Gold Medal Money Moves: 6 Olympic-Inspired Tips for Financial Fitness

Welcome back to another edition of "Rolling in Dough" Newsletter, where we serve up the simplest ways to save more, spend less, and build wealth with weekly insights, consumer psychology hacks, and tiny tips to do today. I hope to make your financial journey a little fun, simple, and totally doable, where ever you are on your wealth journey.

💪 1. THE POWER OF CONSISTENCY

Olympians like Simone Biles, Noah Lyles, and even LeBron James with Team USA train consistently every day, and that’s a key to their success. Just like them, you can build wealth by being consistent with your savings.

• Pro Tip: Set up an automatic transfer of a fixed amount from your checking account to your high-yield savings account every paycheck.

  • You can start with a small amount like $50 and gradually increase it as you get comfortable.

Consistency is key to having that financial freedom that we all want. Embrace the consistency of an Olympic champion.

🥇 2. GOAL SETTING FOR THE GOLD

Athletes set clear, measurable goals. For instance, Noah Lyles sets specific times he aims to beat in track, and Simone Biles targets new skills to master in gymnastics. You can do the same with your finances.

• Pro Tip: Use a financial app, a simple spreadsheet, or even a piece of paper to list your top 3 financial goals. Set SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound.

  • For example, instead of saying, "I'm going to save some money," say, "I’m going to save $500 for an emergency fund in the next 3 months." This is a clear and attainable SMART goal.

Setting SMART goals helps make them real and helps us actually reach them, especially when life gets busy.

🧠 3. MENTAL TOUGHNESS

Olympians have incredible mental toughness. They push through challenges and stay focused. Think about how Simone Biles overcame obstacles or how LeBron James remains focused under pressure. Apply this mindset to your spending habits.

• Pro Tip: Create a 'cooling-off' period for impulse purchases. Wait 24 hours before making a non-essential purchase. During this time, evaluate if the purchase aligns with your long-term financial goals.

• Having financial discipline like this helps us enjoy our money in the ways we really want to – now and later.

So let’s get inspired by our Olympic teams and dig into our mental toughness and discipline to keep the big picture in mind. And, speaking of keeping big pictures in mind…

🖼️ 4. VISUALIZATION

Many athletes use visualization to see themselves succeeding. Whether it’s Simone Biles visualizing her routines or Sha'Carri Richardson imagining crossing the finish line first, you can do this with your finances too.

• Pro Tip: Create a vision board with images and words representing your financial goals. Or even just a photo from the internet or a magazine.

  • Place it somewhere you’ll see every single day, like your workspace, bathroom mirror, or bedroom.

  • Regularly take a moment to visualize yourself achieving these goals to stay motivated and focused.

Psychology shows that when we write something down or visualize it, it actually helps us stay focused and achieve it.

📚️ 5. CONTINUOUS LEARNING

Olympians are always learning and improving. They study their performances, learn from their mistakes, and seek out new techniques.

• Pro Tip: Invest in your financial education. Read books, take online courses, or listen to podcasts about personal finance and wealth.

• The more you learn, the better decisions you'll make.

• Set a goal to learn one new financial concept each month and apply it to your financial plan.

And to help make it simple and attainable, definitely make sure to subscribe and stay tuned to the newsletter and YouTube channel for simple wealth and money tips, deep dives, and insights.

🪩 BONUS: BREAKING THROUGH WITH A CREATIVE MIX

Breaking, also known as breakdancing, is making its Olympic debut this year 🙌 , showcasing to the world incredible agility, creativity, and resilience. Having a creative mix, being flexible and resilient are the things that set Olympic athletes in any sport apart from the rest. You can apply these same qualities to your finances.

• Pro Tip: Get creative with your income streams. Just like breaking involves a mix of different moves to create a unique performance, you can explore a mix of different ways to earn money.

  • This could be side hustles, freelance work, ‘productizing’ your knowledge on a topic, or more passive income opportunities like investing in stocks or rental properties.

  • One cool and simple way to add a lil side hustle or in income stream is by starting a newsletter. It’s one of the many ways to use the creativity, smarts, and special sauce you already have, to make your dough grow. Whether its fitness or fashion or whatever you’ve learned in your career — there’s someone out there that can benefit from what you know and/or love.

    • If you’re interested, you can try it out here free for 30 days and then get 20% off for 3 months, with our special offer just for our Rolling in Dough community! 💝 

• While how many income streams someone should have is usually a hot topic, one thing is for sure — you should definitely have more than one way you have money coming in.

Having multiple income streams can help cushion those unexpected expenses too. When faced with financial setbacks, just like Breaking, stay flexible, find creative ways to overcome them, and try to find your rhythm through it all. You’ve got this.

TINY TIPS AND TO DOS FOR TODAY

So, take these Olympic-inspired tips to help you start build wealth today, step by step. Remember, building wealth is not just a race, it’s a marathon of tiny things, over time.

Consistency, clear goals, mental toughness, visualization, continuous learning, and creative mixes can help transform your financial fitness. Including:

1. Consistency: Set up an automatic transfer of a fixed amount from your checking account to your high-yield savings account every paycheck.

2. Clear, SMART goals: List your top 3 financial goals in a SMART format.

3. Mental Toughness: Create a 'cooling-off' period of 24 hours for non-essential or impulse purchases.

4. Visualization: Create a vision board with images and words representing your top financial goals.

5. Continuous Learning: Invest in your financial education and learn one new financial concept each month.

6. Creative Mix: Get creative with your income streams with a mix of multiple options for money coming in.