The benefits of bad experiences and failures

+ what can we learn from the Olympians

The Olympic Games is official over! As always, there was no shortage of drama and controversy. But you know what? At the end of the day, the whole vibe, the discipline, and the pure athletic power of these Olympians is just downright inspiring. It always leaves me feeling a little bittersweet, where everyone looks forward to the next one in four years.

Anyway, beyond the sportsmanship and the epic closing ceremony, there were a few Olympian stories that really caught my attention this year. These athletes have been through some serious life challenges and failures, but they just kept pushing forward, hoping for a better future for themselves.

Let me tell you about three of them and how you can apply that mindset to your personal finances.

#1 Your present self doesn’t define your future self

Noah Lyles, the fastest sprinter of the moment, posted after his gold medal victory:

“I have asthma, allergies, dyslexia, ADD, anxiety and depression. But I'll tell you what you have doesn't define what you become.”

Too often, I hear “I had this trauma from my parents”, “my teachers didn’t tell me”, “my partner didn’t do it”, or “I have ADD”, And they use all that stuff as an excuse to not take action.

I truly believe in luck. There are some people who are born into households with no financial issues, no emotional or physical abuse. And then there are others who are born in the middle of a war zone

Yet, when you look at the most successful people in the world, they come from both of those extreme backgrounds.

So what's the difference? It's their willingness to take action, while still considering their unique situation.

How to apply it to personal finances?

Regardless of your income, where you live, what kind of trauma you've been through, what health issues you have - you can become whoever you want to be. You can take any steps today to build up your financial confidence and your wealth. It might be as simple as checking your bank account, opening an investment account, planning for your retirement, setting a mindful spending plan, creating a payday routine…

It might not be easy, but it's all about just getting started and taking it one step at a time.

#2 It’s never too late to get started

Zeng Zhiying Tania, thought her Olympic dream was over after she quit China’s table tennis team in 1986.

Some rule changes in the sport which impacted her game strategy led her to retire from table tennis when she was only 20.

Fast forward 38 years though, the now 58-year-old Tania just made her Olympic debut, representing Chile, of all places.

In 1989, she moved to Chile after receiving an invitation to coach children there.
Years later the COVID pandemic hit, and Tania was back in the game!

Even though, she lost, she doesn’t feel sad, because she achieved her dream to become an Olympian! I'll definitely be rooting for her in LA 2028.

How to apply it to personal finances?

It's never too late to go after your goals. In an ideal world, we'd all have started investing when we're 11 years old - like Warren Buffet - or when you get your first paycheck. But the reality is, life happens, and sometimes we have to take a detour.

The important thing is just get started. Don't ever tell yourself it's too late - because it's not (especially in today’s era, where life expectancy is up to 120 years old!). Just take that first step, wherever you're at.

“The best time to plant a tree was 20 years ago. The second best time is now.”
– Chinese Proverb.

#3 It’s about getting up every time you fall

Sifan Hassan left Ethiopia as a refugee and arrived in the Netherlands at age 15.

Last year at the World Championships in Budapest, Sifan tripped near the finish line of the 10,000m race, crushing her gold medal dreams.

On the ground, she told herself:

“When I fell down, everything came into my head, a thousand things. I was like, ‘OK, I have to calm down, I can’t cry because I am already a success, I have to be a role model for people who have challenges’ […] Did I lose my teeth? No. Did I lose my hand? No. I’m OK, I’m healthy, I have to be grateful.”

Sifan's been through a ton of mental and physical struggles in her life, but she's learned to just go with the ups and downs.

Life is unpredictable and that makes it interesting.

In the end, Sifan secured a bronze medal in both the 5,000 m and 10,000 m, plus a gold in the marathon. Not too bad, right?

How to apply it to personal finances?

In life, and in our finances, there's always going to be stuff that's completely out of our control. Interest rates spike, the stock market crashes, you have a tenant who suddenly stops paying rent - the list goes on. Those kinds of curveballs can feel absolutely devastating in the moment.

But the real test is how you respond to those setbacks. The true measure of success is your resilience - your willingness to get back in the game no matter what gets thrown your way.

And it always gets better eventually. After the dark times, the light is gonna shine through. And you know what, those hardships actually make the good times that much sweeter.

Build your financial confidence and your Olympian mindset!

Sophie

PS- If you want to read how I set rules to win every single time, read my previous post here