The first month of the year is a good time to focus on physical and financial health. On the physical wellness side, if you have turned on a TV or computer recently, chances are you’ve seen ads for Peloton, a stationary bike with a large touchscreen attached that taps into a virtual network of live and on-demand cycling classes. After cycling outdoors and participating in spin classes for almost two decades, I recently bought a Peloton bike that now adorns the loft above my office.
Differentiation is Key
Peloton is an excellent example of differentiation and in only six years has built an incredibly loyal following. There are almost 250,000 subscribers worldwide who pay $39/per month to access about 12 hours of live instruction each day. The average Peloton subscriber rides their bike about 13 times per month and they boast a 96% retention rate. Now that’s differentiation!Peloton has succeeded in connecting a “thing”, the bike, to the activity required to actually obtain benefits from the “thing” along with a community for support. In financial planning, the “thing” is your ability to save and invest some of your earnings within the context of your longer-term goals. Our role is to empower clients to make good decisions and to render guidance, especially in times filled with uncertainty.Related:
Are You Suffering from Market Anxiety?Related:
Why Traditional Financial Advice Isn’t Working Don’t Go it Alone
It is extremely difficult to achieve and maintain financial security on your own. However, more than 80% of the population is wandering around in the wilderness without advice. It’s equally as hard to stay with a workout regimen solely on your own. That’s the genius of the Peloton affinity groups that ride together (virtually) and provide competition and accountability. I am in a Peloton group for riders over age 50 and usually “see” at least a few members of my group on rides.Both Peloton and J.E. Wilson Advisors are future oriented since the activities today are always pointed to some longer-term objective. People ride their bike to achieve better physical condition and avoid physical maladies in the future; clients work with us in order to maintain their lifestyle after they retire and to avoid serious financial problems down the road.
Foundations for the Future
In my Peloton classes it is interesting to hear how often the instructors remind the riders not to worry too much about their performance any given day but instead to focus on how the activity is building a foundation for the future. The very same holds true in our work. Progress toward long term planning goals usually does not happen in an orderly way.Staying on the path toward financial and physical goals requires adherence, being able to actually stick to a plan or activity...even when you don’t feel like it. Start there.
