Welcome back to the third and last episode in this three-part series detailing the top financial challenges of active people. If you haven’t listened to the first two you can start here.
Triathletes and distance runners have a unique set of financial challenges and we continue to work through them in this episode. Make sure to listen all the way through so that you can take action with today’s homework plan.
How are you doing with the homework? Have you thought about how race fees impact your spending plan or contemplated how endurance athletics fit into your long-term financial planning? I’d love to hear how it’s going. Shoot me an email and let me know how it goes!
You will want to hear this episode if you are interested in…
- Property-casualty insurance [1:02]
- Medical insurance [1:50]
- Education [4:37]
- Estate planning [6:14]
- Endurance athlete mentality [7:03]
- Homework [10:46]
You are probably familiar with homeowner’s insurance and you may be familiar with the riders that you can attach for specific high-cost items.
If you are a triathlete, you may have invested in a very expensive bike. These costly bikes are often targets for thieves, so properly insuring your bike can protect your investment and put your mind at ease. If you are concerned about bike theft, call your homeowner’s insurance agent to ask about insuring your bike through your insurance plan.
Everyone needs to have medical insurance, but it is especially important for triathletes. Most of us know someone that has been in a bike accident and the resulting injuries can range from a few scratches to permanent injuries.
To assure that you are fully covered in case the worst happens, it is important to maintain your medical insurance and have the cash reserves to cover the out-of-pocket expenses.
Another medical area that endurance athletes need to consider is the medical intervention that many of us face from repetitive motion injuries. These often require physical therapy or visits to the chiropractor which can really add up if you are not properly insured.
Revisit your medical coverage annually to ensure that you have everything you need included in your medical insurance.
Endurance athlete mentality
The default mentality for many endurance athletes is that more is better. However, with saving rates this isn’t always true.
A good way to make sure that you are saving the appropriate amount is by starting with a vision of your goals. Be clear on what you want to accomplish with your saving.
A balanced approach to saving and training can help you live a well-balanced life. Listen in to hear what this week’s homework is and how you can make the most of estate planning and educational goals.
Resources & People Mentioned
- Top Challenges of Active People, Part 1
- Endurance running demographic data
- Boston Marathon data
- Triathlon demographic data
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