Financial lessons we can learn from the 2024 Olympics

The 2024 Olympics in Paris have offered us more than just awe-inspiring athletic performances and unforgettable moments —they've provided valuable lessons that can be applied to other areas of life, including your money. From mastering the right mindset to embracing resilience, the world’s top athletes have shown us how the makings of success like determination and consistency can pay off in the long run.

To celebrate them and to motivate you, today’s post highlights stories of these Olympians and how what we learn from them can guide you toward financial success to get the gold!

1. Your Mindset Matters: Lessons from Simone Biles (USA, Gymnastics)

Simone Biles after Team USA won the 2024 Olympics; Loic Venance/AFP/Getty Images

Simone Biles, one of the most decorated gymnasts in history, has continued to showcase her resilience and mental strength in the 2024 Olympics. After prioritizing her mental health after the 2021 Tokyo Games, Simone returned to the 2024 Olympics with renewed focus, adding four new medals (including 3 gold!) to her collection.

Biles’ journey emphasizes the importance of having the right mindset to accomplish, well… anything! But also when it comes to your money.

No matter where you are in your financial journey, your mindset is everything. You need a positive, abundant mindset to believe in your ability to achieve financial goals, whether that’s paying off debt or building wealth. Your mind is also especially crucial when it comes to investing, giving you the mindset you need to whether the ups and downs of the market as you build wealth.

Actionable Advice: Start by setting clear financial intentions and regularly affirming your ability to reach them. You might also break your large goals down into smaller milestones to grow confident as you pursue them. Begin each week by writing down your goals and visualizing your success — did you know several Olympians use visualization techniques before their events? It’s true! This will help you stay motivated and focused.

2. You Can Bounce Back: Lessons from Rebeca Andrade (Brazil, Gymnastics)

Rebeca Andrade's story of resilience is a powerful reminder that setbacks don’t have to define us. After suffering a severe Achilles tendon injury in 2023, Andrade could have let that be the end of her gymnastics career. Instead, she fought back, returned stronger, and won a gold medal at the 2024 Olympics. Her journey teaches us that financial setbacks are just temporary and can be overcome with determination.

In your financial life, you might face unexpected expenses, a job loss, or other financial challenge, but just as Andrade didn't let her injury stop her, you shouldn't let these obstacles deter you from your goals.

Actionable Advice: If you encounter a financial setback, revisit your budget and adjust your financial plan as needed. Consider building an emergency fund to provide a cushion for such unexpected events, ensuring that one setback doesn’t derail your entire financial journey.

3. Consistency is Key: Lessons from Gabby Thomas (USA, Track and Field)

Harvard grad, Gabby Thomas wins 200 meter final at 2024 Paris Olympics; Women’s Wear Daily

Gabby Thomas, a U.S. Track and Field star demonstrated that consistency pays off not only in her athletic career but in other aspects of her life as well. Known for her disciplined training and academic excellence — Gabby holds a degree from Harvard and is pursuing a master’s in epidemiology —Thomas secured another medal in the 2024 Olympics, proving that her consistent effort across all areas of life yields success.

In your financial journey, consistency is equally crucial. Whether your regularly contributing to your savings, sticking to a budget, or investing over time, small, consistent actions lead to significant results.

Actionable Advice: Set up automatic transfers to your savings or investment accounts each month. This simple step ensures you’re consistently working toward your financial goals without needing to think about it, much like how Gabby Thomas trains daily to achieve peak performance.

Want some help getting started? Check out my Financial Goals workshop here.

4. Keep It Simple: Lessons from Yusef Dikeç (Turkey, Shooting)

Yusef Dikeç, the Turkish Olympian in shooting, has shown that you don’t need expensive tools or flashy techniques to achieve greatness. Competing in a sport that demands precision and calm, Dikeç focused on mastering the basics and kept his approach simple. His silver medal win at the 2024 Olympics, alongside his shooting partner Sevval Ilayda Tarhan, highlights not only the power of simplicity but also the importance of surrounding yourself with the right people.

Just like Dikeç, you can start your financial journey with whatever resources you have. Focus on the fundamentals of budgeting, saving, and investing, and build from there. Additionally, who you surround yourself with can significantly impact your financial success, much like Dikeç and Tarhan’s partnership led them to Olympic success.

Actionable Advice: Evaluate your current financial habits and those of the people around you. Join a community or find a mentor who shares your financial goals to help you stay on track and level up your money management.

5. It’s a Marathon, Not a Sprint: Lessons from Katie Ledecky (USA, Swimming)

Katie Ledecky won the 1,500-meter swim so far in advance of her competitors that they were out of view. Incredible!

Katie Ledecky, a long-distance swimmer for Team USA, has once again dominated the 2024 Olympics by winning the 1,500-meter freestyle. Known for her endurance and ability to stay focused over long distances, Ledecky’s performance is a reminder that success, whether in sports or finance, is often about persistence and long-term dedication.

Similar to the 1,500-meter swim, your finances are more of a marathon, not a sprint. It requires patience, focus, and consistent effort over time. Whether you’re paying down debt, saving for retirement, or investing, remember that progress may be slow, but steady wins the race.

Actionable Advice: Break your financial goals into smaller, manageable milestones, and celebrate each achievement along the way. This will help you stay motivated and keep moving forward, just like Katie Ledecky pushing through each lap to reach the finish line.

6. Be Authentic: Lessons from Ilona Maher (USA, Rugby)

Ilona Maher, a key player for the U.S. Women’s Rugby Team, is celebrated not just for her athletic ability but for her authenticity. Maher is known for being true to herself, embracing her multifaceted personality, and proving that women can be beasts at whatever sports or passion they pursue, while simultaneously embracing all their femininity. If you aren’t already following her on TikTok or Instagram, you should (@IlonaMaher)! Her story teaches us the importance of aligning our actions with our personal values, with is just as important when it comes to your finances as it is in an arena.

In your financial life, being authentic means making decisions that reflect your true self and values. Whether it’s spending money in a way that feels comfortable, not overspending just to keep up with friends or family, investing in companies or supporting causes you believe in, or choosing a career that aligns with your passions, let your financial choices be a reflection of you.

Actionable Advice: Take some time to identify your core values and assess whether your financial decisions align with them. Adjust your spending, saving, and investing habits to better reflect what matters most to you.

7. Diversify Your Income Streams: Lessons from Snoop Dogg (the D-O-double “G”)

Just *some* of Snoop Dogg’s outfits at the 2024 Olympics; Getty Images

Snoop Dogg, though not an Olympian, is a master of diversification, and a surprising favorite at the 2024 Olympics for his engaging, relatable, and hilarious commentary as an official Olympics NBC correspondent. Best known for his work in music, he’s managed to expand his brand and business into other areas like cannabis, media, and now Olympics correspondent, proving that having multiple income streams is a smart strategy. Snoop’s success highlights the importance of not relying on just one source of income, which can provide financial security and growth opportunities.

In your financial journey, diversification is key to building and protecting your assets, especially when it comes to investing. Just as Snoop Dogg doesn’t rely on one industry, don’t rely solely on one income stream or one investment if you want to take your finances to the next level.

Actionable Advice: Explore side hustles, freelance opportunities, or investments in different asset classes to create multiple income streams. Diversifying your income not only increases your earning potential but also provides a safety net in case one source of income decreases or disappears.

Want to learn how you can start investing today? Check out my Investing 101 Workshop.

The Closing Ceremony

The 2024 Olympics have not only delivered unforgettable athletic moments but have also provided us with valuable lessons you can apply to your finances. From mindset and resilience to consistency, simplicity, authenticity, diversification, and long-term focus, these Olympians and icons demonstrate that some qualities, like persistence and dedication, can pay off big time. By applying these lessons to your financial journey and taking actionable steps, you can build a strong foundation for achieving your goals. I hope this blog post offers some inspiration and wish you the best on your financial journey!