Since the seventh grade, I’ve been an active member of my school’s cross country team. In that time, I’ve learned a ton of life lessons and made some great friends. But running also has many parallels to personal finance. It taught me the benefits of:
Endurance - I didn’t run a timed mile in 5 minutes and 25 seconds the first time I stepped onto the track. It took weeks and months of hard work. Likewise, building financial success takes time. Right now, I can’t just send $500 dollars to my Roth IRA every month or build up a big fat emergency fund. Success takes time.
Equipment - Sure, you can run in a regular pair of tennis shoes. But it’s not going to be very comfortable and injuries are very likely. You need the right tools for the job. In the world of personal finance, that means opening up a kickass savings and checking account. Add in a Roth IRA for the tax benefits. Maintain a checkbook register or update your accounts often in Quicken or Mint.
Teamwork - While running is an individual sport in many ways, it doesn’t mean that teammates aren’t important. Some of the best times I had during the season were when I was hanging out with friends and learning from them. Financially, this means don’t be afraid to tell people about what’s going on. Up to your eyes in student loan debt? Don’t be afraid to tell your friends; they might be in the same boat! Find an awesome rewards credit card? Pass the information along. Personal finance shouldn’t be guarded in secrecy.
Perseverance - Some days flat out suck for running. Ever run 7 miles in 90 degree heat and 100% humidity? Yeah, it’s not fun. But you grow a pair and get it done. Likewise, you work to make an income even when you don’t “feel” like it. You pay back debt, even when it means making a sacrifice or two.
Good Habits - During the competitive season, I drank pop only very rarely. In the summer, I’d get up early to run. Everyday. When it comes to money, good habits help you achieve financial success. Try paying yourself first and not carrying credit card debt, for example.
The Journey - I honestly cannot think of a single “best” moment from my years of cross country and track. I can, however, think of how awesome the entire six year period was. I learned a lot over that time, and I’d be hesitant to rank any of those lessons against one another. Similarly, the victory of smart money management can’t be summed up in one decision or action. The journey of saving, investing, and spending is what is important.
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Ryan,
I enjoyed reading this post and the premise is right on target.
Finances are a journey and the scenery changes as time passes. So do the challenges, such as education, career, family and retirement.
Most people are looking for the next “big thing” that is going to put them over the top financially. But, it is the many years of putting one foot in front of the other that makes for a success.
Bret