 1,881 swimmers completing 2,428 solo ventures.
Much like Webb had to navigate the often treacherous waters of the Channel, you could learn a thing or two from his successful attempt about navigating your own financial journey. Continue reading to discover some of these lessons.
Make sure to set attainable goals along the way
It’s easy to imagine how gruelling a long-distance swim such as the English Channel would be. You’d be in the icy waters for hours on end, exerting yourself to battle the current. No doubt many people would quickly lose heart.
Webb might have found that the key to staying motivated was by setting smaller, more achievable goals. Perhaps he focused on reaching a specific landmark, for instance, breaking down the intimidating distance into manageable chunks.
Similarly, setting realistic and attainable goals can be a helpful way to ensure your own success on your financial journey.
It’s worth taking time to reflect on your desires and consider what you wish to achieve. This could include a comfortable retirement, funding a child’s education, or going on your dream holiday.
Once you’ve identified these goals, it can be practical to break them down into smaller, time-orientated targets. For example, you might aim to save a certain sum of money in the next two years or contribute a certain amount of your income to your retirement fund each month.
Assigning these specific time frames to your targets, could help to create a sense of urgency and accountability, ultimately helping you remain focused on the horizon.
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Learning to adapt to any situation is often beneficial
Life doesn’t always go according to plan, and swimming in the English Channel would be no exception. If the weather takes a sudden turn, for example, this could change a somewhat manageable swim into a life-threatening ordeal.
The Channel Swimming Association itself actually acknowledges this by allowing a window of only seven days to complete the swim if the initial weather isn’t favourable.
Life also often throws financial curveballs, yet adaptability is the key to navigating this uncertainty.
For instance, you might lose your job or face an unexpected illness that results in a loss of income.
These challenges can quickly derail your progress towards your long-term goals, and while they seem daunting at first, understanding how they might affect you could help you prepare.
Regularly reviewing your plan and making adjustments as needed may be a step in the right direction.
For instance, if you have investments and the market suddenly dips, you might want to plan for ways to manage this, such as by drawing from cash temporarily until your investments have recovered.
Channel swimmers are urged to protect themselves against the unexpected, and this could be a wise idea for your own financial journey.
Financial protection could offer much-needed support to you and your loved ones in the event of the unthinkable, making it an invaluable tool to weather a difficult period.
By anticipating future challenges, you can equip yourself with the confidence and resilience needed to tackle them.
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Remember that it’s an endurance race, not a sprint
At its shortest point, the English Channel is around 21 miles. This is an incredibly daunting distance to swim, and as you can imagine, you’d need considerable endurance to complete it.
Webb likely understood this, training diligently for years and building the stamina needed to conquer the swim.
Whether you want to save for retirement, put down a deposit for a mortgage, or build wealth to leave behind for your loved ones, achieving your goals takes time and dedication. Rome wasn’t built in a day, after all.
There will undoubtedly be moments along the way when your motivation dips. Still, to persevere and keep yourself on track, you might want to focus on your “future self”.
This involves visualising the financial security you’re striving towards, acting as a powerful motivator to maintain your discipline along the way.
You deserve to celebrate your milestones
Imagine the triumphant feeling Webb must have experienced when he reached the shores of France. Not only had he conquered an incredible physical challenge, but he had also achieved something that was previously deemed impossible.
Celebrating your own financial milestones is equally important, no matter how big or small.
Reaching a savings goal, paying off unsecured debt, or bolstering your emergency fund, are all accomplishments that deserve recognition.
Acknowledging your progress and taking pride in what you’ve achieved could foster motivation to keep you moving in the right direction.
Make sure to treat yourself, too. Even a small reward — such as a delicious meal out or a relaxing getaway—can be a meaningful way to provide a sense of fulfilment.
Just remember that this isn’t the time to take your foot off the pedal and lose sight of your long-term goals. Instead, use this momentum to reassess your priorities, identify areas for improvement, and establish new targets to strive towards.
It’s wise to seek professional help to support you along your journey
While Webb undoubtedly possessed remarkable physical strength and mental fortitude, he didn’t complete his historic feat alone.
He relied on a support crew, including a coach and a boat, to provide him with essential guidance and supplies throughout his swim.
Seeking help from a planner is also vital when you’re undertaking your financial journey.
A qualified financial planner can provide you with much-needed guidance, helping you to create a long-term plan based on your goals, and offering ongoing support along the way.
They could also help you make informed decisions, manage investment risk, and ultimately help you optimise your financial wellbeing.
Just as Webb didn’t conquer the English Channel alone, relying on a support crew – or, in this instance, an expert planner – can significantly increase your chances of achieving your financial goals.
Please email us at info@investmentsense.co.uk or call 0115 933 8433 to find out more about how we can support you throughout your financial journey.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
