5 personal finance lessons from Olympics

The Olympics teaches us many valuable life lessons such as dreaming big, planning, determination, hard work and not giving up

Admit it. The moment Neeraj Chopra climbed on the podium at the Tokyo Olympic Games to receive his javelin gold medal and the Indian national anthem played in the background, you got the goosebumps. The other Indian medallists also made the country proud.

The Olympics teaches us many valuable life lessons such as dreaming big, planning, determination, hard work and not giving up. But are there personal finance lessons we can learn from the Olympics? We surely can. Here are five.

Start early: The earlier you start as a sportsperson, the more practice and experience you have.

P.V. Sindhu started playing badminton at the age of eight and joined Pullela Gopichand’s badminton academy. She won the fifth Servo All India ranking championship (doubles), and the singles title at the Ambuja Cement All India ranking in the under-10 category before moving on to the big league.

“Likewise, starting early has its unique advantage of time wisdom if you are investing to build wealth,” says Ashish Bhave, money and life freedom coach. Starting early also helps one reap the benefits of the magic of the power of compounding. The longer the money stays invested, the better it grows.

Know where you stand: A sportsperson constantly needs to assess himself or herself. It helps them know their strengths and weaknesses and areas they need to improve in.

At the 2016 Rio Olympics, Mirabai Chanu failed to lift her weights in any of her three clean and jerk attempts. This was a big disappointment for her. But she took the opportunity to assess herself, which made her realize she was not doing enough to win an Olympic medal. This made her change her training regimen and improve on her weaknesses on her way to the silver medal in Tokyo 2020.

SOURCE- Livemint

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