The Olympic Games are one of the most significant sporting events in the world today, drawing millions of viewers and showcasing the dedication of elite athletes from around the planet.
Held in Ancient Greece, the original games ran from 776BC until AD393, when the Roman emperor, Theodosius I, banned them as a pagan festival.
It was 129 years ago this month – 6 April 1896 to be exact – that the first modern Olympic Games took place, featuring 280 male athletes from 12 nations competing in 43 events.
Since then, the Games have expanded, with the most recent Olympics including 329 medal events across 32 sports.
Despite these changes over the years, one thing has remained consistent: the drive and determination required to compete at this level.
Olympic athletes don’t reach this sporting pinnacle by chance – their success stems from years of disciplined training, meticulous planning, and unwavering perseverance.
In many ways, managing your wealth follows the same principles. Achieving financial security requires clear objectives, a well-defined plan, and a commitment to stay the course.
So, continue reading to discover what Olympic athletes can teach you about setting financial goals and, most importantly, sticking to them.
Figuring out your goals is a helpful first step on your journey to “gold”
For any Olympic athlete, enormous hard work is required to achieve their goals, and success doesn’t happen overnight.
Before they even attempt to win a medal, they have to define their goals and figure out a training regime to help them secure the coveted gold. This might include setting daily practice targets, building physical endurance, and fortifying their mental state.
Similarly, when it comes to managing your finances, the first step is often to determine exactly what it is you’re working towards.
While these goals will largely depend on your circumstances, they may include saving a specific amount for retirement, building a fund for your child’s higher education, or accumulating an emergency fund.
You may find it helpful to separate your goals by time frame. Short-term objectives may include saving for a holiday or a new car, while longer-term goals could involve ensuring a fulfilling retirement, helping your children onto the property ladder, or leaving a legacy for your beneficiaries.
Regardless of your aspirations, it’s essential to make them as specific as possible. A vague objective, such as “achieve financial security”, might seem admirable, but this could make it challenging to measure your progress.
Think of this like an Olympic athlete who simply aims to “win gold”. While this is a worthy ambition, it doesn’t outline the steps they need to take to get there.
Instead, they may set a goal of “practising for at least an hour each day”, or “improving endurance to complete a marathon in under two and a half hours”.
Similarly, your financial goals could include “retire at 60 with sufficient income to maintain my standard of living”, or “accumulate at least £250,000 of investment wealth over the next 20 years”.
By adding this time frame to your goals, you could keep yourself motivated and ensure that you remain on track.
Even when you have goals in mind, you need to determine how you’ll reach them
Once you’ve identified your objectives, a helpful next step is determining how to reach them. This is much like how Olympic athletes plan their training, nutrition, and recovery meticulously along the way.
When you’re working towards your financial goals, you often need a clear plan. Some objectives might be straightforward enough – such as setting aside a specific amount each month for a savings fund – while others might require a more comprehensive approach.
For instance, if your goal is to retire comfortably, you might assess your current and future expenditure, determine how much you need to save, and then decide on an appropriate investment strategy.
A well-structured plan could help you stay focused and ensure that each milestone brings you closer to your ultimate goals.
Make sure to find ways to stay motivated through challenges
Setting goals and making plans to reach them is the relatively easy part. The real challenge comes from staying committed, even when obstacles arise.
Athletes often face setbacks, whether it’s due to injury, a loss of form, or even unexpected competition. Yet, they persist, adapting their approach to training and staying focused on their long-term vision.
Likewise, it’s vital to remember that financial setbacks are almost inevitable. You might face periods of economic volatility, rising living costs, or unexpected expenses that derail your progress.
The important thing is to remain adaptable and not lose sight of your long-term goal. After all, even after a loss, an Olympic athlete is unlikely to abandon their dream. Instead, they refine their training and continue pushing forward.
You may want to adopt a similar approach with your finances. If an unexpected cost disrupts your savings and you lack a sufficient emergency fund, you can adjust the amount you set aside each month to account for this cost, then revert to your original plan once you’re clear. (And have built an emergency fund?)
Keeping your long-term objectives in mind might ultimately help you stay resilient through financial ups and downs.
A financial planner could act as a “coach” for managing your wealth and reaching your goals
No modern Olympic athlete succeeds alone. Behind every gold medal winner is a team of coaches, nutritionists, and mentors, all working together to support their journey.
Without this essential guidance, even the most talented of athlete would likely struggle to reach their full potential.
The same can be said for financial planning. While you can make progress on your own, having the right support can make a considerable difference.
A trusted financial planner can essentially act as your coach, helping you set realistic goals and navigate any challenges that may arise.
We can also provide objective advice to ensure you remain focused and avoid making impulsive decisions that might derail your progress.
Just as an athlete fine-tunes their training with expert guidance, working with us could help you make the most of your wealth, stay disciplined, and potentially achieve financial security.
If you’d like some of this Olympian support in reaching your goals, please email us at info@investmentsense.co.uk or call 0115 933 8433 to find out more.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested.
