Good runny regimes = good money regimes …
Nearly 50,000 pounded the streets of London for last Sunday’s marathon, raising an awesome £60m-plus for Great Ormond Street Hospital, and many more charities besides.
Kenya’s Kelvin Kiptum ultimately won the 26.2-mile (42.2-km) event, beasting the course in just over two hours.
Incredible. Oh and the first thing to say is that if you fancy running a marathon, whether it’s next year or the year after, then starting the journey will probably boost your income.
Fairly famous now, a 2012 study from the American Journal of Labor Research builds a compelling case showing the higher earning potential of people who exercise regularly.
Employees who exercise regularly were found to earn up to 10% more than less active colleagues. There’s a correlation, too, which says the more intense the exercise the greater the potential for salary growth.
But we’re not here to advocate y’all become marathon runners. No, we’re here to see what we can learn from them so we can all score a new financial PB …
On your marks …
1. Think long-term
Marathons and money – both require a long-term approach. Marathon training isn’t an overnight deal, it’s months of consistent effort, training, and prep. Money management, too, needs long-term thinking: every day is small steps forward in a plan that’ll ultimately bring you nearer to a goal.
2. Discipline and self-control
Marathon training is sticking to a training plan, even when you don’t feel like it. It’s resisting the temptation to miss a shift, slack off or can it when the going gets tough. Money management is same same: it’s sticking to a budget. It’s compromising this for that. It’s making the smart (sometimes hard) choices in saving, spending and investing.
3. Perseverance and resilience
As a veteran of two London marathons I can tell you – it’s not a smooth ride. Marathon training is injuries and setbacks and days when you just plain don’t feel it. Ditto money management will throw up unexpected issues – sudden big expenses or market downturns – which can dent your confidence and push you off-course. They key is bouncing back, staying focused and moving forward.
4. Learn and adapt
Marathon training isn’t just about running. It’s upskilling yourself in technique, training methods, nutrition theory, and injury prevention so you stay safe and optimise. It’s a learning journey. Similarly, in money management you need to stay informed about financial markets, investment options, and new technologies that could help you manage money faster, stronger, better.
5. Community support
Marathon training can be easier and more rewarding when you train with others who share your goals. Being accountable to another person or group is a time-tested motivational technique. In money management, too, keeping a supportive community of friends, family, or financial advisors nearby means motivation, guidance, advice, and encouragement on tap when you need it.
Get set …
Like running a marathon, managing money begins with a plan.
Just as a marathon runner without a training plan will lose focus or get injured or underprepare or overshoot, money management without a plan is like a treasure hunt without a map.
Hence step zero for anyone looking to tighten up their financial game involves a piece of paper and a pen. Or an app like ours. It’s setting a budget and defining some goals. It’s logically working towards those goals with check-in slots to appraise how you’re doing and whether you need to change-up.
Marathon training is all about building endurance and stamina through small, consistent, gradual effort. The same is true for managing your finances: it’s saving a small percentage of your pay each month. It’s keeping track of your expenses. It’s often as much about not doing things as doing them. And that can be tough …
But nothing worth having was ever an overnight dealio. Transformations aren’t a four-minute montage. Rocky Balboa lied to you.
Go!
Be patient
Running a marathon is not a quick or easy task. Neither is achieving financial stability. Both require patience and a long-term mindset. Don’t get discouraged if progress seems slow and the results aren’t immediate. Keep putting in the work and trust that you’re on-track for those goals.
Sometimes it’ll all feel a bit two-steps-forward-one-and-a-half-back. But progress can be silent, subtle and incremental. You won’t see results for months until they pop in your face and it’s time to celebrate. See below.
Embrace discomfort
Marathon training is uncomfortable – there’s no way around it. But strength and endurance come via pushing through that discomfort. Similarly, managing money can be uncomfortable, especially when cutting back on expenses, taking on extra work, sacrificing your social life, or exploring investments …
But it’s a no-pain no-gain thing. Embrace discomfort and those changes and challenges are a small price to pay for the financial future you’re building.
Little victories
Just as it’s important to celebrate small wins – like completing a tough run or breaking a PB – during marathon training, it’s just as vital you celebrate your financial breakthroughs, victories and milestones.
Paid the credit card? Celebrate. Reached a savings goal? Celebrate. Invested your first stock? Celebrate. It’s imperative there’s reward along the way both to acknowledge your progress and to keep you motivated.