I recently started training with a personal trainer on some health and fitness goals for myself, and I found that the training I previously would do in my 20s & 30s no longer has the same results for me in my 50s. However, as I have been going through this process, I realised that there are a lot of similarities between developing a training plan to help me achieve a healthy body, and a financial plan to help achieve the life I want.
An Overwhelming Start
Whether it’s fitness or finances, there is no shortage of free guides and tips online and on social media. While this can be beneficial, it often feels overwhelming. Figuring out which tips to follow, what works for your goals, and what kind of exercise equipment or investments you need can be daunting. How can you know which of them will really work for you?
Starting with Understanding
When designing an effective regimen that suits your needs and goals, a personal trainer or financial planner will begin by understanding your current situation and your goals. This foundational step is crucial for developing a plan that will lead to results.
Your trainer or financial planner will consider various factors and provide a comprehensive plan, along with education, to maximise your results. Just as learning the proper exercise form is vital to avoid injury, understanding the complexities of financial advice is essential to avoid moves that will be a detriment to our future.
Striking the Right Balance
Achieving health goals requires the correct nutrition to create a healthy body and mind. For good nutrition, the goal is balance – a diet that is made up of the correct levels of protein, carbohydrates and fats. In financial investment we need to have the correct level of asset classes within our investment to achieve our financial goals; be this shares, property, fixed interest and/or cash. Over time your nutritional requirements change, and so do your investment asset requirements – changing to optimise your results.
Key Similarities
Throughout this process, I noticed some key similarities between personal training and financial planning:
- Personalised Plans: Both require tailored plans that suit your unique needs and goals.
- Education: Understanding proper techniques and strategies is crucial in both areas.
- Accountability: Regular check-ins and support from an expert help keep you on track.
- Adaptability: Both plans need to evolve over time to remain effective.
- Balance and Diversity: A balanced approach and diverse strategies are essential for optimal results in both health and finances.
- Comprehensive Approach: A holistic approach ensures all aspects are covered, whether it’s health or finances.
Accountability and Support
The big one for me is accountability. It’s easy to skip workouts when it’s cold and dark, but having expert support and motivation helps keep me accountable and on track.
Continual support, tracking my progress, and reviewing the plan allows me to see not only the progress I have made, but by reviewing my plan over time we can make changes to get me to my goals quicker.
Ready to Take the Next Step?
So, if you would like a comprehensive financial plan tailored specifically for you, with ongoing support to achieve a life of true wealth, please contact our office for an appointment with one of our expert financial advisers.
Katrina Dhu (MFinPlan, ABFP®, CRPC®, GradDipFinPlan, ADFS(FP), DFS(FP)) is a representative of Alman Partners Pty Ltd, Australian Financial Services Licence No: 222107.
Any information provided to you was purely factual in nature. It has not been taken into account your personal objectives, situation or needs. The information is objectively ascertainable and is not intended to imply any recommendation or opinion about a financial product. This does not constitute financial product advice under the Corporations Act 2001 (Cth). It is recommended that you obtain financial product advice before making any decision on a financial product such as a decision to purchase or invest in a financial product. Please contact us if you would like to obtain financial product advice.