Three Things Running Can Teach Us About Personal Finance |
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As you probably know, I maintain a personal finance blog at Lazy Man and Money. Though this guest post from The Writer’s Coin fits in both sites, I can only choose one. Hopefully, this will inspire you to keep your finances in order. The Writer writes about personal finance and the craft of writing over at The Writer’s Coin. If you like the story below, I encourage you to subscribe to his RSS Feed.
A few weeks ago someone told me about this race here in Chicago (and in New York) called the Urbanathlon. It’s a 10-mile race with an obstacle course mixed in (things like hurdles and wall climbing). Near the end of the run, you run up all the stairs in Soldier Field before coming back down and crossing the finish line. This is after eight-plus miles, mind you. Anyway, if you want to read more about it, check out the official site.
Either way, I’ve never ran a race like this or any other. So right now I’m in full training mode and as I keep extending myself to longer and longer runs (seven miles on Sunday), I have a lot of time to think about running. Eventually, a little personal finance meandered into the fray and I realized that running has a whole bunch it can teach us about how we handle our money.
You Have to Budget
The first time I was going to do a “long” run, I decided to run five miles right off the bat. Why? Cause I’m a tough guy, that’s why. After two miles I got winded and had to pull up short. I forgot to budget my energy for the long haul, and instead I got caught up in the excitement of running five miles.
It’s the same story when it comes to your monthly/weekly budget. You can’t blow it all right away on something exciting (like an iPhone), otherwise you’ll never make it to the end without bailing out and losing your way. It’s not easy being patient, but if you aren’t you won’t even finish the race.
Self Knowledge is a Must
This might be the most important one of all. You can’t accomplish anything unless you know what you can do and what your limits are. Can you run five miles? Can your body physically do it? You may think it’s all about willpower and self discipline, but that’s not quite true.
It’s the same in the world of finances. We all want to make more money, but are you cut out to start your own business? Some people are and some aren’t. Can you stand taking a job you hate because it pays more? Some people can do it. It’s all about knowing what you’re capable of and pushing those limits as much as possible.
It’s nice to think that everything is possible by everyone, but that’s all BS. I’m all for pushing ourselves to be better (whether it’s to make more money or run more miles), but you have to know who you are and what you’re capable of first. Then you can create a plan (much like my current training program) to get you from point A to point B. You can’t just say “I’m going to run five miles tomorrow even though I haven’t run in years.” Only a moron would try that.
Pay Attention to Context
The other day I was out there running and some skinny dude passed me by. I’m a competitive guy, and I don’t like to be passed. Granted, I’m a novice out there among most of these runners (Chicago has TONS of runners and I’m sure a lot of them are prepping for the big Marathon coming up), but I still have an ego. Even I forget the “self knowledge” rule every now and then. So I naturally want to speed up and pass the guy right back — I don’t want anyone passing me. But that’s silly — it’s just like trying to keep up with the Joneses. The guy might be running one mile or sprinting for a minute before settling back down at a slower pace. I might sprint to catch up to him only to see he’s drinking water and done with his run, while I have to find the energy to finish off the last three miles I have left.
Just like I can’t compare myself to this random guy running on the street whom I know nothing about, you can’t compare yourself to neighbors or coworkers or even friends when it comes to money. You don’t know if they’re in debt, how much they make, what they do to get it, what they’re financial goals and priorities are, how much help they’re getting, etc.
You have to remember about context: nothing exists in a vacuum. Comparing yourself to other people’s financial situation (at least what you see) makes as much sense as my huffing and puffing to make sure no one passes me: it’s ridiculous.
Running is enjoyable, but it’s especially rewarding when you realize that you just ran seven miles and weren’t totally dying at the end of it. So it is with personal finance, you just have to realize that it takes temperance (budgeting), self knowledge, and a level of awareness (context) to achieve your goals.
See you on the trail.
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This post deals with:hurdles, Money, obstacle course, personal finance, running
... and focuses on:Money
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September 22nd, 2008 at 5:00 pm
Thanks for the chance Lazy! I hope everyone enjoys the post.
September 22nd, 2008 at 8:26 pm
I never equated running (or in my case, fitness walking) to finances, but your post was very thought-provoking.
Thank you……………:)
I now have additional information to think about as I walk.
September 30th, 2008 at 9:35 pm
The only time i think of running and money together is when i am running somewhere so I dont have to use gas- but this works, too