Wondering how marathons and personal finance are similar?
Running a half-marathon had always been on my bucket list. However, to start the process I had to register at Run Houston
, and create a group for accountability. The very thought of running a 10k had seemed daunting. However, after 4 months of training, and support from family and friends, I crossed the finish line in 61 minutes. Now, this may seem to be inconsequential to most of you but, for a person who once weighed 225 pounds and struggled to climb stairs – this was a monumental start. In the process of training for a marathon, I learned several lessons and surprisingly all these lessons can be applied to our daily finances.
1) It’s all about the finish line
When we had started marathon training, our group had 20+ people. But on race day, only 11 people crossed the finish line. I cannot find fault with the other 9 because their intentions were good. However, they had nothing to show at the end.
Millions of people will make New Year’s resolutions. And some of them will have achieving financial goals as one of them. But Forbes study shows that only 8% will accomplish their resolutions
. It doesn’t matter how and when you start building your budgets and investment plan. It’s all about what one has to show at the end of the year, and more importantly, during the retirement years. Your friends at Mayanah
can help you attain those financial goals.
2) You define success
I like marathons because you are competing against yourselves. I set a time of 62 minutes to complete my run, but I wanted to finish in less than that time. Personal finance is likewise. You set your financial goals and then work your way to attain the goals, or better still, beat them. If you don’t know yet, please take a moment to find your RIQ (Retirement Quotient)
3) It is not a sprint
During one of my training sessions, my son decided to join me, and he outpaced me in the first half mile. However, he soon became tired and stopped his run. He didn’t realize that winning is not by sprinting, but by running at a constant pace over a long period of time.
This is applicable to personal finance as well. The media glorifies overnight success stories. However, the truth is that well over 80% of millionaires in this country have worked quite a few decades to become millionaires. We at Mayanah
can help you pace yourself to accomplish your financial goals..
4) Accountability is critical
Our training group met every Saturday and encouraged each other through out the training period. Social media and certain running apps also helped to keep us focused on our end goal.
Regarding personal finance, when was the last time you checked your portfolio and compared it against market conditions? When was the last time you challenged yourself to cut a few unnecessary expenses from your budget and contribute to your child’s education? Well, you need a third eye to guide you! And, good coaching
5) Break is brutal
Thanksgiving was a few weeks prior to the race, and it was quite natural that the focus was not on the race, but on celebrating one of the greatest holidays (and Black Friday shopping too !!) However, it destroyed the momentum and so we had to work hard to get back on track.