Big Picture Insights - Olympics

Adopt the mindset of an Olympic athlete

The first modern Olympics were held in Athens, Greece in 1896. If there was ever an athlete that demonstrated a successful approach and record at the Olympics, it is swimming legend Michael Phelps. Being the most decorated athlete in the history of the Olympic Games (23 gold, 3 silver and 2 bronze – over 5 Olympic Games), it is worth taking note of his advice about dreaming further.

Sports coaching vs financial coaching

Swimming must be one of the toughest individual sports to accelerate in. Water resistance and the continuous race against the clock challenges all swimmers equally and individually. In the pool you are by yourself, either swimming and drawing from what you have learned, or sinking. The only way to improve your own time over the same swimming distance remains repetition, perfecting proven techniques and building endurance.

There are very few examples in history (if any) of accomplished athletes that trained in the absence of an accomplished coach (or team of coaches these days). The athlete and coach relationship is a very trusting one. In this team relationship, it is beneficial to both individuals to be honest, admitting failures/mistakes and importantly also celebrating victories (evidence of progress/learning).

Good coaches understand that success is a process of learning

Coaches meticulously stack the athlete’s learning experiences as building blocks, resulting in towers of self-confidence (not arrogance). Compounding experience and incremental refinement takes years to perfect and takes enormous commitment from both athlete and coach. Accomplished coaches have a positive ‘can-do’ attitude. They take manageable risks (pushing athletes out of their comfort zone onto new heights), creating enthusiasm and an expectation of ‘having a realistic chance to succeed’.

Quality financial advice is like a good coaching relationship

This is where the adviser assists the client in facing and overcoming their financial challenges.

Over time they help clients to:

• Understand their own financial journey (future and past)
• Set realistic, attainable goals
• Improve financial and physical wellness (empower clients for better decision-making)
• Exercise discipline in terms of proven principles (saving/investment)
• Apply repetition and continued refinement (small alterations from previous learning)
• Maintain a positive mindset and celebrate their victories (steering free from overconfidence).

Advice from a coach

Clients who are professionally assisted in a coach-like manner are better prepared through mentoring, conditioning, and continuous focus (know where and when to intensify energy). Partnering with an adviser not only helps to avoid behavioural mistakes that so often unravel investment plans, but also provides constant and continued guidance and mentoring to ensure the client’s financial ‘training programme’ remains on course.

Contact your ‘coach’ to discuss your financial track

Olympic athletes devote years of training and effort to ultimately reach the podium. They don’t do this on their own and rely on experts to help them get there.