Achieve Financial Success with These Five Traits of Olympic Athletes

February 15, 2018
Adrienne H., Financial Expert

Have you been watching the 2018 Winter Olympics in PyeongChang? It’s inspiring to see the world’s best athletes achieve their dreams. Whether I’m watching first-time Olympians or three-time Gold medalists, I’ve noticed we can learn a lot from these athletes to help us achieve success in many aspects of our lives, including our financial goals. But don’t worry! Athletic ability is not one of the Olympic traits you need for a successful financial future. It’s about the mindset they have to accomplish their goals. Take a look at these traits, practice them, and you’ll be on the right path to financial success.

1. Have a “Can-Do” Attitude
While most of us will never compete in the Olympics, we are most likely to achieve our goals when we choose to see the positive side of each situation. You may face difficult obstacles along the way, but if you remain confident that you will succeed, you’ve achieved the first step to success.

2. Accept Advice
Olympians are the best athletes of their sports, but it took a lot of coaching for them to get to where they are today — even those who are “naturally gifted.” They continue to learn and aim to be their personal best. No matter how much you may know about managing your money, it’s a good idea to continue learning about how to be better. Read a money management book. Meet with a financial advisor. Attend a financial education seminar. Whatever you do, keep an open mind while going after your dreams.

3. Stick to a Routine
Discipline is a key characteristic to accomplishing any goal. Do you think every Olympian wanted to attend each required practice? It’s very unlikely considering many Olympic athletes train multiple times a day and early in the morning. However, they go to practice whether or not they want to, because they know their dedication will pay off. The same thing goes for handling your finances. Create a plan to help you stay on track, such as paying your bills on the same day each month or putting the same amount of money in your savings account each week. Making positive and consistent spending and savings habits will help you progress toward your goals.

4. Challenge Yourself
Olympic athletes don’t get better at their sports by continuing to do what feels comfortable. They constantly challenge themselves to reach the next level of success. Whether you’re training for Olympic Gold or increasing your 401k contributions, there is always room for improvement. Even if that means taking more risks and making sacrifices so we can accomplish our goals.

5. DREAM BIG
Most Olympic athletes train for most of their lives to qualify for the Olympics. It took a lot of hard work and dedication to get to where they are today. They fulfilled small goals like winning state- and national-level competitions before going for the Olympic Gold. Maybe your big goal is to be debt free. That can be a lofty goal for some, but it is possible if you have the Olympic mindset. To achieve financial success, work on accomplishing short-term goals, like paying off one credit card at a time, starting with the highest-interest rate line of credit or loan. As you continue paying off your debt, you’ll be closer to achieving your big dreams.

Tags: Money Management