Running a marathon is a goal on many people’s bucket lists. They may want to tackle the challenge of going 26.2 miles for many reasons. Perhaps they’re fitness aficionados, want to test their athleticism, or love the feeling that comes with reaching a major goal. Whatever the reason, to be successful, they must have the discipline necessary to train for a long race.
In this way, marathon training is not unlike setting your own personal financial goals. You have things you’re reaching for, and you know it’ll take time and effort to achieve them. You need willpower to hit financial milestones, too.
Here are a few things training for and running a marathon will teach you about personal finance.
One of the first things you learn while training for a marathon is that you cannot complete every run at your fastest pace. You’ll have to slow down to achieve the endurance you need to finish a long race. In fact, your longest runs will be called “long slow distance runs” when you run at a pace that’s a minute or two slower than your usual mile pace. This helps you conserve energy during the race, enough to make it 26.2 miles.
Long-term financial planning requires that same approach. You won’t save all the money you need for retirement in one year or even 10 years. It’s a long-term process that plays out slowly. You put away a little at a time into a retirement account, until you finally hit the finish line.
Marathon runners value nothing more than a plan. They map out every run they will need to do during the four-plus months they train for the marathon. They know, for example, that on Wednesdays they will run hills, while Thursdays will be an off day, and on Saturdays, they will go on their long run. Planning things out ahead of time also allows them to adjust when they hit rough patches. For example, if their kid gets sick, they may have to swap that day’s workout with the next day’s rest.
Personal finance also requires a plan, which should answer these kinds of questions:
How much are you putting away for retirement?
What percentage of your income is going toward your mortgage?
How much of your salary should you put in savings each month?
By asking yourself these things, you can set the course you want to take. Perhaps you’ll realize along the way that you need to up your contribution to your 401(k), or your growing family needs a bigger home. You adjust your plan to tackle that next goal.
There will be times as you train for your marathon, perhaps multiple times, when you question your dedication to your goal. You may feel tired. You may resent having to get up early on weekends to complete training runs before your kids’ soccer games. You may feel so sick of sucking down energy gels that you want to scream. But even though you feel frustrated, you keep on that path toward your goal, because achieving it is ultimately more important than the momentary comfort of giving up.
This is similar to how you may feel while saving for your financial future. You may spot a pair of jeans or an expensive book by your favorite author that you really want to buy, but it’s not in the budget this month. Do you have the discipline to walk away from the store without that purchase? Look for alternative ways to satisfy your desire to spend. Organize a clothing swap with friends so you can look at a whole selection of “new-to-you” jeans. See if they have the book at the library. It can be difficult to resist temptation, but it’s worth it.
Many runners pursue their hobby alone. They tackle those long training runs by themselves and may even see their runs as necessary “me” time. However, that doesn’t mean they can’t benefit from advice from those who have “been there, done that.” Experienced marathon runners can provide a wealth of knowledge about training that can help you finish the race, such as how to deal with cramps, where to find porta-potties on the course, and when to fuel.
Similarly, financial advisors can act as your guide through difficult financial decisions. Instead of telling you how to stretch after long runs, they can give you a big-picture snapshot of your finances and tell you what you should be striving for. Tell them your goals, and they can help you get there because they’ve studied the right moves to make. Follow their personal finance tips, and your retirement planning will get a lot easier.
Whether you’ve run ten marathons, or you’re training for your first, you’ll discover many lessons along the way that can carry you into other parts of your life. Remember to check out our Resource Center page for more money-management tips that can help get your finances in shape, too.