Outlook Money
The first Olympic games were held in Olympia, Greece in 776 BC. It is a path to ultimate glory of a sportsman as it has participants from throughout the globe.
1. Goal Setting: Since the game happens every four years, the athletes need to set a long-term goal. Goals like improving in certain areas of the sport, having a more rigorous fitness regime etc can be set. Clarity in goals provides one with the right direction and motivation.
Discipline and consistency are very important for an athlete. For the Olympics, one needs to prepare for years together. Similarly, in personal finance, there is a need to be disciplined when it comes to savings and investments.
A good sportsman needs a good coach who can evaluate his/her performance, give advice on how to improve performance, and help them deal with fitness issues and stress. Similarly, in personal finance, one needs services of a qualified financial advisor. Such advisor can help with investments, tax planning etc.
As Olympics take place after every four years, an athlete must have a long-term vison for him or herself. Similarly in personal finance, it is important to think long-term.
Sports is all about winning and losing. If an athlete wins or loses, he/she will learn from the mistake and tries to improve. It is the same in personal finance. One is bound to make mistakes, but one needs to learn from them.
Compiled by Syed Muskan