If we plan and train for a sprint triathlon why do we find financial planning so daunting?

A dear friend of my mine and I have been toying with the idea of running a sprint triathlon for close to three years and each year we would come up with "acceptable reasons" on why a particular year was not the right year to do this.  Finally we came to the realization that without actually signing up for a race we will never commit to the required gruesome training and conditioning needed for one to be ready on race day.

Running and biking are what I considered conquerable feats for me, since I did run the Chicago marathon twice, albeit ten years ago but I still maintain I have an idea what to expect.  While not a fast runner I can definitely build up the endurance to run the distance.  Swimming on the hand has been overwhelming to say the least.  The swimming pool itself would be manageable, but Lake Michigan, well what more can I say.  It is not that I do not know how swim, quite the contrary.  Way back when in high school I was solid swimmer but years of growing up and all that goes with it I have not swam enough to call myself a comfortable swimmer.

Before I embarked on my plunge into the pool again I wanted to do the necessary research so that I am informed enough minimize any chance of injuries and; or fatigue.  I started consulting friends who have participated in  same type of race, as well as doing my share of goggling.  By the time I entered into the water I was fully informed. For example breaststroke, my swimming stroke of choice, while doable is not ideal for a triathlon.  Besides the fact that free style is a faster stroke but I can save my legs and use only upper body for that part of the race.

As I sat reviewing my meals for the coming week I came to the realization that we pay more attention and are more committed to our extra curricular activities than we are to the fundamental parts of our lives. We embark on life changing moves without doing a thorough  research.  Whether you are buying a home or renting there is more to a neighborhood than just the right school district.  While price and school district may fit into your needs, but spending an hour plus to and from work eats into the your time with the same family you are trying to ensure a good education, not to mention costs of wear and tear if using your own vehicle.

Take the time you spend working on your taxes as another example, most wait until the TV channels are flooded commercials tax preparations services or software and the deadline to file is looming.  Do you earnestly feel you do yourself justice with this timeline.  While the Internal Revenue Services offers an Extension of Time to file, said extension is not for payment of taxes.  US taxes are not the simplest by any means.  Each year comes along with it some changes and not having a full understanding can be a costly mistake.  Tax deductions, while beneficial, can be costly if the timing is all wrong or income phaseout limitations are not taken into consideration.

Most people are not comfortable the financial planning process.  Some find the questionnaire a little too invasive..  It is not easy handing over your personal information to a stranger but for a thorough assessment of your income vs your expenses a full disclosure is necessary.  If are not forced to sit down and take an account of spending we will never know whether or not you are on track to meet your goals.  Whether your income is a seven figure or five figure, everyone needs a plan.  No reasonable person embarks on a journey without some planning.  Destination, length journey (both distance and duration), expense are but a few of the items one would list before making a journey.  No one wants to run out of money before your journey is completed, so why do we embark on our life journey leaving so much to chance.  How come it is so difficult for people to prepare for their own retirement years?



1.  What will it take to save for a goal?
2.  401k-deduction-calculator-taxes
3.  Simple Savings Calculator
4.  What is your tax bracket?
5.  How long should you keep tax records?

When you refer to yourself as poor or in poverty do you have a true understanding of true poverty......

Growing up is generally fun and adventurous.  At each stage, whether it is our adolescence; early adulthood or adulthood itself; we always tend to feel we have the world figured out.  The most confident being the teenage years and that is because we are at our most fearless at this stage of our lives. We think we know what we want and that no one else understands, especially the adults.  Forgetting that said adults were too once teenagers.

As we grow older caution is introduced to our lives as life experiences teach and shape us.  As we see more of the world our views too begin to change along with it.  Lack of exposure can also limit our view of the world and our future. With each of us how we perceive our future has a lot to do with our life experiences to date and the degree of confidence we have  in ourselves matters a great deal.  How much perceived ownership you have in your life, present or future, depends on your view of the world around you.  There are those that will constantly seek  to learn more and acquire a better understanding as they map their journey through their life cycles.  But for others they have resigned themselves to their station in life.

For the latter, their resignation tends to be rooted in the philosophical argument of the "lottery of birth".  Some feel they were destined to fail.  To some extent there is some truth to this for those that were born in abject poverty.  Living in situations where every effort is spent on finding the next meal.  Some go for days without eating at all.  In these areas of the world, where a vivid absence of the "soup kitchens" that are a great "safety net" in western countries, untold suffering continues unabated.  For those in abject poverty the lack goes beyond basic human needs.  Survival, at best, is questionable.

For the majority that have the opportunity to be reading this article your lottery had a lot more personal choice attached to it.  You own where you are by pure choice.  Now I am not saying that you are guaranteed a seven figure salary, no not at all that would require a lot more education and some benefits of the lottery of birth".  For most in the developed world education or lack of it is a choice.  Quality of education is not necessarily a choice but some education at a minimum is availed to all.  A school within a certain distance, transportation is also an option are availed where necessarily.  When you were younger the choice might have been made for you by your parents but choice was still there nonetheless.  If your parents' income was under a certain threshold government assistance is at hand to provide food at school or link cards for food at home.  All that was required of you was to apply yourself at school for a better life than that of your parents.

Now I am not purporting that life is a walk in the park for all in the developed world, not at all.  Life is hard in the first world especially for those earning minimum wage, hence the debate over the need to increase it to a living wage.  Regardless of where you put yourself to live better we need to strive more.  While some of us may have a better foundation to build on and others none at all, the hardships endured should not deter one but only serve to inspire. If you think you are living in poverty then take the necessary steps to break the cycle of poverty even if it means asking help from others.  Somewhere in the world there is a young man or woman who would trade places with you at the drop of a pin.  To them your lottery was huge.

Soccer/football - World Cup and the USA - is it your choice watch or not to watch?

For a sports junkie like myself the last couple of months have been pig heaven; tennis, ice hockey, basketball, and now the FIFA World Cup - the icing on the cake.  For the rest of the world there is no one event bigger than the FIFA World Cup and I think having to wait for it for four years makes it even sweeter. Countries competing at the highest level; families, friends gathering around TV set in living rooms and bars worldwide.   People betting on games, tears of disappointment when teams under-perform, my own bracket fell apart within the first few games.     The excitement is intoxicating. 

I must admit with each World Cup the coverage in the USA improves significantly.  This year we have ESPN and Univision covering the matches.  Estimates have the viewership up approximately 37% on 2010's numbers. With a population of over 300 million this is a mere fraction watching the World Cup, but it is said to be good for a nation whose love for soccer/football is in its infancy.  When comparing it to the number drawn in by the Super Bowl which brags an all-time high of 109 million viewers, numbers are very small.  Those in the know credit the growth in soccer viewer to two main aspects.  The first being the ever expanding Hispanic population - soccer runs in their veins.  Second is the population brought up by "soccer moms" – for them soccer has been a part of their lives.

All in all some feel soccer will never be a big a sport in the USA as it is not a viable sport for commercial sponsorship.  This is a contradiction to the recent commitment by NBC Universal, which now offers coverage of the Barclays Premier League and Fox will be covering the German Bundesliga football.  Corporate America is dissuaded from sponsorship by the lack of timeouts during game.  During NFL football and NBA basketball these slots are used to load up with commercials – guaranteed number of eyeballs for advertising.

Which begs the question on programming that we see on TV - how much is free choice? How many games or programs are on air because they are popular?  How many programs are there simply because of the advertising revenue they bring?  Many confess to being part of the Super Bowl viewership solely for the commercials.

It is a given that the USA is a retailer’s dream but how much do we allow ourselves to fall prey to marketing.  How many of us make purchases out of true need?  How many after seeing ads over and over again are intrigued to try a new product?  When budgeting do you put aside money specifically for these purchases?  A good example is my favorite grocery store - Mariano's.  Their goods are stocked so perfectly and each visit leaves you over budget and it isn’t that they are expensive.  Quite the contrary, reasonably priced but the shelving is done so well that you see the perfect sides to that one item you went in for.  They cater to customer so well that you mentally make notes of items to pick up on your next visit.