Setting Olympic Sized Goals to Achieve Financial Success
The 2021 Olympics are finally here! After a year-long postponement due to the pandemic, the elite athletes in the world are coming together in Tokyo to participate in 28 different sports with the hopes of earning a gold medal.
While 99.99% percent of those reading this post will not be participating in the Games this year, these elite athletes can teach us a lot about setting and reaching Olympic-sized goals. In fact, a recent study of Olympic athletes found that almost all of them use goal setting to improve their performance and ultimately achieve their biggest dream of competing in the Olympic Games!
Fortunately, the average person can also use their hard work and apply it to their own goals. Let’s see what these athletes can teach us about successful goal-setting activities and how you can focus on what you’re good at while “passing the torch” to those you trust to accomplish other important goals that don’t necessarily fall into your wheelhouse.
Don’t Be Afraid to Set BIG Goals
Olympic athletes know the power of setting BIG goals. And why not? They already reached making the Olympic team.
Usian Bolt, who is considered to be the fastest man on earth, winning three gold medals in the 2021 games, says, “you’ve got to set goals in life; I set mine to the highest standard I can achieve.”
The same goes for your retirement plan. Planning for retirement is a smart idea, and you should start as soon as you can. Determine what plan best fits your needs, set a big goal, and “train” to reach the maximum benefit for you and your employees.
Don’t Let Distractions Derail Your Goals
Saying yes to one thing may mean saying NO to many others unrelated to your overall goal. Every action takes a little bit of effort. If you’re doing more than one thing at a time, your mind can’t focus on all of them at the same time. Instead, its focus on one moves onto the next, and so on. The key is focus: when you block out all distractions and concentrate on your goals, you will reach them faster.
Many distractions are competing for your attention, but don’t let them shift your focus. In the retirement world, changing laws and new acts can be distracting. Using a dedicated partner to help you sift through the impact to make necessary customizations will only help solidify your plan for the benefit of the plan participants.
Many Olympians set one small goal every day that contributes to the one BIG goal they’ve set for themselves. Swimmer Jessica Hardy says, “My short-term goals are obtainable on a daily or monthly basis. I like to make my short-term goals something that makes me feel better and sets me up to better prepare for the long-term goals.”
Big success doesn’t happen overnight. Creating short-term goals, that lead to your Olympic-sized goal, gives you those small wins making your big goal virtually impossible to fail. This advice is true with most goals in life, whether it be Olympic sports or golfing green in retirement.
Keep a Positive Mindset
Your mind is a powerful thing. Many Olympic athletes have said they use visualization to envision their big wins. Michael Phelps is one of the many Olympic athletes who has said keeping a positive mindset and visualizing success gave him the edge to win. Whoever has the strongest mental game often is who takes home the gold medal!
This doesn’t mean you don’t have to work hard. Set goals, work toward them, and proceed with a positive attitude. No matter how you visualize your retirement, you’ll still need to develop a savings plan to help you get there.
Finding a Support System
As the saying goes, “It takes a village.” It takes a team of people to help Olympians reach their goals. Family, coaches, teammates, doctors, you name it. The list goes on and on!
Let others know your goals and ask for their help in achieving them. Seeking out a support system will significantly improve your chances of success! It’s all about accountability and the support of others to keep you on track.
When you commit to providing a retirement plan for your employees, the first step is finding a partner that can provide direction and encouragement toward reaching that goal. Passing the torch to Watkins Ross to administer your employer or union-sponsored retirement benefits and health plans will allow you to reach your BIG goals.
Contact us to learn more about how we can help!
Related Articles You Might Like
Best Practices for Missing Plan ParticipantsIn January 2021, the Department of Labor (DOL) released new guidance on dealing with missing participants – former employees with a retirement account balance. For whatever reason, the cannot be located to deliver withdrawal...
What Business Deductions Can I Take in 2020? Set Up a Retirement Plan!Despite the pandemic, many small businesses saw profits in 2020. As they begin calculating their final tax liability, they now realize that their liability exceeds expectations. They ask themselves...
The SECURE Act and Part-Time Employees If your plan requires employees to work 1,000 hours in a 12-month period to become eligible, you’ll soon need to start watching hours more closely. Having this 1,000-hour rule generally excludes those employees who work...