Everything you ever wanted to know about yourself you can learn in 26.2 miles. Lori Culnane
Investing can be a lot like running a marathon. It’s not just about knowing the markets, it’s also about knowing yourself. What sort of risks are you willing to take? How quickly do you expect to cross the finish line?
In order to know yourself you need to invest in yourself. Where are your strengths and weaknesses, where can you improve and where do you want to be in the future. Think of it as training for the marathon of life.
Here are some tips to keep you financially and mentally fit:
Read books, blogs and articles
Your mind is your most indispensable tool, you should have a mental gym session at least a few times a week. Staying on top of current affairs and reading interesting literature will make you feel more confident and knowledgeable.
Take control of your money
Debt can lead to many sleepless nights. It makes you feel as though your money is not truly your own. You should be tracking your spending and saving so that you can plan for your future.
Invest in your future
Don’t wait until retirement age to start saving or investing. You should have a financial plan with personal milestones that you want to reach along the way. If you don’t know where you are going you will never get there.
Prepare for the worst, expect the best. You need to protect yourself and your family. Insuring yourself allows for peace of mind. It gives you the freedom to not have to spend your time worrying about ‘what-if’s and instead focus on what is important in your life.
Know your limits and respect them
You don’t sprint a marathon. Your personal financial milestones need to coincide with a pace that you are comfortable with. The last thing you want is to be burnt out in the first leg.
When we talk about wealth we should not only be looking at it in terms of our ability to set our finances in motion, but also our ability to stick to our plan for the duration of the term. Too slow and we won’t get where we want to be, too fast and we may not be able to keep up. Marathons are not won by the runners who hit the milestones first, but by the runner who sticks to their strategy.
Invest in yourself, determine your goals and find the pace that will get you there.