With so much talk of economic challenges and post-election results, it’s natural to feel some worry about what the future holds. Billionaire Ray Dalio recently highlighted financial concerns in this Business Insider article like rising debt and inflation, suggesting how important it is to prioritize budgeting for essentials. While some things are out of our control, there are steps we can take to secure our own financial future and mental well-being. For athletes especially, channeling skills developed through sports—resilience, focus, and discipline—can be a powerful foundation for long-term success. Here are a few ways to take ownership of your future.
8 Ways to Own Your Future
Set Clear Financial Priorities and Budget Wise. Dalio’s advice on budgeting for essentials serves as a great reminder to focus on needs over wants. Start with the basics: housing, groceries, transportation, and healthcare. Use a budgeting app or tool to track expenses, ensuring you’re not overspending in any category. This approach allows you to build a strong financial foundation, so any excess funds can go toward investments or savings instead of discretionary purchases.
Invest in Yourself Through Education and Skill-Building. Athletes know the value of practice and preparation, and this applies to finances too. Consider learning about investing, personal finance, or even a side hustle that aligns with your skills and interests. There are numerous online courses available, often for free or at low cost, covering topics from financial literacy to digital marketing. Skill-building ensures you’re prepared to pivot or seize new opportunities as they come, creating additional layers of security.
Create Multiple Income Streams. While your sport may have required single-minded focus, diversifying your income can provide more security. Whether it’s a side job, freelance work, or monetizing a hobby, multiple income streams protect against economic downturns and unexpected changes. Former athletes, for example, might find opportunities in coaching, content creation, consulting, or personal training. These pursuits not only add financial stability but also give you a chance to leverage your skills and connect with new communities.
Develop a Savings Cushion for Peace of Mind. A key aspect of financial security is having a cushion to fall back on. Aim to build an emergency fund that covers 3-6 months of living expenses. This takes time, but even small, consistent contributions add up over time. Years ago, there were times I could only contribute $10 or $25 of my paycheck into a savings account. Something is better than nothing! Having a financial buffer gives you the peace of mind to handle unexpected costs without resorting to debt or financial stress. If possible, automate these contributions, treating them like a bill, so the fund grows steadily.
Practice Mental Health Habits That Foster Resilience. Athletes understand the importance of a strong mindset in achieving goals, and this is true for navigating uncertainty as well. Create routines that support mental health, such as meditation, exercise, or journaling. These habits improve focus and reduce stress, helping you approach challenges with a clear mind. As with physical training, consistency in mental wellness pays off over time.
Invest in Relationships and a Support Network. In sports, teamwork is essential, and the same goes for life. Build and maintain strong relationships with people who support and encourage your goals. These can include mentors, former teammates, or family members who offer both emotional support and practical advice. A network of trusted people provides stability, helping you stay grounded and motivated even in uncertain times.
Set Long-Term Goals and Break Them Into Actionable Steps. Athletes are no strangers to setting big goals and working consistently toward them. Take a similar approach with your finances and career. Define what success looks like for you over the next 5 to 10 years, then break it down into manageable steps. For example, if you want to buy a home or start a business, outline the specific financial steps required to make it happen, from savings goals to potential investment plans.
Limit Media Consumption and Focus on What You Can Control. Best believe that I will be limiting my social media consumption over the next few years. Staying informed is essential, but constantly consuming news—especially about economic uncertainty—can lead to unnecessary stress. Set limits on how often you check the news, and instead focus on actions you can control. This way, you stay updated without allowing outside forces to dominate your mindset or disrupt your focus.
By emphasizing control over daily habits, financial planning, and personal growth, athletes can turn their training-ground skills into tools for financial and mental health success. While some external events are out of our control, these steps can help you navigate challenges with confidence and resilience, no matter what lies ahead… we got this!