Individuals who exercise regularly and focus on better health, developing their bodies, stamina, and mental clarity understand what it encompasses. There are steps that people take when they engage in physical fitness and work toward specific goals. The blueprint to your physical fitness is not much different from the plan you create to pursue your financial aspirations. Here are four ways the financial and physical fitness game plans of high-performance individuals are more alike than you think.
Effectively committing to a workout routine, diet, and sleep schedule requires strategy and organization. Changing your body through physical fitness is not a one day event; it is a lifestyle modification. It is life-altering and requires organizing your thoughts, making time for workouts, cooking or preparing the proper foods, and getting an adequate amount of sleep. Managing your financial fitness also requires organization. You could start with a simple checklist of ways to manage your finances, for example:
- Create a budget if you haven’t yet. Monitor this budget weekly and revise it as your life evolves.
- Create a payday schedule so you are timely with bills.
- Create a separate schedule to manage any debts.
- Monitor your credit report.
- Pay yourself first. Set up your bank account so a percentage of your paycheck goes into a savings account each payday.
- Review your investments.
- Review beneficiaries periodically.
- Discuss ideas and concerns with a financial professional.
Anyone that has ever been on a physical transformation journey understands that the “get abs in a week” mantra is nothing more than a marketing gimmick and that “real” results are the product of a well-thought-out method conducted over a long period of time. When it comes to your financial fitness, it may also take time to see results. It was Filipino businessman Henry Sy who said, “There is no such thing as overnight success or easy money.” [i] (Winning the lottery not included). Day-to-day, you will barely notice the changes. By focusing on the long term, you also have the opportunity to exercise something without breaking a sweat: patience.
To become physically fit, you don’t just exercise whenever you feel like it. You have to be consistent in your workout routine and your diet until you results. Breaking down the fat to see those abs requires discipline, focus, and repetition. The same goes for your financial fitness. Building wealth requires you to repetitively contribute funds and make investment decisions, week after week, year after year. The results you see down the road come from that repetition. Aristotle once said, “We are what we repeatedly do. Excellence, then, is not but a habit.”
Becoming physically fit requires discipline. Sitting on the couch to watch your favorite show may be tempting, but instead, you get up and go for a run around the neighborhood or down to the gym. The same thing applies to knowing how to say no when you are craving a hamburger and French fries or meat lover’s pizza. This requires discipline. When it comes to your financial fitness, you need to practice restraint as you pursue your goals. Instead of spending money on things that you don’t need, you can invest the money. Self-control is also required to stay on top of your financial affairs, which is something your financial professional may be able to help you with. Regardless if they are physical or financial goals, to see results of anything worthwhile, discipline is often a crucial aspect of the journey.
It isn’t just professional or collegiate athletes that enlist the help of a personal trainer to become physically fit. People who don’t play sports but need help developing a fitness and nutrition plan will look for a coach to teach them how to get the results they want. A financial professional can be your financial coach and help guide you in a direction that works for you and your goals. Some of the most successful business people in the world had mentors (coaches) to help them. Facebook founder Mark Zuckerberg was mentored by Apple co-founder Steve Jobs. Microsoft co-founder Bill Gates was mentored by Berkshire Hathaway founder Warren Buffet. If you are looking to get your finances in shape, consider discussing your financial fitness plan with a financial professional.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
[i] Henry Sy - There is no substitute for hard work. There is... (brainyquote.com) LPL Tracking # 1-05362986