Six Tips for Running the Millionaire Marathon
What if all this economic fear and loathing is a bunch of crap?
It’s really only one scenario that we covered here. What if the economy turns around and recovers like it has consistently done over the past 20,000 or so years of human history?
After all, in the vast context of economic history, this profoundly steep recession or depression, is nothing more than a blip on the chart. In the financial Olympics, it’s a 50-yard dash.
It’s at these moments of clarity (or delusion) that we should examine our long-term financial outlook. Investing is a marathon. Not a sprint. To remain competitive in this long run and to build endurance, you need a training regimen. Here are some tips on how you can be a marathon millionaire.
Just like you’ll eat healthy food and hydrate before you run, you’ll want to make sure you have fuel in your savings and investment plans. It’s a matter of paying yourself first. Take money out of your check expressly for saving and investing.
Find a Coach
A good coach will help you run faster and farther. A good financial coach–or even a mentor–will keep you on the right path.
Get a Running Partner
A running partner gives you motivation to head out on those early morning runs (when you’d rather not). A marathon millionaire partner will do the same as you approach your financial goals.
Hills and Valleys
Hills and valleys are just part of the course; same deal with economic good times and lousy economies. Persevere through the tough times. Don’t get carried away with those easy stretches, either.
Automate the Schedule
Running a marathon means a regular training schedule. Your brain can be your best friend–and worst enemy–in your quest to run a marathon, or be a marathon millionaire. Short bursts of saving and chasing after the latest investment fad, can get you off track. By automating your saving and investing plan, you make sure your consistently making progress on your goal.
Don’t Look at the Finish Line
Checking every once in a while to make sure your on track is one thing, but obsessing on a point a few decades in the future and comparing it to your current financial situation is often a mistake. Just take it one step at a time.
I was really inspired by a post from Cash Money Life blogger, Ryan Guina on Yahoo Finance.