Investment Lessons from the Olympics

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Investment Lessons from the Olympics

By: Kevin Norris, President, Univest Wealth Management Division

The 2016 Olympic Games captivated audiences and provided motivating stories of determination and triumph. While watching, I couldn’t help but relate the Games back to the work we do as financial advisors. In many ways, following a sound long-term financial plan actually has things in common with the Olympics.  

Plan Your Strategy

These athletes train relentlessly for years to perfect their sport. It’s a process that takes discipline, planning, fine-tuning and hard work, not dissimilar to following a financial plan. For most of us, the end goal is providing for our family and enjoying a comfortable retirement rather than a gold medal. But just as Olympic athletes follow a plan, a disciplined strategy is necessary to reach financial goals. And that strategy can’t be static, as an athlete has to recover from injury or defeat, your financial plan needs to be adjusted as life throws you curveballs. These amazing athletes don’t show up to compete without having methodically trained, in order to reach your financial goals you need focused preparation.

Rely on Coaches

I am also reminded that no one is an expert at everything. Olympians surround themselves with teams of coaches, trainers and advisors, allowing the athlete to focus on what he or she does best – their sport. For most people, financial planning is not their area of expertise so it is important for investors to seek help from financial advisors who are experts in their field. It is your advisor’s job to do the research to help ensure you earn “gold” when it comes to your financial goals. Remember, investing is a marathon, not a sprint. It isn’t the goal of your financial advisor to beat the market; like a coach, your advisor’s goal is to help you reach your unique goals.

Never Give Up

Finally, as we see in the Games, even Olympians aren’t perfect. Mistakes and setbacks occur, but you cannot let them throw you off track and prevent you from reaching that ultimate goal. We’ve seen athletes falter and not have their best day on the track or in the pool, but they don’t give up. Occasionally setbacks occur in our financial lives, but you cannot let those obstacles prevent you from sticking to your plan.  You may need to seek advice and alter your strategy. We believe the best way to go for gold when it comes to investing is to stay the course and stick to a long-term investment plan. You only get one retirement, and it doesn’t come every four years like the Olympics, it comes once in a lifetime.

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