Hillary Seiler, Certified Financial Educator, and CEO/Founder of Financial Footwork has a very different way of looking at finances. Seiler has been a money coach to active and former professional athletes to help them effectively manage their money, and she applies a world class training strategy to money like an athlete does their sport of choice.
There is an alarming disparity concerning financial education in the United States. Few individuals know the intricacies of balancing their household budget—much less organizing finances to run a business or purchase a home. It’s a huge disadvantage for the American people because while money isn’t everything, your quality of life is directly impacted by how you handle your finances. Money can be a huge stressor, but it doesn’t have to be.
Seiler’s consumer-facing platform, Financial Footwork, teaches everyday champions how to win with their money. The program is based on the fundamentals of building a firm financial foundation, and strengthening skills and habits daily through training exercises and coaching. Developing winning money habits takes time and discipline. But there are still some major changes you can implement today to start training your money just like Coach Hill teaches her athletes.
4 Steps To Train Your Money Like An Athlete Trains For Success | Stephanie Burns
1. Have A Training Program
Every athlete follows a training program that outlines what they need to do and when they need to do it. Athletes know the choices they make in a training program will impact their development and future success. Seiler applies the same principle to money.
“Just like an athlete will employ strength training, cardio, stretching, etc., into their training program, a money training program will employ budgeting, goal-setting, expense tracking, among other things,” says Seiler.
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As you master your money and your financial picture improves, your personal financial plan will adjust to grow with your needs and wants. It’s the same as a fitness program. When you are consistent, you will adjust for the gains you’ve made.
2. Consistent Practice
Most people are great at taking first steps, but not following through. When you create a plan, you have to put it into practice every single day. One of the most important parts of training your money is practice, practice, practice!
“Team practice for an athlete equals consistency every single day. Financial training for your money also equals consistency every single day. Without practicing new money habits regularly, you can’t achieve your goals. Financial Footwork reminds you to build positive habits daily by being aware of spending, referencing your budget, and assessing what you are doing with your money. Practice leads to improvement and growth—every single day counts,” reminds Seiler.
3. Coaching
Coaching and education are both tied to personal development and improvement. Every athlete can tell you about their favorite coach. They can tell you why they respect him or her, what made them a great leader, and how they shaped the athlete’s life. A coach is an incredibly impactful and life-changing person.
“Coaching for an athlete equals positive daily motivation and education to reach their goals. Coaching for your money also equals positive daily motivation and education to reach your goals,” notes Seiler.
“In your financial life you may have a few different financial experts in your corner. This is wonderful! Utilize your resources; CPA’s (certified public accountants), financial advisors, estate attorneys, insurance agents, real estate and lending professionals, and of course financial educators. These are all great resources to lean on when reaching your goals.”
4. Fuel
How you fuel your body in sports is an integral part of how successful you will be in both your daily training activities and how you perform on the field. The same can be said for your financial life. How healthy is your bank account? Are you fueling it or taking away from it?
“Fuel for an athlete equals the things they put into their body. Fuel to grow your money also equals the things you put into your accounts,” says Seiler. “It is not sustainable or healthy to eat junk food all every day. It’s also not sustainable to spend, spend, spend rather than healthfully fuel and fill your bank account. Fueling your finances can be everything from educating yourself on the basics of money, making deposits into your savings accounts, purchasing a home, opening a business, or setting yourself up for retirement. Fuel your money with the respect an athlete does for their body.
A professional athlete doesn’t wake up and have it all figured out. It takes a team and consistent work every day. The same principles that apply to developing an athlete apply to developing your money skills. Improving your money game takes an effective training program, consistent practice, a solid coach, and healthy fuel. You may not see changes overnight—but if you stick to your game plan, anything is attainable. The choice is yours. Train your money like an athlete trains for success.
