Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Top 10 Ways Managing Your Money Is Just Like Riding a Bike > NetSparsh - Viral Content you Love & Share

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.

In The News:


Developing a budget? Watch out for Those Budget-Bursting Gremlins

If you've developed a household budget to get your spending... 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

More Money? My Cup Runneth Over...But Im Still Thirsty

Most of us, especially those of us who have debtor's... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

The Magic Of Compound Interest

Christians are called to be good stewards of God's resources.... Read More

Im Broke, How Can I Afford...

I'm still amazed every time someone comes to me complaining... Read More

Your Dry Cleaner?s Double Standard

Women are charged more for dry cleaning services. Don't fume,... Read More

The Joys of Address Labels

Address labels are many things to many different people. If... Read More

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as... Read More

Bank On It: Places to Hide and Invest Money

Today I passed a thermometer at a bank that read... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Personal Loans For Homeowners ? One Of The Numerous Rewards For Being A Homeowner

You no longer look at the pictures of homes cause... Read More

Top 10+ Ways to Jumpstart your New Year?s Finances!

Of course, these don't have to be done in any... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed... Read More

What Happens if You Die Without Making a Will

If you die without making a Will in the UK,... Read More

How To Place an Online Order for Checks ? It is Easy as 1-2-3

If You Have an Existing Account and 5 Minutes, You... Read More

Budgeting -- The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows... Read More

Single Mother and Learning how to Save

Saving may seem easier if you were saving for a... Read More

Identity Theft is a Major Problem: Whose Responsibility is It to Protect the Consumer?

We have heard a lot about consumers' personal information getting... Read More

What is ChexSystems?

Commonly referred to as the first of the three major... Read More

Financial Security

1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More

Improving Your Financial Position

If you want money you need to learn how to... Read More

Whats The Truth Behind Your Finances?

Between 15 - 20% of people in our country (UK)... Read More

Affording a Home

Can you really afford a house? If so, how much... Read More

Saving Money On Gasoline For Your Automobile

The gas that we fill our tanks with every week... Read More