Find a Trainer
For most of us, where and how to grow our money is like wandering around a gym and checking out the cool equipment with no idea of how to use it. You need a pro to show you how to get the most out of the gym gear. And the same applies to your finances. A good financial planner will help you set your financial goals, and draw up an action plan to achieve them.
Start Early
Most runners groan and complain about getting up before dawn to hit the road, but afterwards they’ll tell you it was worth it. The same goes for financial planning. Start saving when you’re young, so that you’ve got more time to reach your end goal without too much pressure.
Exercise Regularly
To get the maximum benefit from your exercise programme, you need to make a habit of it – that means at least an hour a day, three times a week. So, do the same with saving money. Work out how much you can afford to put away every month, and stick to your plan. Like skipping a training session, you’ll take longer to reach your goals if your savings plan is erratic.
Strength Training
In training speak, we talk about gains. This is when you increase your muscle capacity to get stronger. Think of compound interest as your financial muscle. Reinvesting your interest, instead of taking a pay-out, will help you grow financially stronger. In other words, you’re building interest on your interest.
Work on your Flexibility
Most trainers would advise you to do some sort of cross-training to enhance your athletic performance. And if more flexibility is what you’re after, yoga and Pilates are usually recommended. Diversifying your investments is your financial yoga. It protects you from any financial injury by lessening the risk of your exposure to the vagaries of market performance, which may slow down your progress.
Endurance Training
Investing is a marathon, not a sprint. So, your long-term savings plan – whether it’s for your retirement or your kids’ education – takes constant work and a lot of patience. Don’t panic if a niggle throws you off course, it’s probably only temporary. Put your head down, dig deep and push through and you’ll reach the finishing line.
