Financial Success Strategies: Harnessing the Olympic Mindset for Your Goals
The Olympic Mindset
Introduction
2024 is the year of the summer Olympics! We’ll soon be treated to feats of peak human performance and hopefully some exciting new world records!
As a competitive power lifter I’ve always been fascinated with athletic achievement and how to get the absolute most out of what we have. This is a skill that translates well into personal finance as well which we’ll explore below.
While I was in college I had the pleasure to meet and get to know someone who eventually became an Olympian. It was clear to me even then he was destined for great things. Nothing was left to chance, and no detail was left overlooked. We’re talking about a guy so dedicated to fitness that he got up at 5am and ran 8 miles the day after his friends bachelor party.
Of course he made it to the Olympics, it was inevitable, he had the Olympic mindset!
There is something different about how Olympians approach a goal. They don’t think “I’ll give it my best shot” or “that was bad luck” they have a plan and they systematically squeeze every ounce of potential out of their bodies as possible in preparation for the big day. The Olympic Games.
Lets see what we can learn from the Olympic mindset and how it can improve our approach to our own goals in life.
1 Set Clear Goals
“I think goals should never be easy, they should force you to work, even if they are uncomfortable at the time. “ – Michael Phelps
The point of a goal isn’t to pick something you’ve already achieved and comfortably coast along without any meaningful change or improvement.
Your goals should challenge you, they should force you to make changes to improve, grow as a person, and get better. They should also be specific.
Athletes enter the Olympic Games (a clear date) with a clear goal: to win. Often times they’ve been training for years or even an entire lifetime to be there in that moment.
Similarly, in finance, defining clear and specific goals is crucial.
Whether it’s saving for a down payment, starting a retirement fund, or paying off debt, having a concrete goal and a specific date of when you should have this goal accomplished gives you something to strive for and helps you stay focused on your financial path.
One of my favorite goal setting tools is utilizing the S.M.A.R.T. Goal System which focus on Specific, Measurable, Actionable, Time bounded goals.
A fun example of how I’m using smart goals in my life is my Beach House Fund and my 2024 Goals
2 Create a Solid Financial Plan
“If you fail to plan, you plan to fail” -Benjamin Franklin
This is just as true for our personal finances as is is for elite athletes. We need to set a baseline of where we are, clearly identify where we want to be (our goals) and identify the steps it will take to get there.
For an athlete this means identifying where they need to improve to beat out their competition. Establish a plan that will guide them thru the steps to achieve that goal. Their plan will cover all aspects of their training from improving their athletic ability, training, diet, recovery, and skills needed to be the best. All of this consistently executed over years so on game day they can take home the gold.
Just as athletes have their training and neutron regimens, you need a financial plan that aligns with your income, expenses, and long-term objectives. Outline your budget, savings plan, and investment strategy to ensure you’re making incremental progress towards your goals consistently over time.
To build your own financial plan check out our Financial Planning Guide that’ll help you set goals and outline the steps needed to make them a reality!
3 Find a Strong WHY
This is often an overlooked component in success, but is something every successful person I’ve ever met clearly has.
What gets you bed in the morning?
What is the reason you will push harder, run faster, and do the uncomfortable things nobody else will?
When you feel defeted and want to give up what gives you that spark to get back up and keep going?
Nobody can tell you this but you must find it and harness it in your pursuit of greatness.
4 Stay Disciplined
“Hard days are the best because that's where champions are made. So if you push through the hard days you can get through anything.” Gabby Douglas
Olympians exhibit unwavering discipline in their training, diet, and lifestyle choices. Similarly, financial discipline is crucial for success. This means sticking to your financial plan.
Discipline doesn’t mean depriving yourself of any joy in life and turning into a robot, but if it’s part of the plan you’ve created to reach your goals, you must to do it!
Not just when you feel motivated, but EVERY SINGLE DAY! Not just the days you “feel in the mood”.
Olympians get up and run even when it’s raining.
Oylmpians eat the way they need to even if it taste boring.
Olympians hit the gym even when they are tired.
Olympians listen to feed back eager to improve even if it’s not what they want to hear in the moment.
Discipline is living like no one else today, so you can be better than everyone else tomorrow.
For you this might be cutting back on eating out, not buying that new truck you don’t need. Or maybe its stepping up at work to earn that promotion to increase your salary, or working weekends on that side hustle you said you were going to start.
Discipline isn’t doing everything. Dicipline is doing the things you set out to do even when it’s tough.
5 Seek Continuous Improvement
“You can't put a limit on anything. The more you dream the farther you get.” – Michael Phelps
Olympic Athletes constantly strive to improve their performance. Often times small but consistent improvements over time will lead to outstanding results. Let’s take weight lifting for example. if you just add 10lbs to your squat every month after 1 year you will have increased your squat 120lbs. if you do this for 9 years you’d have a world record setting squat, even if you started from 0. I know this isn’t a very realistic example, but it illustrates the point small but consistent improvements will yield great things.
Similarly in our finances we should focus on small consistent improvements. Cutting even small expenses that don’t bring joy to our lives, and investing an extra $50 every month eventually add up to big things. don’t focus on the amount of each improvement so much as continuously moving forward. Once you’ve gained ground toward your goals relentellys fight to not give those gains back!
Don’t settle for the bare minimum. Take comfort in knowing you’ve done well but keep looking forward toward what you could be doing better, and put systems in place to make them a reality.
6 Stay Resilient in the Face of Challenges
“The only one who can tell you, “You can’t win,” is you, and you don’t have to listen.”
-Jessica Ennis
Athletes face setbacks, injuries, and fierce competition. Similarly, financial journeys are often fraught with unexpected expenses, market downturns, or job losses.
Building resilience allows you to bounce back from setbacks, stay committed to your goals, and adapt your financial plan as needed.
I view resilience as 2 things.
Having a plan for when things go wrong, because they inevitably will. This can be as simple as an emergency fund or a side hustle to supplement your primary income.
Being adaptable. Don’t be so ridged that when something doesn’t go the way you think it will you stubbornly refuse to change. Try to look at this process as steering a boat, your goal is the landing spot on the shore in the distance but as the currents or winds of life push you around you need to be able to adjust course to stay on track.
7 Celebrate Milestones
By this point in the article you’re probably stating to think Olympians are all work and no play, but victory is one of the most exhilarating things you can experience!
Just as winning a medal is a moment of celebration for athletes, acknowledge and celebrate your financial milestones. Whether it’s reaching a savings target, paying off a loan, or achieving a positive return on investments, recognizing these achievements motivates you to keep pushing forward.
Enjoying the journey is just as important as the destination.
I practice this myself, I recently did a Beach House Fund Mile Stone Update where I reviewed what’s going well and where I can improve. Progress always feels good so celebrate the wins!
8 Build Your Team
"Nothing is impossible when you have the right people there to support you." - Michael Phelps
Elite Athletes often rely on coaches, teammates, and mentors for guidance and support. This helps them avoid common pitfalls, holds them accountable to their plan, and provides support when the going gets tough. Even simple things like a workout partner to help they stay accountable to their plan helps move the needle.
In our personal finances don’t try to do everything yourself. Seek advice from financial advisors, learn from successful investors, and surround yourself with supportive friends or family members who share your financial values and goals.
Remember your financial plan likely affects the whole family so make sure to share it with them, outline the goals and why they are important to everyone and get them on board to help it become a successful reality.
9 Maintain Focus on Long-Term Success
“I trained for 4 years to run 9 seconds” -Usain Bolt
While Olympic athletes prepare intensely for a single event, their success is built on years of dedication and perseverance toward one end goal. You don’t’ normally see elite athletes claiming to be a swimmer one day and a power lifter the next. They Know what they want to achieve and work relentlessly toward that one goal over a long time period with laser focus.
Similarly, financial success requires a long-term perspective. Stay committed to your financial plan, resist the temptation of short-term gains or frivolous spending (Shiny Object Syndrome), and keep your eyes on the ultimate prize of financial security and independence.
Conclusion
The Olympic mindset teaches us that greatness is achieved through dedication, discipline, and a relentless pursuit of a goal over a long period of time. By applying these principles to our financial lives—setting clear goals, creating a solid plan, staying disciplined, and building a team around us, we can reach our personal goals and achieve financial success.
Remember, like athletes, your journey to financial greatness starts with a mindset that believes in the power of persistence and the rewards of hard work over time. Start today, and watch your financial dreams become reality.
Don’t forget to subscribe to our News Letter for weekly articles and updates on the Beach House Fund where I put the clympic mindset to work so you can see how effective it is! !
