Are you looking for financial education in mile-sized bits? If so, then Money Mile might be just right for you Money Mile is the best financial education podcast designed for triathletes and runners–never mind that it’s the only financial education podcast designed for triathletes and runners!

Our goal is to help busy, active athletes who are working toward a phased financial independence. On this episode of Money Mile, we’ll walk through the basics of a well-built financial training plan by comparing it to a comprehensive athletic training plan. Come share a mile with us so that you can live a better life.

 

You will want to hear this episode if you are interested in…

The components of a well-thought-out training plan

A well-built training plan consists of several key components.

  1. Base training – Your base training depends on your base degree of fitness as well as your goals.
  2. Nutrition and Hydration – A nutrition and hydration plan is important to keep the body running smoothly.
  3. Technique and efficiency – Mastering three sports takes quite a bit of technique and efficiency.
  4. Strength training – Strength training helps you get faster over time.
  5. Visualization and contingency planning – Visualization and contingency planning are just as important as the rest of your fitness work if you want to achieve your race goals.

Reaching your financial goals takes the same kind of dedication and training

Just like a well-built training plan, your financial plan should utilize these key parts. Let’s see how they are analogous.

  1. Estate Plan – Your base training plan can be compared to your estate plan. Everyone’s plan will be different, but it is essential to have one that covers all the bases.
  2. Cash Flow – Your nutrition and hydration plan is comparable to your cash flow. Fueling your lifestyle takes careful consideration for both the present and future. If you want to stop working at 55 you’ll need to carefully consider where your money comes from and where it goes each month. Understanding how much money you need to live the lifestyle you want is essential to becoming financially independent.
  3. Tax Planning – Your technique and efficiency are similar to income tax planning. Planning your lifetime tax bill will help you minimize your taxes and mitigate the overall losses to your income. This is similar to the way that technique and efficiency help you get faster with less work.
  4. Investments – Accumulating your wealth through investments is like building strength in your assets.
  5. Visualization and Contingency planning – Visualization is just as important to building your financial independence as it is to successfully completing your race goals. Think about the future that you desire. What do you want it to look like? Contingency planning will help you think through the financial risks you face. What will you do when things don’t go according to plan?

Be on the lookout for the next several episodes

Over the next few episodes, we’ll dive deeper into each of these training areas so that you can begin to build your financial training plan. Let’s work to achieve your financial goals while you are working toward your fitness goals.

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