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At High School, I was just good enough to get into my High School Cross Country Regional event, (with the top 15 going through and me getting, well, 15th place.) In that event I came dead last. It is a memory that I still vividly recall and haunts me 40 years later.
I remember my first run as an adult, 15 years ago. A brief 20-minute run around the block at a mortgage conference, in Tauranga, of all places. It was not pretty.
Last Saturday I ran my first 100-mile (i.e., 160km) event. Parts of this admittedly were also not pretty, but then running for over 25 hours is always going to have moments of struggle (he says, nonchalantly.)
People who regularly run ultras will often reflect that the race is a condensed version of one’s life. It has all the emotions, variety and experiences of a lifetime packed into one day (dread, joy, euphoria, pain, struggle, doubt, determination, fatigue, elation.) I did experience many those things.
The journey of going from a very bad 20-minute run, to a pretty solid 100 mile run, is an interesting one, and one that I reflected is much like some of the principles of successful wealth creation.
Here are a few of the similarities.
I would not have gotten out of bed to exercise without knowing that on the 11th Feb 2023, I had to get up, start running at 4am, and keep going until I had run 100 miles. Without that big goal (and a healthy amount of fear) I would have hit the snooze button, rolled over and went back to sleep.
Without knowing what you want to achieve in life, you may just keep hitting snooze.
Even if I hadn’t finished on Saturday (and over 20% of those that started didn’t finish) I still would have had a whole lot of healthy habits in place that have been worthwhile in their own right.
I don’t think it is necessarily about what the goal is, or if you end up hitting it, but having it as a purpose to walk towards is an important starting point and a key motivational anchor.
Key questions to ask yourself to get the ball rolling:
What age do you want to retire?
Do you want to leave a legacy to your children?
Do you want to reduce debt?
Do you want to use your property to leverage further purchases?
Do you want to help your children into property?
Choosing one or more of these will help get you onto your path.
To get to 100miles, I first ran a 10km race (I still remember the nerves I had around that one), then a half marathon and eventually road marathons. I then ran some longer trail runs, two 100km races and only then did I have the base and the experience to deal with 100 miles. I had to build up slow and hit various targets before I could run the miler.
Wealth is no different. There are basic financial building blocks that need to be in place before you can be leveraging your ten investment properties and adjusting your share portfolio.
You need start at the basics and build from there. Let’s ensure your income is stable, you are working towards your own home and the “stuff” you owned is protected, so you don’t go backwards.
Read Simon’s article on securing your money in 2023
As we all know, circumstances change and our best plans get laid aside, or brutely go up in smoke (or flood, to use an up-to-date metaphor)
During 100 miles of running, stuff happens, and you need to adapt and adjust.
I was at the 95km mark, feeling nauseous, faint and just quite frankly spent. My system was starting to get out of whack. I slowed down and walked for 5 km’s, attended to my stomach with some ginger and refocused. I started to feel better but had a choice to make. I could go hard again and try to get back to my target pace, or I could keep it slow and steady, realising my number 1 goal was finishing within the allocated course time that was 36 hours. I chose the latter. It was much more important for me to finish, than to hit a self-imposed time goal and risk not finishing at all. Given this was likely to be my only ‘miler,’ I am super happy with that adjustment and decision.
No financial plan or life goals we have when we are 30 will be relevant when we are 60, unless it is constantly reflected on, modified and updated to be relevant to the changes that will occur. Just like running a major event, your wealth strategy will need to adjust over time.
Make time with your adviser for an annual review of what you have in place. Small changes can make a huge difference in the long run (pardon the pun!)
I had a coach and an online community to support me (shoutouts to “Squadrun.” I had a crew on race day that met me at aid stations and attended to my every need. I had a pacer for the last 60km, who kept me moving, distracted, fed, watered, and even entertained.
I simply wouldn’t have completed this feat on my own. I would not have known where to start.
Nothing I did to achieve my running goal hadn’t been done before (in saying that I did design and make an ‘ice bandana’ that I think I could market..) All my training, strategies and knowledge had come from others. As you can imagine, there is a plethora of science, literature, programs, podcasts, YouTube videos about running 100 miles.
It is the same for our financial goals. I think your Velocity adviser is the financial equivalent of my running coaches. We know the principles and the science, we know the best products, we can design your program and hold you accountable to it and importantly, cheer you on as you go.
We want you to have the lifestyle and choices you want. Our range of experience and advice can support you through the stages of getting there. Make time to talk to us about your goals and get a team around you to support you across the finish line.
Time to get the running shoes on and warm up!
Brendon.
Brendon Ojala (FSP119244) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Brendon’s disclosure statement on our website.
About Brendon:
Hi, I'm Brendon, one of the owners and advisers at Velocity Financial. I have been giving advice on mortgages and insurances at Velocity for around 15 years, and it is great to be able to work with people to achieve their financial goals. Prior to giving money advice I worked as a youth worker and managed teams for a not for profit organisation. I live with my wife and one of my sons (the other one only stays when he needs food) in Berhampore, and if I'm not talking revolving credit accounts I can be found running the trails of Wellington.