Olympic Fever

Like billions of people around the world, I’ve loved watching the Paris Olympics.

For Team Ireland, it’s been our most successful Olympics EVER 🥇🥇🥇🥇🥉🥉🥉

Four golds and three bronzes is no mean feat for a small nation like ours !! Not to mention two agonisingly close fourths for our amazing female 400 metre runners.

With the Paralympics still to come, here’s five lessons I’ve learned from Olympics 2024 to improve your financial well-being 💸

1. Non-comparison

Comparing your financial situation to others is unhelpful and often misguided. It can result in you feeling inadequate and jealous. 'Why are they so filthy rich while I’m here struggling?'

In the past, when I lived in a scarcity mindset, I watched the Olympics with a tinge of envy for the athletes. 'Why are they getting to follow their dream while I’m here still trying to figure everything out?'

Now I can applaud, cheer and admire them without feeling inadequate or jealous. This was also evident amongst the athletes themselves. For the most part, there was a real sense of camaraderie and support for each other. A culture not always evident in such a competitive environment.

The ability to genuinely celebrate the success of others comes from non-comparison and an abundant mindset. I realise now that the talent and success of others doesn’t detract from my contribution to the world. In fact, by whole-heartedly celebrating the success of others, it is far more likely that I will realise my own personal, professional and financial potential.

2. Non-definition

Too often people associate their net worth with their self worth. Doing well financially - 'I’m a powerful capable person'. Not doing so well or facing challenges - 'I’m a failure'.

We can learn from Olympic gold medalist Kellie Harrington not to define ourselves by our external achievements. In her interview after her semi-final in Paris, she reminded us that “It’s only sport at the end of the day, it doesn’t define me as a person”.

Tying our financial situation to our sense of self is unhelpful and can be destructive.

Yes it is great to enjoy a healthy financial situation and those who have created that can be immensely proud. It does not, however, define them.

Equally, those who face financial difficulties will emerge from those challenges more easily if they realise that their current financial situation does not define them.

Replacing the word sport with money in Kellie’s quote can serve as a useful reminder to all of us. It is also beneficial to remember that our current financial situation is temporary and can change.

3. Enjoy the journey

Watching Rhys McClenaghan take gold in the Pommel Horse with my gymnastics mad daughter was special 🤸‍♂️ Even more special were his comments afterwards inspiring everybody at home to “find a dream you love, chase it, and enjoy that journey.”

What I especially loved about Rhys' words was the emphasis on enjoying the journey. The Prince of the Pommel went on to say “if I fell on my bum today, I still would have loved this journey every second of it".

We can have dreams to transform our financial situation and financial goals can support us with that. If we are not enjoying the journey on our way to achieving these goals, it may be useful to reassess and explore alternative routes 🛣

So whatever you are working to achieve in your financial life, take Rhys’ advice and “enjoy that journey” on the way to that gold 🪙

4. Ask for help

After winning two back-to-back Olympic gold medals, Kellie Harrington told RTE "I have absolutely no shame in reaching out and asking for help." 🥇🥇

While her advice was directed at aspiring athletes, it can be applied to life in general and in particular your financial life.

Whether you are in financial distress or building a financial empire, it is important to ask for help. There is always someone willing to guide and support you whether that is a friend, family member, advisor, coach or your GP.

The circumstances of your situation will determine who you approach and the type of support you need.

Remembering Kellie’s advice that there is absolutely no shame in asking for help may not win you two Olympic golds. It may, however, be just the catalyst you need to transform your financial situation 💸

5. The best things in life really are free

The joy I experienced watching the spectacle that was the Paris Olympics and sharing that experience with friends and family was special 💗

It reminded me that the best things in life really are free.

Does that mean that I will be satisfied to watch Olympics 2028 from the couch with no desire to go to LA? Not quite! The sight of Red Hot Chilli Peppers on Venice beach did set me California dreaming.

I have no idea whether my LA dream will become a reality. I do know that I will do my best to enjoy the journey of the next four years, whatever it holds…