Fitness and Finance
What are your goals and objectives?
Because they are generally both about changing and keeping good habits, it will always start with the Why. What is your motivation to change? Personal fitness usually is to get fit, to be able to run a marathon, for instance. While personal finance is improving your financial wellbeing, you want to retire early or reach your goals sooner. Both need a change in attitudes to do so, and similar habits changes can help you with this. The eventual aim to be financially independent.
This reflects what you need to need to to achieve your goals. Does it mean losing weight, or do you want to add muscle? With financial planning, this is the same: what goals do you want to hit? Better retirement or an extensive property portfolio.
There does need the right mind to change. And in both areas, you will need to write down your goals and set out the plan to get there. The techniques can be interchangeable in concept, and we will go through below how behaviours will help.
For instance, the automation of your savings so that money leaves your current/checking account and automatically transferred to fund your retirement or savings account. This automation will save time and effort, ensuring that it happens every month without fail. This concept can be replicated in personal fitness by creating a habit of walking up stairs or changing your route to work increase the distance you need to walk. Both are easy to do, do not require a huge change in habits and can be replicated each day or month.
You will need to use the right strategy to reach your personal goals. Do you go to the gym to work out and do Cardio activities, or do you use weights? Or a different strategy by competing in team sports. For your finances: what asset allocation will you use for your investments, you can hold property entirely through a buy-to-let portfolio or select your equity/fixed interest split in your portfolio.
You can use a deep dive into your habits and behaviours. You can keep track of of the calorie and Food intake per day. The personal finance alternative knows where you are spending. You can both use the app to help you: track your food intake and track your spending with an expenditure app.
Seek professional advice in both: personal fitness coach will help you and get you on track as well as a financial planner. Please remember that you don't hire a real financial advisor because you're not smart, you hire one because they're not you. No one can see their blind spots.