As an athlete yourself, you will no doubt have sportsmen and women who you have looked up to throughout your career.
We all have heroes who have inspired us to do better in our own lives. When you look at how the top athletes have conducted themselves over the years, you will realise there are many lessons to be learned from their careers.
When it comes to money management, nobody is perfect. Yet there are actionable ways to improve how you handle your money, and if you are looking for motivation, you are in the right place.
Read on to find out five motivational quotes from top athletes that could inspire better money management in your own life.
1. Sir Mo Farah on retirement: “It is tough to think about, but you do have to think about it. […] You cannot keep being the best.”
If you have dedicated your entire life to your sport since you were very young, retiring may be a sore subject for you.
Indeed, whether you are considering retiring from sport or have already done so, you may have avoided thinking about it at all costs throughout your career.
Nevertheless, as six-time gold medalist Mo Farah insists in an interview with GQ, “you do have to think about it”. Ensuring you have enough to live on once you stop earning as an athlete, and taking care of your mental health in the process, is essential.
Ignoring your future could lead you to overspend in the early years of your life, potentially putting yourself and your family in a precarious position down the line. Fortunately, putting funds away for the future using your pension and other investments could place you in a strong position for later life.
2. Roger Federer: “You have to believe in the long-term plan, but you need short-term goals to motivate and inspire you.”
Legendary Swiss tennis player, Roger Federer, has many pearls of wisdom to share about maintaining a successful career over the course of many years.
On winning his eighth Wimbledon trophy, Federer talks about believing in his “long-term plan” and being driven by “short-term goals”.
With your own financial journey, this is an essential piece of advice that can serve you well, time and again. Your immediate circumstances, including your family, career, and lifestyle, might motivate you now, but it is your long-term plan that can keep you financially prosperous for your entire life.
So, while it is natural to be inspired by the here and now, make sure your long-term plan is always at the forefront of how you manage your finances.
3. Dame Jessica Ennis-Hill: “I had a team around me – my family. I felt that the stability and consistency of those people made a huge difference.”
In an interview with Thought Economics, Dame Jessica Ennis-Hill cites her strong support network as one of the main drivers of her success.
The three-time world heptathlon champion says the “stability and consistency” provided by her family kept her focused on her sport and made a “huge difference”.
When it comes to your wealth, this much can also be true. Your family, friends, and the professionals you work with can all form an iron-clad support system that means you are never alone when making important financial decisions.
Plus, involving your family in conversations about your money is vital. Whether you plan to provide for children, parents, or even friends, keeping everyone in the loop can help avoid conflict and ensure your own peace of mind, too.
4. Serena Williams: “I really think a champion is defined not by their wins, but how they recover when they fall.”
Serena Williams is famous for her tenacity on the tennis court.
Her determination is why she has won 23 grand slam singles titles, the most by any player in the Open Era and the second-highest number of all time.
Interestingly, though, the tennis superstar says a true champion can be defined by “how they recover when they fall”, not by how many trophies they have.
Look at this through a financial lens, and you might relate to the “falls” Williams is talking about. Since the Covid-19 pandemic, the stock market has fluctuated somewhat intensely, leading some investors to become worried and panic-sell assets.
But if you look at markets historically, taking the 2008 financial crisis as an example, volatility usually smooths out and investments very often regain value.
For instance, this graph shows the performance of the 100 largest UK companies between 1995 and 2022, clearly exemplifying the recoveries it has experienced after each downswing.
Source: Statista
So, in taking the advice of Serena Williams and staying invested through difficult times, your “falls” are likely to be temporary, and may even be followed by “wins”.
On the other hand, accepting the fall and crystallising losses in a time of market volatility could mean it takes much longer to regain the wealth you once had.
5. Jonny Wilkinson: “When I go to bed, I want to feel I have done absolutely all I can to move forward in my life.”
Jonny Wilkinson will go down in history as the player who scored the winning try at the 2003 World Cup, bringing England to their only ever victory in the tournament.
Wilkinson is known for his disciplined approach to the sport, and in a 2011 interview with the Guardian, he stated he ends every day hoping to feel he has done all he can to move forward.
You might be able to relate to this feeling, particularly when it comes to your finances. Making the most of every opportunity available to you, be it tax allowances, tax-efficient pension contributions, or investment opportunities, is essential for long-term financial success.
Similarly, knowing you have done all you can to protect the financial future of your family, could also help you sleep better at night. This includes ensuring your wealth is protected from the unexpected and having a solid estate plan in place from a young age.
Get in touch
We can help you follow this sage advice and reach the top of your financial game. If you would like to learn more, then please do get in touch with us at DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.
