As a sports fanatic, I was recently sucked into a string of YouTube videos on NBA superstar Lebron James (3-time NBA Championship winner and 4-time NBA Most Valuable Player). All sports lovers have found themselves in the ‘YouTube void’ before: it starts by clicking on a 25-second video and having suddenly watched another 4 ‘recommended’ videos, getting out of the office at 5pm is looking highly unrealistic!
I could share many personal stories about YouTube’s mind-numbing properties but today I found myself watching videos of Lebron James in his early years, playing high school basketball for St Vincent – St Mary High School. Thinking about his success, it is clear that many people had Lebron flagged as a future champion from a very young age which makes sense given the many years of training and sacrifices which he would have undertaken to play at the highest level.
Watching these videos was another timely reminder that ‘mastery’ of a particular sport or field is not something that anyone is born with. Whether you wish to achieve true success in basketball, the piano or your chosen profession, you will need the right guidance and regular training to move toward this goal.
Coming back to my role as a Financial Adviser there is an obvious parallel here: the professional sports stars and artists that we admire have all had to invest many hours of structured training over the long-term, and being elite with your finances is no different.
If you want to get the very most from your money – that is, to be in total control of your life without financial constraint – a tremendous amount of preparation and hard work will be required over the long term. In the same way that gifted basketball players don’t just walk into the NBA on talent alone (contrary to a few dozen films I watched in my youth), the vast majority of people will not walk the path to financial freedom simply because they enjoy a high household income.
If you wished to give yourself the best chance of making it as a sporting professional, you would seek out the professional support needed to help yourself meet this ambition. Likewise, if you are driven to achieve your financial aspirations you should look to get the professional support needed.
Great financial advisers will tailor a training program specifically for you and provide all the tools necessary to help you meet your own unique goals. If you feel that you should be achieving more given all of your efforts, get in touch with one! You may be doing your best to manage your finances but the right coaching and leadership will make you much more likely to reach your goal, and help you to get there sooner!
James O’Reilly is the Director of Northeast, a fast-growing financial advice firm that empowers clients to achieve meaningful financial progress and well-being. He's also the co-host of the Australian Retirement Podcast, one of Australia's fastest-growing podcasts.