My wife, Krista, and I are enjoying the Summer Olympics. One of the things that captivates me about the Olympic games is seeing the top athletes in the world competing in a sport they have devoted most of their life to. While each athlete is gifted with natural ability, every one of them is fully dedicated to a rigorous training schedule.
Here is what I know about physical training: it is a slow and uncomfortable process. The improvements are incremental and can be very difficult to notice from week to week. As a result, physical training requires a substantial amount of mental toughness to push through the feelings to quit, slow down, or just sleep in.
This dedication and mental toughness is also required to achieve long-term financial goals. In a society where instant gratification is commonplace, the process of building and maintaining a long-term savings plan can seem arduous. Setting aside money every month to an appropriate investment portfolio is not very exciting for most people. It can be difficult to avoid the temptation to make changes based on unexpected market fluctuations or geopolitical events that can cause us to have an emotional response. In the middle of your savings journey, it is difficult to see the how a few dollars invested every month will really make a difference.
Like the Olympic athletes are experiencing right now, you can only fully appreciate all your hard work when you finally achieve your goal. Then you can reflect over the time it took to get there and feel proud of your dedication and effort.
What is a current goal you have and what habits are necessary to achieve that goal? Let us know, we would love to hear from you!