1 May 2020

The same rules apply in the financial context. If you want to continue to grow and achieve lifetime financial goals and freedom, you need to start to think and act like a champion.

Focus on the goals
Figure out what matters to you. Sort out the financial targets that you want to achieve. It can be more than one and its form can vary, ranging from having an emergency fund, having a sufficient retirement savings, to preparing you children's education fund.

Also, writing down these financial targets, once they are finalised, will serve as incredible reminders. You can write them down on a post-it and stick it on the wall of your room or on your office desk. That way, you will always remember and focus more on the goal.

Willing to sacrifice
Nearly all high-performing athletes are willing to sacrifice a lot of their time and energy to practice until they reach perfection. The same thing applies here. You need to make similar sacrifices to achieve financial health.

For example, you can delay the purchase of less important goods, or avoid spontaneous splurges online so that budget can be allocated to the emergency fund or investment instead. Even though reducing discretionary spending is tough sometimes, when you have strong goals and motivation, you will be more willing to sacrifice and change your money habits to begin saving and investing towards achieving your financial goals and dreams.

Continue to practice
Reaching your overall financial goals takes a lot of discipline. No top athlete can reach the point of success without undergoing rigorous training and upholding discipline. As an initial step, start by setting aside a small portion of your income for savings and increasing the nominal or intensity gradually. After you can do it consistently, start investing to grow your assets over time. Remember to continue the practice and don't expect you'll be perfect with your finances on your first try.

Never give up
For the first few days or so, you’re driven and motivated to meet your goal, you work on target to achieve financial freedom every single day. But then you gradually start skipping your practice. A day here. A day there. Before you know it, your credit card has lapsed, you’ve given up on your saving, and your goals remain in the closet collecting dust. There are times when an athlete also feels bored and wants to stop practicing. Motivation and consistency are not easy to maintain. Amazingly, they never give up or let emotions take over their mind.

So, try to commit to the process. Apply the attitude of unyielding spirit by complying with the financial plan that you have prepared. If you adhere to consistent patterns, you've set yourself up for success.

It's never too late to change and start something good for lifetime financial security. If athletes can achieve their dreams, you also have the same opportunity. Talk to our advisors to know how you can achieve your financial dreams.