Top 10 Ways Managing Your Money Is Just Like Riding a Bike
An avid cyclist and bike racing fan, I sit transfixed during the many hours of Tour de France coverage every July when the race rolls around. This year, during some of the less-than-scintillating early miles of the sprint stages, my mind wandered a bit, and it occurred to me that there are some interesting parallels between winning the Tour de France and winning at personal finance.
Having watched Lance Armstrong pull off the win for 7 years in a row, I've compiled this list of the Top 10 Ways Managing Your Money Is Just Like Riding a Bike:
1. If you take safety precautions (e.g. helmet/emergency fund), you'll feel a whole lot more relaxed and confident on the journey.
2. The better prepared you are, the greater your chances of succeeding. It's important to learn from the past, but you must also scout out the road ahead and evolve with the constantly changing environment.
3. Crashes happen. The actions of other participants, bystanders, and the media can sometimes distract you from your goal. If you expect the unexpected and are able to respond with a level head, you'll be better off.
4. If you take too many unnecessary risks, you might end up out of the race, and sometimes it can take quite a while to recover.
5. But you'll probably have to take at least some calculated risks to come out ahead. For example, you might improve your performance by using cutting edge products, e.g. ultra-light wheels for big uphill climbs or, in the financial world, Health Savings Accounts (HSAs.) But you also make some tradeoffs, e.g. less stability going downhill or, with HSAs, penalties if you withdraw the money for something besides health care.
6. There will be rainy days, and there most certainly will be ups and downs. The one who weathers the tough days the best usually comes out ahead in the end.
7. You don't have to come out on top ("beat the market," so to speak) every day ? or any particular day, for that matter ? to win the overall race, the race that really matters.
8. You can go a lot farther if the team you surround yourself with has skills, experience, a well-defined goal, and the right motivation.
9. Even if you start at a huge disadvantage, you can emerge victorious if you have the right attitude, understand the rules of the game, and persist despite setbacks.
10. A little bit of luck never hurts!
So the next time you're in doubt as to which road to take on your personal financial journey, consider looking to the peloton for guidance and inspiration. Whether your goal is a yellow jersey on the Champs-Elysées in July or a secure retirement, there's a surprising amount to learn from watching a bunch of bike racers circumnavigate France. Congratulations, Lance!
Sherrill St. Germain
New Means Financial Planning
Principal
P. O. Box 666
Hollis, NH 03049
(603) 465 3485
sstgermain@newmeans.com
http://www.newmeans.com
Member, Garrett Planning Network - http://www.garrettplanningnetwork.com
Offerin
g financial planning on an hourly, as-needed basis...
No product sales! No commissions! So you're assured of unbiased advice.
 Google News Updated : Sun, 07 Sep 2008 08:08:09 GMT Hurricane Ike Strengthens to Category 4, Raises Fears From ... - FOXNews
FOXNews - Sept. 6: This satellite image taken at 3:45 pm EDT shows a swirl of clouds north of Hispaniola associated with Hurricane Ike. Sept. Video: 'Dangerous' Ike Aims for Turks and Caicos Ike hits Turks and Caicos islands as Category 4 hurricane with ... Publ.Date : Sun, 07 Sep 2008 05:13:03 GMT Google Chrome Reflects A Desktop In Decline - InformationWeek
InformationWeek - After 10 years as a company, Google is making the Chrome browser key to the coming of age of cloud computing, or software as a service. Mozilla releases second Firefox 3.1 alpha Mozilla updates Firefox 3.1 with Alpha 2 build Publ.Date : Sat, 06 Sep 2008 21:46:03 GMT Evans KOs Liddell at UFC 88 - FOXSports.com FOXSports.com - by Elias Cepeda, InsideFighting.com Rashad Evans shot himself straight to the top of the long list of challengers in the UFC's light heavyweight division with a devastating knockout win over the sport of MMA's top name and former champion, ... Rashad Evans knocks out Chuck Liddell Liddell in need of a fresh approach Publ.Date : Sun, 07 Sep 2008 06:18:30 GMT In the neighborhood of a title once again - Boston Globe
Boston Globe - By Bud Collins Or should I say Herr Roger, as he is addressed in his hometown, Basel. He does better in this sector, the Flushing section of the New York borough of Queens, than he ever did in Switzerland, and Roger Federer says he feels "a little bit ... Video: Federer Beats Djokovic to Reach US Open Final Federer Storms Into Final Publ.Date : Sun, 07 Sep 2008 07:28:11 GMT Couric getting a kick out of Web freedom - Chicago Tribune
Chicago Tribune - By Matea Gold | Tribune Newspapers NEW YORK—Katie Couric was listening to Declan McCullagh, CNet's chief political correspondent, explain Barack Obama's and John McCain's stances on Net neutrality. Survivors Enjoy Watching 'Stand Up To Cancer' Katie Couric teams with rival anchors to 'Stand Up to Cancer' Publ.Date : Sun, 07 Sep 2008 07:04:17 GMT EA's big bet on Spore - San Jose Mercury News
San Jose Mercury News - By Steve Johnson In unveiling their much-anticipated and long-delayed video game "Spore" in North America today, executives at Electronic Arts hope to counter critics who have faulted the Redwood City company for becoming fat and happy in recent years ... In the Beginning, Finally Sims creator hopes to soar with Spore Publ.Date : Sun, 07 Sep 2008 07:07:31 GMT Tracing TV's bloodlines - Cape Cod Times
Cape Cod Times - By CAPE COD TIMES Vampires are big business, whether dominating the best-seller list in Stephenie Meyer's "Twilight" series of books for three years or starring in an endless stream of movies that portray the mysterious bloodsuckers as scary, ... 'True Blood': Undead On Arrival 'True Blood' offers edgy inspection of tolerance Publ.Date : Sun, 07 Sep 2008 07:14:40 GMT Earn Money With Surveys |
PARLOT::Ebooks, Scripts,
Websites, and more... Each of us knows how to spend money, but do... Read More For most of us the process of getting out of... Read More Australians, in general, constitute some of the worst savers in... Read More What is finance and what do you need to know?... Read More My personal opinion is that in today's new economy, it... Read More Women are charged more for dry cleaning services. Don't fume,... Read More Confused about whether you can contribute to a Roth IRA?... Read More Ever wonder where address labels come from? Avery® is perhaps... Read More If you want money you need to learn how to... Read More Traditional checks probably won't disappear anytime soon, but processing checks... Read More For me, the most terrible time of each month is... Read More Commonly referred to as the first of the three major... Read More The recommendations for military base closings have been released and... Read More I've been sharing the following idea with people for a... Read More Sorting out your personal finances can be a tricky and... Read More I'm still amazed every time someone comes to me complaining... Read More Developing and living by a household budget is by far... Read More Are you interested in saving money off your grocery bills?... Read More If you recently became a single parent and see your... Read More Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More Women have a love/hate relationship with money. Most of us... Read More Identity theft is a serious crime that continues to grow.... Read More Many don't realize that our basic utility bills provide the... Read More Address labels are many things to many different people. If... Read More It is crucial as an individual who is striving for... Read More
Adsense
websites
7 Simple Ways To Save Money
Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan
Introduction to Australian Superannuation
Understanding Your Finances Can Give You Power And Choice
One Income Source Is Not Enough!
Your Dry Cleaner?s Double Standard
Roth IRA Contributions - IRS Rules
The Wonderful World Of Address Labels
Improving Your Financial Position
How Electronic Checks Work ? Will Paper Checks Eventually Go Away?
If All Things Are Possible, Why Cant I Balance My Checkbook?
What is ChexSystems?
Financial Readiness: Preparing for BRAC (Base Realignment And Closing)
Do You Know What Tomorrow Will Bring?
Personal Finance ? Why You Should Compare, not Despair
Im Broke, How Can I Afford...
Budgeting: A Tough Love Way to Handle Your Household Budget
Tips To Save Money At The Supermarket
How to Attain Your Dreams on a Single Income
Budgeting Your Way to Financial Freedom
The Wright Place - Finances
How To Protect Yourself Against Identity Theft
Save Money Off Your Home Utility Bills
The Joys of Address Labels
Expenses A ? What Are They And What Can We Do About Them
Affordable and Reliable Web Hosting Starting at $4.49/Month
Grocery Savings - Your Kitchen is a Goldmine!
Your food budget is the most flexible area of your... Read More
Vesting and Your 401(k)
Do you have a 401(k) retirement account? Are you vested... Read More
Budgeting Your Way to Financial Freedom
Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More
Bank On It: Places to Hide and Invest Money
Today I passed a thermometer at a bank that read... Read More
Budgeting your Savings - Did You Let Your Piggy Bank Get Away?
I think most of us have at some point in... Read More
The Wright Place - Finances
Women have a love/hate relationship with money. Most of us... Read More
How to Obtain a Non ChexSystems Bank Account Without Being Scammed
Predatory lending exists in the mortgage industry. It's typically when... Read More
I Want to Buy a Home - Now What?
If you were to ask 100 women "What would you... Read More
What?s New in Checking ? From Designs to Photos
Just about everyone has a checking account. Checks present easy... Read More
Financial Readiness: Preparing for BRAC (Base Realignment And Closing)
The recommendations for military base closings have been released and... Read More
Saving Money On Gasoline For Your Automobile
The gas that we fill our tanks with every week... Read More
Simple Ways to Save Money
Things are so expensive these days. We seem to be... Read More
How To Free-Up 10% to 15% of Your Income
Would you be interested in freeing up 10% to 15%... Read More
How To Survive The Grocery Shopping Blues
If you are the normal consumer, then you've probably experienced... Read More
Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan
For most of us the process of getting out of... Read More
First Checking Account ? When is it Time?
We all know that money doesn't grow on trees, but... Read More
10 Steps To Improve Your Financial Situation
Here are ten steps you can follow to help improve... Read More
Avoiding A Nightmare On Renovation Street
You've decided you want a bigger, better and more desirable... Read More
Photo Checks ? A Great Alternative in Checking
It's the little things in life that make it interesting.... Read More
Portfolio Planning can Lead to Irreconcilable Differences
The judge had to ask the question, and we had... Read More
Retirement Income Needs---Less Than You Think?
It is widely written that you need 75% of your... Read More
Why Live Frugally
What is it about being frugal, why do it at... Read More
Estate Planning Basics
You have probably accomplished a great deal with your life.... Read More
Introduction to Australian Superannuation
Australians, in general, constitute some of the worst savers in... Read More
How to Save for A Down Payment
Saving for a Down Payment is hard work, so it's... Read More
Personal Finance |