Like many of you I watched a little football this past weekend. As a former competitive athlete I have an appreciation for the mental part of the game. Not to take anything away from the athletic abilities of the players, if you strip that away or could somehow even-out the talent on both teams you would find that it’s the team and players with the mental edge that will usually win.

I have been an athlete most of my life and once I made the transition to the business world after playing college football I found myself relying on the same qualities in business that served me well as a competitive athlete. In many cases they gave me an edge over my coworkers and competitors. I also realized that these qualities were not limited to athletes. They could be learned. So what is “the mental edge”?

One of my classmates from Stanford, Mariah Burton Nelson, who was a terrific competitive athlete in her own right in college (basketball), wrote a compelling book titled, We Are All Athletes, where she explores how everyone can apply the athletic qualities of champion athletes to everyday life.

To clarify, when I discuss the “qualities” of a champion athlete I am referring to qualities like discipline, goal-oriented, humility, commitment, courage and having a plan. Let’s take a closer look at these qualities so you have a better understanding of how you too can “think like an athlete and retire like a pro”.

1. Goal-oriented – Think for a minute about your favorite athlete or sports team. Do you think that at some point there was a goal or do you think that individual or team success “just happened”? I know from my own athletic experience I always had a goal. I wanted to be the best I could be in my sport. But I learned at an early age that wishing wasn’t going to get it done. I had coaches who helped prepare me and parents who encouraged me and a belief in myself that I could get there i.e. passion. I also had a belief in my ability.

   So how can you apply this to your retirement planning? Well, it all starts with goals; short-term goals (1-5 years) and long-term goals (5+ years). It involves you sitting down with a pad and pen (or iPad and stylus) and deciding on what your retirement will look like and how you will get there i.e. savings and investing goals, lifestyle and timeframe.

2. Have a plan – One of my college coaches, the late Bill Walsh (yeah, he coached at Stanford before his 49er fame), used to script the first 20 plays of every game. Part of it was contingency planning so if things didn’t go as planned there was another play to call that would address the new situation. We have to do the same with our own financial planning. We can hope to get a 7% return on our investments but what if we don’t? That is Plan B. A football team can plan for a strong running game, but what if the team comes out passing? How will they defend the change in plan? We have to know what the goal is and the plan will make sure we get there, maybe with a few detours but we will get there.
3. Humility – Hey, life happens, right? That’s what Plan B is about. Frankly this is a quality many athletes struggle with, how to be humble. What was that old poster from years back, “It’s hard to be humble when you’re as great as I am”? I’m sure we all know a few people who embody that saying. Humility and our financial lives do go hand in hand though. To me, humility means having respect for wherever we are in life and that applies to your financial life. So if you are not where you want to be financially, respect that and make a commitment to “put a stake in the ground” and say, this is where I start, today”.
4. Courage – It takes courage to be a champion athlete and it takes courage to execute a successful financial plan. Just like an athlete you make sacrifices and tough decisions for the good of your financial plan because you believe that your plan will take you to the “Super Bowl” of retirement whatever you perceive it to be. You own it.
5. Discipline – The most disciplined athletes are the most successful. Your discipline will be a reflection of how committed you are to realizing your financial goals. I put discipline and courage together. You can’t have one without the other. Discipline takes sacrifice. Your financial success will be a direct result of the disciplines you embrace. No it won’t be easy. Things worth having rarely are.
6. Commitment – Do you “walk your talk”? This is where games are won and lost and financial fortunes are made and lost. I’m not referring to staying with an investment or a plan that just isn’t working. Coaches change up game plans at halftime to respond to things that are working or not working. Commit to the right activities and behaviors. Change your plan as necessary and don’t do it alone.
7. Teamwork – Just as championship athletes rely on their team for their individual success we have to rely on our financial professional to help us develop and execute our financial game plan. This is no time for going it alone. The “stadiums” of financial planning are littered with retirees who went broke trying to do it themselves. Work with someone that you trust. Do it as a team!

You don’t have to be an athlete or even follow sports to embrace the qualities that go into a championship athlete and team. You are an athlete when it comes to building your financial success. Think like an athlete, retire like a pro!

Time Out! Which quality do you struggle with when it comes to executing a successful retirement income game plan? You can leave a comment here.