The Money Marathon: Defining and Setting Goals

Posted by André Nosalsky :: December 3, 2007 @ 10:34 am

Listening to the radio and watching TV reports on the stock market, we often hear market and business reports. This news has become more of an entertainment than actual meaningful information. It can be mind-boggling to listen to everything that is going on in the financial world. Sometimes this overwhelming feeling sets in because of information overload and a lack of directed action.

When I was researching long distance training, I came across many different training strategies, running methodologies, eating plans, schedules and other information. I was lost and kept thinking that I might be doing something wrong. Then I talked to an experienced trainer and he told me, first, to pick a goal, such a half-marathon race, and then to look at all of the options that will support the goal. And third, which is the most important tip, stick with the plan until you feel like you have mastered it, and only
then work on tweaking it or changing the plan.

This same advice applies to financial training.

The first step to winning the Money Marathon is finding out what marathons are available and signing up for one. In money terms, this is a goal that you set and put a date on. As in running marathons, it doesn’t make sense to sign up for a 100-mile ultra marathon if you are only just starting out as a runner. And it doesn’t make sense to set a goal of making a million next year if you only made $50,000 this year.

Once you have a goal set, pick one strategy that you will work with to win your Money Marathon. For example, if you want to save $200 per month, open a p2p lending account on Lending Club and start investing your money at a higher rate than you can earn at the bank.

When you have defined your Money Marathon goal and an action plan, stick with it until you achieve your goal. Switching to different goals and plans will only frustrate you and keep you from achieving any consistent results that would lead you to set bigger Money Marathon goals going forward.