4 steps to train your money like an athlete trains for success
Hillary Seiler, Certified Financial Educator and CEO / Founder of Financial Footwork takes a very different view of finance. Seiler has been a financial coach to active and former professional athletes to help them manage their money effectively, and she applies a world-class money-training strategy like an athlete in her sport of choice.
There is an alarming disparity in financial education in the United States. Few people know the intricacies of balancing their household budgets, let alone organizing finances to run a business or buy a home. This is a huge disadvantage for the American people, because while money is not everything, your quality of life is directly affected by the way you manage your finances. Money can be a huge stressor, but it doesn’t have to be.
Seiler’s consumer platform, Financial Footwork, teaches everyday champions how to earn with their money. The program is based on the fundamentals of building a solid financial foundation and strengthening skills and habits on a daily basis through training exercises and coaching. Developing money-making habits takes time and discipline. But there are still some major changes you can implement today to start training your money, just as Coach Hill teaches their athletes.
1. Have a training program
Each athlete follows a training program that describes what to do and when to do it. Athletes know that the choices they make in a training program will impact their development and future success. Seiler applies the same principle to money.
âJust like an athlete will use weight training, cardio, stretching, etc. In its training program, a financial training program will use budgeting, goal setting, expense tracking, among other things, âsays Seiler.
As you gain control over your money and your financial situation improves, your personal financial plan will adjust to evolve with your needs and wants. It is the same as a fitness program. When you are consistent, you will adjust the gains you have made.
2. Consistent practice
Most people are good at taking the first steps, but not at following them. When you create a plan, you need to put it into practice every day. One of the most important parts of training your money is practice, practice, practice!
âTeam training for an athlete equals consistency every day. Financial education for your money also means consistency every day. Without regularly practicing new financial habits, you cannot reach your goals. Financial Footwork reminds you to develop positive habits daily by being aware of your spending, referring to your budget, and evaluating what you are doing with your money. Practice leads to improvement and growth – every day counts, ârecalls Seiler.
Coaching and education are both related to personal development and improvement. Each athlete can tell you about their favorite trainer. They can tell you why they respect him, what made them a great leader, and how they shaped the life of the athlete. A coach is an incredibly impactful and life changing person.
âCoaching an athlete equates to positive daily motivation and education to achieve goals. Coaching for your money also equates to positive motivation and education on a daily basis to achieve your goals, ânotes Seiler.
âIn your financial life, you may have several different financial experts in your area. That’s wonderful ! Use your resources; CPAs (chartered accountants), financial advisors, real estate lawyers, insurance agents, real estate and loan professionals and, of course, financial educators. These are all great resources to draw on to achieve your goals. ”
How you fuel your body in sports is integral to the success you will have in both your daily training activities and your performance on the pitch. The same can be said for your financial life. Is your bank account healthy? Do you feed it or remove it?
âFuel for an athlete is what he puts into his body. The fuel to grow your money is also equal to what you put in your accounts, âsays Seiler. âIt is neither sustainable nor healthy to eat junk food every day. It is also not viable to spend, spend, spend rather than fund and healthily replenish your bank account. Fueling your finances can be everything, from learning the basics of money, making deposits to your savings accounts, buying a home, opening a business, or you. prepare for retirement. Feed your money with the respect an athlete has for their body.
A professional athlete does not wake up and understand everything. It takes a team and constant work on a daily basis. The same principles that apply to developing an athlete apply to developing your financial skills. Improving your gambling requires an effective training program, consistent practice, a strong trainer, and healthy fuel. You might not see changes overnight, but if you stick to your game plan, anything is achievable. The choice is yours. Train your money like an athlete trains to be successful.