Financial Lessons from the 2024 Olympics: Achieving Gold in Your Finances

The 2024 Paris Olympic Games have been more than just a showcase of physical prowess and national pride. Beyond the thrilling sportsmanship and the spectacle of global unity, the Olympics offer valuable lessons in personal finance and investment management. From star athletes like Canadian swimmer Summer McIntosh to elite training staff, it takes years of dedication and preparation to become an Olympian. These athletes often face significant setbacks and challenges, all in pursuit of the ultimate goal—Olympic Gold.

The Paris 2024 Games have been nothing short of inspiring, offering countless anecdotes from the personal journeys of these remarkable athletes. Just as they prepare, strategize, and execute their plans to achieve success, we too can apply these principles to our financial lives. Here are some key financial lessons inspired by the Olympics.

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Lessons on Long term Planning  - Armand Duplantis

Armand “Mondo” Duplantis entered the 2024 Paris Games as the reigning Olympic champion, not just with the goal of winning gold again, but with the ambition to cement his legacy as the greatest pole vaulter of all time. Having already secured Olympic gold in Paris, Mondo set his sights on breaking both the Olympic and world records he currently holds.

After an initial failed attempt at the world record, Mondo sought guidance from his father, Greg Duplantis, a former American pole vault champion. Reviewing video footage of his approach, they discussed strategy, refining his technique and approach. With renewed focus, Mondo made his way down the runway with determination, and after a flawless execution, he soared to a new world record.

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Financial Lesson

Mondo's journey is a powerful metaphor for the importance of financial planning from an early age and the benefits of educating children about the value of strategic planning. Just as Mondo was immersed in the world of pole vaulting from a young age, financial literacy and planning skills instilled early in life can set the foundation for future success. Mondo’s achievements didn’t happen overnight; they were the result of years of planning, strategic execution, and constant refinement.

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The Mindset of a champion - Yasmani Acosta(Blue) and  Mijain Nunez (Red)

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The Men’s Greco-Roman 130kg Gold Medal match at this year’s Olympics is a powerful illustration of the mindset of a champion and the tenacity required to achieve ambitious goals—principles that apply just as strongly to financial success.

Mijaín Núñez entered the match as a living legend, aiming for his fifth consecutive Olympic gold medal. His journey was one of dominance, where his technical abilities and strategic prowess had carried him to the top of the sport for nearly two decades. For Núñez, this match was about more than just winning; it was about solidifying his legacy as one of the greatest Olympians of all time.

On the other hand, Yasmani Acosta’s story is one of relentless perseverance and determination. Acosta, originally from Cuba, had spent years watching the Olympics from the sidelines, knowing he had the talent to compete at the highest level but being unable to represent his country due to its strict athlete selection. In the true spirit of a champion, Acosta refused to let this setback define him. He moved to Chile, worked as a security guard while awaiting citizenship, and trained tirelessly to keep his Olympic dream alive.

When the time came, the match between these two competitors was monumental. Núñez’s technical superiority led him to his fifth gold medal, securing his place in history. However, Acosta’s journey to the silver medal was a testament to his tenacity. Despite all the odds, he pursued his dream with unwavering determination and achieved a remarkable victory by simply making it to the Olympics and standing on the podium.

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Financial Lesson

This story mirrors the journey of financial planning and the importance of adopting a champion’s mindset when it comes to achieving your financial goals. Just as Núñez meticulously honed his skills over the years and Acosta relentlessly pursued his dreams despite numerous obstacles, financial success requires a similar level of focus, discipline, and resilience.

Financial goals, like Olympic dreams, often require long-term commitment and the ability to overcome setbacks. Whether you’re saving for retirement, paying off debt, or building wealth, it’s crucial to remain tenacious and keep your eyes on the prize. Just as Acosta didn’t let early setbacks stop him from pursuing his Olympic dreams, you shouldn’t let financial challenges derail your long-term goals.

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Rising above adversity - Sha'Carri Richardson

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Sha’Carri Richardson’s journey to redemption began in 2020 when she was disqualified from the Olympics after testing positive for cannabis, just as she was poised to make her Olympic debut. The setback was crushing, both mentally and physically, but instead of letting it define her, Sha’Carri used the experience as motivation to come back stronger. In 2021, she ran a personal best of 10.72 seconds, becoming one of the fastest women in history. By 2023, she had won gold at the World Championships and secured a silver medal at the 2024 Olympics, proving that her story was one of resilience and determination.

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Financial Lesson

Sha’Carri’s ability to bounce back from adversity is a powerful reminder that setbacks don’t have to be the end of the road. Just as she channeled her disappointment into motivation, we too can learn from our financial mistakes. Whether it’s overspending, accumulating debt, or making poor investment choices, the key is to acknowledge the mistake, learn from it, and use it as a springboard for future success.

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Closing

The stories of Armand Duplantis, Mijaín Núñez, Yasmani Acosta, and Sha’Carri Richardson are powerful examples of what it means to have the mindset of a champion—whether in sports or in financial planning. Duplantis demonstrated the importance of long-term strategy and execution to achieve greatness. Núñez showcased how consistency and mastery can solidify a legacy, while Acosta’s journey exemplified the power of tenacity and the will to overcome obstacles. Richardson’s remarkable comeback serves as a testament to resilience and the ability to turn setbacks into opportunities. Together, these athletes remind us that achieving financial success requires a combination of planning, resilience, and the unwavering determination to rise above challenges and reach our goals.

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This information has been prepared by Kondwelani Kalinda who is a Associate investment Advisor iA Private Wealth Inc. Opinions expressed in this article are those of the Associate investment Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.

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