Imagine being a professional fighter, fully concentrating on doing something you are passionate about and not worrying about finances. How does that feel?
Amazing, right? So, the question is: IS IT POSSIBLE?! How do we get to that financial freedom?! The answer is, YES IT IS!
You need to visualize the life that you want as an athlete, your net worth, the type of home you want to live in, the experience you desire to have, the influence you want to have, all related to your future wealth. Here are 5 important pointers that you need to implement:
1 START EARLY
Just like in the sport in order to achieve the best results it is best to start early to train towards the goal; dedicated hours in training, early mornings runs, sore muscles, injuries and the traveling to the events, to name the few…All that is hard work and dedication. Wealth, in a similar way, requires effort and discipline. It is ok to do mistakes with your finances; the most important is to learn from them and to continue.
2 SPEND LESS AND SAVE THE REST
Living on less gives you the possibility to have extra money to save for the big stuff. Start paying yourself first, the earlier the better. Put money aside for yourself for both emergencies and long-term goals and be patient. The important thing is to be consistent from NOW ON. Set up an automatic savings going to your savings account directly from the paycheck this way there is no temptation to spend it.
3 EDUCATE YOURSELF
Just like in sports, it’s important to learn the rules, the same goes for money. You have to have financial literacy. Take the time to learn about different types of stocks, bonds, real estate and how it all works. Learn the business language, read the Wall Street Journal and Forbes, maybe download an app on your phone. Don’t be shy to talk to others and ask for their experience. Listen to them and learn.
4 GET A MENTOR
As a fighter, you have several coaches and your team helping you in your career. Your team helps you excel, sees your potential and motivates you to be a better fighter through the difficult bits. They create your training routine and your diet. The same can and should be done with finances. Your financial team can help you with your taxes, manage your assets in the best possible way and prepare you for the future.
5 START INVESTING
Once, you have a fund set aside for emergencies, start investing. It is important to study the market; when shares are going to be low so you are able to buy more, then once the market rises the shares are worth a lot more. If the financial market seems overwhelming and too much to follow, you can always ask advice from the bank or your financial team. As a professional fighter, you may have large paydays that will require smart handling. It is essential to take care of your assets cautiously and efficiently. Your financial team can help you create a plan that is made to preserve your money and create multiple streams of income that may sustain you throughout your life.
Creating long-term wealth IS POSSIBLE, whether you are starting small or you have come to a sum of money. The same as with your training, DISCIPLINE is essential for your SUCCESS. Forming good FINANCIAL HABITS now will put you in a position of financial freedom.