Wednesday, September 9, 2009

#9 - It's a Marathon Not A Sprint

This is the #9 posting to the Road to Financial Freedom, a simple 10 step mini-series to get one started on the road to financial freedom.

In the journey to financial freedom, one must realise that one is working basically towards a lifelong goal. This is not an instant rags to riches formula. Rather, it is a very slow marathon that one takes for his entire life. Just as we train for a marathon, we should make sure that in our own financial journey, we run the race like running that of a marathon instead of a 100m sprint.

Have the End Goal in Mind.

Just like running a marathon, you ought to have an end goal in mind. Do you aim to complete your race in 3 hrs , 4 hrs or 5 hrs? The time frame that you have set for yourself is important as it will determine how you subsequently pursue your goal. A person who aims to achieve financial freedom by age 30 will work very differently and use very different methods compared to one who only hopes to attain financial freedom by age 60.

Pace Yourself - Keep Track of Your Progress

Just like running a marathon, it does not really matter how fast you completed the first few kilometers. Most importantly is that you pace yourself such that you are running at a speed that will help you finish the race in your desired timing. Each turn of the route, you should know whether you are behind time or ahead of time; whether you can afford to speed up or slow down. Always pace yourself. It is okay to run a little slower if you know that you can make up for lost time later down the road.

Stop for the Water Points

You won't forget to hydrate yourself when it comes to running a race. Likewise in the journey to financial freedom, remember to reward yourself with treats and stuff. If you do not stop to enjoy and replenish yourself, you might find that you will have no more energy left for the rest of the race.



The Road to Financial Freedom (See The Other Postings Here)
#1 - The Greatest Mistake
#2 - Protect What You Cannot Afford to Lose
#3 - Spend Less Than You Earn
#4 - Spend Less Or Earn More
#5 - Buy Assets Not Liabilities
#6 - Read and Learn More
#7 - The Magic of Part Time
#8 - Health Equals Wealth
#9 - It's a Marathon, Not a Sprint

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