This past Sunday, after my usual morning cup of coffee, I laced my sneakers, set my watch, and headed out for my long run. I logged 3.5 miles at a 10’15 per mile average pace, and felt like I was on top of the world. I may have mentioned it before, but during 2019, I was “training” for a half marathon. I say “training” because, at is turns out, I was doing it all wrong. I successfully completed an 8-mile distance personal record (PR), but never completed a race, or the 13.1 mile distance. I actually completely abandoned running until boredom struck during early COVID-19 lockdown. For someone who has ran 8 miles straight, you may be wondering how 3.5 miles felt like an accomplishment. Although I am still not in the lead, distance, speed, or otherwise, I am proud of myself because, this time around, I have the right training plan in place, and above all, I never give up. I’ve noticed synergy between my failures and successes as a runner, and the similar need for a training plan in personal finances. With the new year approaching, it is time to decide how we are going to train to change our outcomes. Here are some tips to get your training plan in shape and help you hit your financial PR this year.
Build your community.
My relationship with running began around eight years ago when I completed my first 5k race. I’ve started and stopped, and restarted running many times since that race. One thing that has changed this time around is I have joined a couple of local running groups. This has made me part of a community, increased my competitive desire to improve, and given me accountability partners and experts to learn from to improve. It is easier to find my second wind knowing that others are invested in my success and are enjoying the sport alongside me. I can also look to others who have already figured this process out; they know how to improve, they know what it takes to get there. The right financial plan has a community and it starts with a Financial Advisor. As a Financial Advisor, I am your expert, and I already know the process to help your financial success, and I am here to coach you every step of the way. I also offer opportunities to learn from other professionals and my own clients at seminars and events like my Coffee Talks with a Side of Books book club. If you’re already part of this family, I encourage you to dig deeper this year, and if you’re not, I encourage you to tap into my community this year, we are happy to have you.
Fuel is everything.
In 2019, my desire to be an “athlete” and my fuel were not aligned. I was not eating healthy, or taking care of myself on the inside and it showed. During 2020, I gave my diet the TLC it needed, and my running has reaped the benefits. My 2019 5k time was 32 minutes. My 2020 5k time is currently 28:47. I was running higher mileage in 2019, but was physically in worse shape and it affected my performance. Now that I am healthy and strong on the inside, my running performance is improving daily. Our financial health works the same way. It won’t matter how much we desire to be “financially fit” if our budget is not healthy. A healthy budget must be periodically tracked, and it must be allocated properly. In other words, we must live within our means, and do our best to minimize waste and unnecessary expenses and liabilities. Our budget is the fuel to our financial success. I encourage you to take stock of your budget for the new year, and if you need help tweaking, reach out to me.
Go at your pace.
Burn out, and overuse injuries are extremely common in new runners because they try to grow from good to great too fast. They work out too hard, for too long, too often, often going from couch to 100. I am currently building my long-run distance back up to around the high watermark I was at before. The reason I ran 3.5 miles Sunday is because it is 15% longer than my current long-run at 3 miles. It is recommended runners increase their workload by no more than 10-15% per week to avoid injury. The right financial plan is all about setting the right pace, and moderately moving from good to great. It took time to get to where we are with our finances, good or bad, and it will take time to get them to great. This is why Dave Ramsey has Baby Steps that you complete chronologically, not all at once. Lay out a few priorities you have for your finances this year, and tackle them one step at a time. We have to walk with our finances before we can run with them. Do you know your priorities, but can’t get the steps quite right? Reach out to me, I’ll gladly be your pacer.
Celebrate small wins.
I currently train 3 times a week, averaging just under 10 miles per week. Some runs, I feel energized, and some runs I end up taking more than a couple extra walking breaks. Like any sport, running is a mental game and the only person I am competing against is myself. I used to berate myself and feel negative if a run didn’t go quite as I had planned. Now, I celebrate the small wins. I am proud of myself for even lacing up and finishing a run even if the time or endurance wasn’t quite what I had hoped. Progress is anything but linear, and it is important to stay encouraged and energized when progress goes astray. Financial progress works the exact same way. There will be unforeseen circumstances, times of struggle, extra expenses, or moments where our budget doesn’t feel our best that cause us to dip into the emergency fund, temporarily scale back savings, or require us to tighten the screws to get back on track. No matter what happens, celebrate the small wins. Be proud of where you are in your financial journey, and celebrate that next milestone. If you don’t have a milestone on the horizon, be proud of yourself for making dinner last night instead of eating out. This year, every dollar adds up, and we are here for it.