As 100m sprinter Usain Bolt propelled his way through the finish line in an astonishing world-record time of 9.58 seconds, Jamaica and the rest of the world celebrated his magnificent race. At the 2009 Berlin World Athletics Championships, Bolt definitely cemented his place in history as a legendary sports hero.

As I reflected on his amazing career, I realised that Bolt is more than an inspiration to aspiring athletes; he is also an example of what it takes to be successful with money. Here are some of the lessons that Bolt can teach us about our finances:

Examine What You’re Doing Wrong

My earliest memory of Bolt’s running was of a youngster who seemed to be struggling as he raced. Biting on his chain with a pained grimace on his face, he was a far cry from the smooth sprinting machine that he is today. Many of us find the financial race similarly difficult – despite our best efforts, it seems that we don’t have what it takes to win.

To correct improper techniques in sports, you first have to figure out what you are doing wrong. It’s the same process with money – to fix your finances, you first have to get honest about your errors. Use a budget planner to really examine how you are spending your money; if you’re in debt, write down all your loans to see the total picture. The forms to help you with this self-examination are available at www.financiallysmartonline.com.

Your budget planner will show you if you are spending too much on non-essentials, or if you really are not earning enough for your basic needs. The debt tracker will point out if you have been depending on credit to finance your lifestyle, and if you have borrowed more than you can afford to repay.

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Get Professional Advice

Once you have a clearer picture of your money mistakes, you need to figure out how to fix them. Bolt’s fortunes turned around when he worked with his coach to master new techniques that brought him the desired success. Similarly, you need to get help from professional financial advisors who can show you the right way forward.

There are various ways to learn the right money habits – you can go to public seminars put on by financial institutions; buy books by money experts; read newspaper and Internet articles; listen to CDs and radio programmes; and watch television shows or DVDs about personal finance.

Just as Bolt discovered, individual coaching can make a big difference. Check with your financial institution to see if they offer one-on-one advisory services, and find a representative who can work with you to create a financial plan of action.

Practise Patiently And Persistently

Getting the right coaching is important, but that’s not enough to create a world champion. Bolt understood that his techniques wouldn’t change overnight; he had to put in hours of determined practice, and patiently kept on persisting until they became ingrained habits.

So it is with becoming successful with money. We have to persistently apply the lessons we learn – budgeting to live within our means, resisting the temptation to overspend, saving consistently, planning for long-term goals, using debt to our advantage, and making wise investment choices – and being patient with ourselves until they become habitual actions.

Believe That You Can Achieve

Another quality that contributes to Bolt’s current success is his unshakable confidence in his abilities. Once he corrected his techniques and properly prepared himself, Bolt knew that he could win any race. Although it’s important for his body to be completely fit, Bolt recognises that the right mental state is the first key to success.

I have seen many people who remain in financial difficulties, not because they don’t know what to do, but because they don’t believe that they can really achieve a better life. If you doubt yourself, it might be helpful to read books such as The Power of Positive Thinking and You Can If You Think You Can by Norman Vincent Peale, and Brian Tracy’s Maximum Achievement.

Keep Focused On Your Goals

Like a blinkered racehorse, Bolt always keeps the finish line in focus once the starter’s gun has gone off. He exhibits a sense of urgency that forces him to keep going despite the effects of pain or the efforts of his competition.

You must realise that becoming a financial success is a journey, not an event. Life will throw obstacles in your way and disappointments will come. Too many people lose the race because they give up at the first sign of trouble. Despite the challenges that may arise, you have to keep focused on your goals by continuing to do the right actions, or by making corrective changes to your strategy if necessary.

So, you don’t have to run like lightning to be like Bolt – just apply his success principles to your financial life, and you can become a champion with money!

Copyright © 2009 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, August 20, 2009

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl