1 Investopedia - Personal Finance for Athletes
2 Forbes - Financial Lessons from Olympians
3 U.S. News - Personal Finance Lessons from Olympic Athletes
4 Financial Planning Association - Lessons from Athletes
Search
PERSONAL FINANCE
You win some, you lose some: What we can learn about financial strategy from top athletes.
New York Life | July 25, 2024
Just as the top athletes from around the world who will be competing in Paris this summer have trained for years, faced challenges, and stayed motivated, you can apply similar strategies to your financial planning. Of course, there will be triumphs and setbacks alike, so here’s what to consider whether you’re ahead in the race or falling behind.
When you're ahead financially
- Keep pushing the limits: Just as athletes continuously push their boundaries even after achieving their goals, you should keep striving for greater financial heights. Look for new investment opportunities, start a side business, or set higher savings goals to keep growing your wealth.
- Give back: Many top athletes engage in philanthropy and community service. Giving back can also have financial benefits, such as tax deductions. Consider donating to charities or causes you care about. Not only does this help others, but it also adds a sense of purpose to your financial success.
When you're behind financially
- Small wins matter: The world’s best athletes celebrate small victories on their way to big goals. When behind financially, focus on small wins, like paying off a debt or saving a little extra each month. These incremental successes build momentum and boost confidence.
- Focus on fundamentals: When athletes are in a slump, they often go back to basics. In financial terms, this means focusing on essential habits: creating and sticking to a budget, avoiding high-interest debt, and prioritizing necessary expenses. Solidifying these fundamentals can create a stable foundation for recovery.
And regardless of whether things are looking up or down, seeking the assistance of family, friends, and a financial professional can provide valuable perspective as well as guidance, accountability, and emotional support to help you stay the course.
The road to financial success, like the road to a gold medal, is filled with ups and downs. By adopting these strategies, you can navigate your financial journey with the same dedication and resilience that the world’s top athletes will be displaying this summer in Paris.
RELATED CONTENT
Go back to our newsroom to read more stories.
Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com