You can keep going and your legs might hurt for a week or you can quit and your mind will hurt for a lifetime. Mark Allen
Unforeseen life events create uncertainty within us, which takes its toll on us – emotionally, mentally, physically and financially!
It can lead us to feeling like we are trying to cope by any means possible. It makes us feel as though we don’t have a choice in the matter, or we may as well give up.
But we always have a choice.
A recent report found that people who had experienced a negative life event in their household within the previous two years, such as losing their job or falling ill, were up to three times as likely to be in debt compared to those who had not. Whilst this is not nice to hear when we’re in a similar position ourselves, it’s also good to know that we’re not alone – AND, that we can choose to do things differently moving forward.
Financial resilience is the ability to withstand the impact of such an event. To maintain resilience we need a sustainable plan and a strong mental fortitude.
Mark Allen is an American triathlete who competed in the Ironman Championships six times. He placed in the top 5 multiple times, but never came in first place. At this stage he was in his 30’s, he could have given up and decided he had given it a good enough shot.
Instead, he competed in six more Championships and won every single time! His last win being at age 37, making him the oldest winner of the event during that period. ESPN now considers Mark Allen to be “The Greatest Endurance Athlete of All Time”.
Mark’s words speak to both the pain and reward of endurance, when he claims that quitting is a worse fate. He went in with a mission; he had a plan and he was determined to follow through. In the face of adversity we need to ignore the shocks and the losses. Because overcoming immediate pain can provide long term gain.
When faced with a major life event the most common strategy employed by people is to cut back on expenditure, others will choose to dip into their savings. The best strategy, however, is to plan for such an event before it takes place, or before it happens again in the future. The sacrifices you make will only serve to bolster your stamina in, and for, the long run.
Mark now owns a global online triathlon coaching business. At the top of his website it reads ‘If experience is the best teacher, then the best teacher is the one with the most experience.’ He understands that the perspective an experienced professional can provide is invaluable. Not only in terms of practice, but also for mental fortitude.
We can coach and support you to have a resilient financial mindset, equipping you to thrive.