Are you playing to win or simply not to lose?

On Wednesday morning, Sally Pearson won gold and took the Australian gold medal tally at the Olympics to 4.  Well-done Sally! At last the gold medals are flowing after what was a very poor first week.  Is it just me or were most of our silver medals behind team GB.  It is good to see the host nation doing so well but my next ongoing advice and review meetings with some English born clients will not have the Olympics on the agenda.

During these past two Olympic weeks I have been thinking about the hard work that these athletes have put in, the training, the sacrifices, early morning practice sessions, psychology sessions etc. etc. I know that these athletes are playing to win.  How many of us can say the same in our financial lives.  Are you playing to win or simply not to lose? 

Here is a quick look at what an athlete goes through in preparation, judge yourself against these and decide whether you deserve a medal, let alone a silver or gold one.

Research

Great athletes know what options they have because they have spent most of their lives getting ready for this event. They know what their own bodies are capable of and have closely matched their skills to their chosen sport. They have put a lot of thought into the options they have and the best way to achieve their goals. We should also be researching what our financial options are and be aware of what is happening in the financial world to best match our abilities and resources to our goals.

Goals

They are goal orientated years out from the Olympics and they know exactly what times they need to be swimming, rowing, sailing or running to be competitive. A gold medal financial athlete will have clear goals and have a plan for achieving them.  They will know how much they need at retirement, more importantly they will know exactly when they can make that choice as well as how much they can spend comfortably year on year.  Do you know? 

Coach

These athletes have a coach who is an expert in their sport. They also understand the athlete very well and know what they are capable of and how far they can be pushed. Coaches benchmark to a standard that the athlete should be performing to. Do you have an expert on your side who knows your financial situation better than anyone and can help you achieve your goals?

Sally Pearson with coach
Sharon Hannan -
together for 13 years

Support team

Top athletes have a team of support experts around them ready to help them when they need it. Their team includes a masseuse, a physiotherapist, a manager and a nutritionist. Your team should include your Financial Planner, your Accountant, Risk Adviser and your Mortgage Broker. The quality of your team has a huge effect on the quality of the success in achieving your goals. 

Our role is to put all the pieces of the puzzle together so you can confidently say you are Financially Ontrack! We do the background research for you and analyse the options. Together goals are set that are achievable and realistic yet may challenge you. We can be your coach and can refer you to our support team members who can provide you with expert advice in the areas where you need it. 

Don’t just avoid losing the game, PLAY to WIN!