As usual for this series, we are discussing some running stories and analogies that can help you explore how to get more mileage out of your money. Here’s what we’ve covered so far:
Strategy #1: Know your why.
Strategy #2: Why you need a contingency plan.
Strategy #3: What to do when your plan hits the fan.
Strategy #5: Have a backup plan for your plan.
Today’s money marathon post and video discuss running a money marathon with zero planning and training. Nothing. So, to have some fun, we’re going to talk about running a physical marathon with no planning or training, which is actually a really popular topic right now on TikTok.
There is one video, I believe, with over 800 million views. Some twins decided to do a marathon with no running or training. Now, some of these celebrities are just trying to find followers; they’re in the gym a couple of hours per day, so I don’t believe they haven’t done any training for running a marathon. But some people are trying to do it with literally no planning or training.
Today, we will have some fun and talk about what happens physically when somebody runs a marathon with zero training or planning. And also, what can happen financially if somebody’s running their money life marathon with zero planning or training.
So, what happens physically when you run a marathon, don’t train, or don’t plan? Well, it’s probably pretty obvious. Some of the physical ailments that could hurt you potentially would be dehydration, unnecessary stress on your heart and your organs, or you could be injured and need surgery.
Typically, even marathon runners who train need maybe up to a month or two to recover, depending on their race, how hard they pushed, and the conditions at the time. Somebody with zero training literally might be recovering for three months or longer, especially if they get injured.
And unfortunately, one out of about every 200,000 participants who run a marathon dies. I’m not a doctor, but I’d only assume the odds of death increase if someone runs with no training. My recommendation (not being a doctor) would be don’t do it! Don’t run a marathon without any planning or training.
What else happens to somebody who doesn’t have the planning or training invested into their race compared to somebody who does? Well, odds are, the person who trains and plans is going to have the proper hydration and the proper fueling to get them past the wall, and their muscles are going to be conditioned to get them through those 26.2 checkpoints.
If you didn’t know, a marathon is 26. 2 miles, and you have a checkpoint every mile. Typically, you can see your time in real-time for bigger races. The goal is to cross through those checkpoints and finish the race. And for most people, they want to see what they’re capable of, and they want to finish it as fast as possible.
So, what does this have to do with running a money marathon? Quite a bit, I think. In a money marathon, I believe the goal is to secure your future and feel free to live your best life along the way. And that entails crossing many checkpoints. Some checkpoints are the same for almost every single investor, and others are customized.
I believe one of the goals is to cross those checkpoints with the least amount of work, the least amount of pain, the least amount of taxes, and the least amount of effort. We’re talking about finding ways to maximize your cash flow, investment portfolio, and retirement accounts so that they can work hard for you.
If we look at people who train versus those who don’t train financially, somebody asks, well, what’s the difference? What happens to those who put in the planning and the training and those who don’t?
After doing this for 20 years, I believe the investors who put in the time planning and training and bring in teams of professionals to help them where they need help with the planning get further with the resources they have. My belief is if they do tax minimization work if that’s a checkpoint every year, they could potentially pay a lot less in taxes over their lifetime because they’re doing the work. They’re putting in the planning.
Those who don’t are missing opportunities, in my opinion, because they’re not doing the planning. They can’t see the opportunities, and they might be on a “set it and forget it” path.
If we think about all the checkpoints that you might want to cross in your life, you might want to purchase a home, pay off debt, save enough in retirement so that there’s enough fuel in the tank so you don’t have to work, and you can enjoy your life. You might have checkpoints along that money marathon race, such as providing for a children’s education or leaving a legacy to children or grandchildren.
Maybe your goal is crossing as many checkpoints as possible to finish your best race and live your best life along the way without worrying too much about it.
Marathon runners typically put in 50, 100, or even 150 minutes a day to get ready for a race that lasts maybe two hours if you’re a world record holder. The average marathon time is 4 hours and 30 minutes for men in the U.S. The point is, that’s a lot of time, and most people are unwilling to do that.
How much time might you be willing to put in to secure your financial future and feel free to live your best life? How many minutes a day?
Well, the good news is, I believe it won’t take 50 minutes, 100 minutes a day, or 150 minutes a day. If you need help with wealth management, 401(k) management, tax planning, retirement planning, cash flow analysis, or getting on the same page with a spouse or a partner. In that case, I believe with the right plan and coach (or coaches), if you have the right coaching and tools, you can do it in five minutes a day, five days a week.
Again, that’s my opinion. Five minutes a day, five days a week. I’m so confident in that, that I’m going to be rolling out a course to teach people how to run their money marathon and do planning and training financially in five minutes a day or less, five days a week.
While working hard on this course, I would love to know if you are interested in getting more information when it comes out. If you are interested, click the button below to join the waitlist, and we’ll let you know as soon as it’s available.
Now have fun searching YouTube or TikTok for “What happens when you run a marathon without training“, and if you need a financial coach and want to talk to somebody on our team, click the link below to get started.