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As you know, the Olympics were postponed until 2021. There are thousands of athletes that have been working and waiting for their time to come. And, there are even more that wish they were in the Olympics, but will never realize their dreams. It's the same thing with building wealth. Everyone wants to be wealthy, or even financially secure, but not everyone will. What's the difference? There are a few key lessons you can learn from Olympians about money.
Patience
No one just wakes up one morning with all of the skills and abilities they need to make it to the Olympics. That's not possible. And, unless you win the lottery (which I don't recommend wasting your money on) or receive a large inheritance, you aren't going to become wealthy overnight either.
There is a lot of patience involved in being an Olympic athlete. Developing the skills you need takes patience. You work hard each day, but the results don't show up all at once. Once you feel like you are ready to go you might have to wait. The Olympics maintains it's set schedule so if you want to compete you have to wait for your time.
Building savings accounts and retirement takes time as well. You need to be patient and stick to the plan. People that keep jumping around with their plan because they don't get instant results are only hurting their financial future. Make the wise choices today, and each day, and eventually you will see your savings starting to grow.
Consistency
Exercising patience does nothing if you aren't being consistent. If an athlete is ready for the Olympics today, but the next games aren't for another year, sitting around and patiently waiting is not going to do anything for them if they don't continue working. Instead, they develop a training regimen and they are consistent with it until the time comes. They may have to patiently wait their turn, but it doesn't mean they slack off and don't consistently prepare for their time to come.
Building wealth takes consistency. You need to constantly be making wise financial decisions. You need to constantly be working your budget and saving money. Having a financial plan that you consistently follow is what is going to get you the results you are looking for.
Perseverance
The road to the Olympics is not an easy one. Yes, it looks exciting when you watch it on TV. But, television doesn't show everything that athletes have had to overcome to make it to that moment. Olympians diligently pursue the podium even when the requirements to get there are not fun. It's not exciting to eat right every day or to go to bed early when your friends are out having a good time. But, Olympians persevere in order to reach their goal.
If you want financial freedom you have to persevere. It isn't fun to make wise money decisions today, but it will pay off in the future. You need to have faith that the current sacrifices you are making will bring future pleasure.
Adaptability
How do you react when life throws you a curve ball? An Olympian trains for various situations so they are best prepared for the foreseeable circumstances. However, they also train for what they cannot see. They need to be able to adapt to whatever comes their way.
Putting money away into an emergency fund is how you train for the unforeseeable events in life. There are going to be bumps in your financial journey in the form of unexpected expenses. However, if you have an emergency fund saved up you will be able to quickly adapt to the new situation and continue moving forward.
Olympians also don't train on their own. They work with professionals that have the experience to help them reach their athletic goals. If you are ready for a training partner to help you reach your financial goals, explore the options at Worth Winning to find the right one for you.
Related: 12 Strategies to Use to Keep Your Finances as Simple as Possible