With the smell of competition in the air, it’s hard not to imagine yourself taking home a gold medal, or a few. You may not be an Olympian, but one thing we’re all planning for is our retirement. It turns out that the Olympics and your financial future require a lot of the same training, dedication, and expertise.
Here are three ways to take a lesson from Rio 2016 and ensure your finances deserve a gold medal.
1. Not Every Race Is About Speed
Every Olympian knows that speed is only one component of winning a race. It’s also imperative to have the stamina to go the distance. To do that, world-class athletes rely on more than one method to get stronger. Swimmers don’t just swim; they also spend hours in the weight room and running.
Your financial future is a marathon, not a sprint, and in order to be financially fit you too need to diversify your methods and allocate funds in various places. Choose a carefully selected blend of American and international stocks then complete your portfolio with bonds. Every year take a look at how your entire portfolio is performing, rebalance your investments and set new goals.
No matter where you’re starting from, by focusing on the long haul your finances will be ready to go the distance.
2. Diligently Track Your Progress
Athletes monitor their activities every minute of their day — from what they eat to how long they sleep and train.
In order to be a financial gold-medalist, it’s critical to have a comprehensive tracking tool that monitors your net worth – not only how much you’re spending on a day-to-day basis, but the overall health of your portfolio as well.
Spending too quickly is a dangerous way to drain your savings and set yourself up for a rocky retirement, but by tracking movement you’re several steps closer to reaching both your long-term and short-term goals.
Afterall, no Olympian has ever broken records without paying attention to details.
3. Enlist a Coach
Shouldering the weight of managing your finances can quickly become a full-time job. No one has time to keep up with the markets between meetings and basketball practice, much less reassess a retirement strategy to optimize investments.
A true champion knows when to enlist an expert. Getting an advisor to customize an investment plan specifically for you is the single most dynamic thing you can do to maximize your net worth. That advisor can help you track your portfolio performance and ensure you’re on target to reach your financial goals.
Financial advisors are there to keep you updated on the latest information so the financial athlete in you can focus on performing at your best.
Set The Record
Whether you’re just starting out and trying to buy a house or about to enter retirement, paying close attention to your financial fitness will ensure you get the gold medal future you’ve always wanted and deserve.