I have a weight set in the garage. It's a nice weight set. In fact, there's about half a Crossfit gym down there—nice bench/squat rack, padded floor, bumper plates, a real powerlifting barbell, pull-up bar, kettlebells, you name it. So why am I not built like those guys with huge chests and shoulders? Probably for the same reason you're broke.
I'd like to have a huge chest and shoulders. It would be useful at times and pretty fun to look good. My wife would probably appreciate it too, especially when it was time to open jars. I even know how to get a huge chest and shoulders. I've read books on bodybuilding and weightlifting, taken classes, and know all the techniques. I've applied all those techniques before in the past for months at a time while I was an intercollegiate (club) hockey player and while I was deployed with the military. I've even had a big chest and shoulders before. But not now. I look in the mirror and think, “That guy looks kind of scrawny.”
3 Reasons Why I'm Not Buff and Why You Don't Have Any Money
# 1 I Don't Actually Enjoy Working Out
I want to work out. I want to be strong. I want to look good. But at the end of the day (and it's often at the end of the day) I don't actually like lifting weights much. There are some forms of exercise I like. I enjoy mountain and road biking. I like to play hockey. I enjoy hiking, canyoneering, and rock climbing. But going down in the cold garage and doing pull-ups by myself? No, that's like running. At least with running I can hit some trails around the house, see the sun, and maybe even compete a bit with others. But down in the garage, I'm just like the loser in the Weezer song.
How is that like finances? Guess what? If you hate learning about finance and you hate actually doing finance, you're probably not going to be successful at finance. But if you actually look through the business section of a newspaper (or its modern equivalents), follow a financial blog, occasionally read a financial book and enjoy putting in mutual fund buy orders, figuring out your asset allocation, and building a spreadsheet, then guess what? You're far more likely to do it and far more likely to be financially successful.
“But I can pay someone to do that for me,” you say. Not really. Hiring a financial advisor is like hiring a personal trainer. You still have to show up at the gym. You still have to get on the treadmill. You still have to pump the iron. You just know there's going to be someone at the gym when you get there who will yell at you to “PUSH!!!” and “Sprint! You run like a pregnant mule!” It's going to cost you something to have a personal trainer and a gym membership, but if it helps you reach your goal, then it's probably worth the expense.
# 2 I Lose Any Progress Made Very Quickly If I Drop the Habit
The really lame thing about weight lifting is what happens when you quit. And I know because I've quit a lot. Within a week you've lost the gains from your last work-out. By two weeks, you're going backward. By two months, you're basically back at your base level of fitness. That's really not all that different from finance. If you quit living relatively frugally, quit saving, quit making smart investment decisions, etc., you can rapidly undo all the progress you've made. One episode of selling low in your entire career could be irreparable. Splurging on a fancy new car could eat up two years worth of retirement savings. A foreign vacation could cancel out a year's worth of brown-bagging it to work. Letting your insurance policy lapse accidentally undoes all that work you did to set it up. Being wealthy, like growing your pecs, is a process, not a destination. Abandon the path and you'll rapidly find yourself hemorrhaging wealth as quickly as my biceps atrophy.
# 3 I Have Other Priorities
The main reason, however, that I lack a muscular physique, is simply that I get busy. I've got a job. I've got another job. I've got a wife and four kids. I've got a dozen hobbies. I volunteer with two organizations and serve on several committees. I have people hounding me to come speak to them. My business manager pesters me to write another book. My kids want me to come to their soccer games and take them to the dollar theater and jump on the trampoline. The mountains keep calling and at times I cannot resist the siren call. So what doesn't get done? Working out. In your case, maybe it's reading that financial book. Or meeting with that advisor like you know you should. Or actually looking at your 401(k) and understanding what you're invested in. Or getting disability insurance, or an estate plan, or refinancing your student loans.
Q. So How Do You Stop Being Broke?
A. SMART Goal Setting
Each year we make a New Year's Resolution. Maybe it works, but probably not. Maybe we make a little progress during January, but we've probably fallen off the wagon before President's Day. No, a resolution isn't going to cut it. We need a real plan. Here's the plan:
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- Set a real goal, a SMART goal—Specific, Measurable, Attainable, Realistic, Time-Specific.
- Write your goal down along with the plan to achieve it.
- Share your plan (at least the appropriate parts) with everyone—spouse, kids, co-workers, Facebook, whoever. Let your support people support you.
- Figure out what you're going to drop from your life in order to add this new thing. You cannot manufacture time. If there is nothing in your life you're willing to exchange for this task, chances are you will never achieve it because it isn't important enough to you.
- Do your most unpleasant tasks first. Whatever you put off until last is most likely to not get done, especially if you don't enjoy doing it.
- Focus on the rewards of the task, rather than the unpleasantness of the task. What will financial success or financial independence allow you to do that you want to do?
Take one step at a time. Many financial tasks are “set and forget.” Do those first. You only have to buy life and disability insurance once. You can fund 529s or HSAs or Roth IRAs in one fell swoop once a year. A will is good for years. But even the more time-consuming tasks can usually be broken up into smaller pieces.
Set some goals and let's “gitter done!” Maybe by the time I have big pecs, you'll be rich.
[Editor's Update: I actually started working out again after writing this post, but I've quit and restarted three times between writing it and publishing it.]
What do you think? Why is it so hard to do things that we know we should but don't really want to do? How has goal-setting helped you to make financial progress? What are some of your goals for this year? Comment below!
I have found that New Year’s resolutions are easier to stick with when they become part of your daily routine. I made a New Year’s resolution to eat healthier this year, and I have been successful (so far). It was hard at first, but once it became a habit, it has slowly become easier over time, but it is still not yet easy.
What? I thought all that equipment in the garage was for your wife. She is the only one I have ever seen using it! Or maybe it was to create such an obstacle that your mother-in-law wouldn’t come visit anymore?
Wow! I feel so honored. 1000 blog posts over 6 years and this one, this one, is the first one my mother-in-law has commented on!
Welcome!
Bro, do you even lift?
I interview future residents and one of the questions I ask is to give a goal they’ve made and how they plan to achieve it (interviews were in Jan so was a good time to ask). Only 1 person gave me a goal that met the SMART criteria.
1001… 1002… 1003… It’s a deep burn. 🙂
You know, I’d like to have chiseled pecs and not be broke, but if I had to choose only one, I’d go with “not broke,” and maybe just a functional physique.
The good thing about money management is most of the heavy lifting is done early on. Once you’ve got your plan, goals, and process down, the maintenance can be fairly minimal.
1004.. 1005… I can barely lift my arm ’cause I did so many.
Cheers!
-PoF
Yeah, but 12oz curls don’t count PoF.
Try following starting strength, I got started lifting with it and found it helpful. Its all about the glutes anyway stop worrying about your pecks. Start banging out the squats and deadlifts.
I agree with that. It’s amazing how much overall strength goes up when squats and deadlifts are included in the regimen.
What? No way, glamor muscles take priority in the beachier parts of the country.
It all comes down to motivation. Intrinsic motivation , that which is not tied to some external reward, is better at motivation. What is the internal benefit of bigger pecs to you? There might be an external benefit of compliments from others but it’s probably not enough. The same with Finance. If you want it because of something like the fear of going broke or ability to pay for x, or even ability to retire you’ll succeed. If you want it though because someone else has it, told you to get it, or you feel it will change how others view you… well then your hosed.
Any goal must be broken down into small chunks and each win celebrated. So if I want to to get to where I can do 100 push-ups in a row, I need to break that down into the units I can reasonable accomplish. If I want to save $10K by the end of the year, break that down into weekly and monthly goals.
I’m working on saving and training for an Ultra. When I hit the smaller unit markers, I have to celebrate. Have people you can celebrate with. It isn’t a lot of fun looking in the mirror at your self, but with your wife standing by your side…now we are talking. :O)
Is Wheezer an a cappella group of pulmonologists?
The band name is Weezer, but I love the reference, and I love this article.
Scrawny fourth-year med student here–hoping my dedication to reducing student loan debt and making smart financial decisions is better than my dedication to weightlifting! These tips from WCI should help!
Oops, I’ll get that fixed!
I think Weezer’s Greatest Man That Ever Lived is more applicable to WCI. Pecs or no pecs.
Some great skiing in the video, too. https://www.youtube.com/watch?v=npn34yn8GJE
So I can’t decide if this post is about us motivating you to get better about strength training or for you to motivate us about getting better about personal finance? Since we’re next door neighbors, how about both? Here’s a suggestion . . . while I spot you on the bench press, you can give me personal finance pearls? (Me: “One more rep you scrawny wimp!” You: “Fund your HSA in January, you personal finance wannabe!”) Seems like a win-win to me.
First the MIL and now the neighbor. This is precious. POF, look out, WCI is coming for you (go read the forums to figure the reference).
BTW, the “selecting the photos to prove I’m not a robot” is a bit annoying. Are there better ways to reduce spam?
cd :O)
I’ll look into it. We definitely need something but there is probably something better than that. Lots of balls in the air right now design wise.
Honestly “I am not a robot” is way better than what you had before.
BTW, nice article.
The “nobody thinks I’m funny” thread? Yes, WCI can be funny, too.
I’ll be totally honest–it’s usually because I’m a lazy blubberbutt. I’m usually a really rigid person and I do follow through on things, but if I don’t feel particularly passionate or motivated about something, it doesn’t happen. 🙂
My goal for 2017 is to pay off our student loans, and we’re doing marvelously! We’re able to put $3,600 to $4,000 on them each month. On the other hand, my goal was also to restart my exercise regimen. That goal has noooooot been going well. I don’t have an explanation other than I’m not prioritizing it like I should.
If you don’t care about achieving a goal, it just doesn’t happen.
This is by far one of the best posts ever, anywhere on the Internet. This is a pre-change discussion as opposed to all the tactics in the process of change. It is easy to get lost in tactics, but to have a clear understanding before the change is priceless. It is similar to when you talk to your patients about making lifestyle changes – it is important to establish why, before the how.
Me and a colleague have started going during lunch to workout. 30 minutes of fast lifting and then grab lunch to bring back to the office. Try to go 3 times a week but don’t always make it. I started using a app that gives me a training regiment and easy tracking (like Mint for my pecs). It seems to be working now, ask me in 3 months if I have continued.
– Discipline in all things I guess. Pecs, finances, blogging?
I had an app that was cool once. It was for the 5×5 work-out.
6 comments in and Starting Strength by Mark Rippetoe already gets mentioned! Give that program a try, watching your numbers go up is highly motivating.
I’m very much a beginner with regards to finance, but if you automate the basics and have really high savings rate, things seem to be pretty easy. The problem with weights is that it never get easier, the weights just get heavier.
Yea. Darn heavy weights.
The SMART acronym brings chills to my spine. When I’m stuck in corporate meetings with non-MDs who run my life and give you “actionable” work to “improve patient care”, I just want to scream. That being said, applying the concept to get chiseled abs or toned arms isn’t a bad idea. 😉
I am financially “RIPPED” ….. a result of formulating a long range plan and implementing it on a daily basis. Extreme success was achieved by consistently making reasonable choices. After early retirement, I decided to apply the same principles to my physical status (which had been ignored for years). Other than obesity …. I had no identifiable medical issues. Over the past 15 months, I have advanced from eating loads of hospital food …. to healthy home prepared meals, unable to swim 1000 yards …. to swimming 2 miles a day / five days a week, 274 pounds of softness …. to 194 pounds of firmness. My goal is to be physically “RIPPED” by age 60. The parallels between financial and physical health are amazingly strong. As Tony Horton states ….. “BRING IT!”
Well done. Amazing how many of the benefits of financial independence are not financial!
How to be more consistent with your workouts. It’s all about building a habit.
https://youtu.be/vMqXGJzfpJQ
So when is that next book coming? We are all waiting 🙂
It’s probably going to start as a series of emails so make sure you sign up for the newsletter! That one will be a pretty quick book. The tax one is going to take a lot more time. I’ve got a lot of balls in the air right now.
Funny, but I have been struggling too with the workout thing. I suddenly feel better!
I also struggle with S.M.A.R.T. goals, gut I like your practical take. Everyone needs to figure out how to achieve peak performance in attacking important goals. I consciously go after something every day. This keeps the momentum and psychology positive, else I fall prey to #2.
Great stuff and incredibly practical.
As someone who has struggled with weight loss but had better success financiallly I agree the paralells are there. I think as doctors what we have going for us is the strength of our income which is much like those who have the genetics of a fast metabolism working for them.
Great analogy. I agree that docs are 90% of the way to financial success the day they walk out of residency.
I agree that motivation is everything. My cat lays around all day doing nothing, but when she’s hungry, she will run around and pester me incessantly for hours until I feed her. I bet if she actually had to catch her food, she wouldn’t be quite so lazy. Similarly, if you have big life goals motivating your financial independence, or if you have a Hawaii vacation coming up where you get to show off your big pecs, then the work comes easy.
You should read, “The Lion in the Living Room”. Your cat’s laziness is probably an evolutionary advantage to allow her species to survive. You are being manipulated into feeding her.
Likewise, my cat pees outside of the litterbox when I forget to empty it on a regular routine. Just another way to get the human to do your bidding.
The financial corollary is that you’ve got to love money, hate your job, or have bigger aspirations to drive yourself to financial independence early.
Maybe that’s what I need, a Hawaiian vacation.
Of course, I enjoy expensive food, so the issue is compounded.
I am a newcomer to your website and newsletter. I agree with your philosophy and approach. One thing I have not yet seen is using some of your income for pleasurable expenditures. For example, in this article you comment “A foreign vacation could cancel out a year’s worth of brown-bagging it to work.” My opinion is that it is difficult to scrimp and save constantly without ever having a reward. I personally brown bag it so I can occasionally enjoy an expensive vacation. I still am actively saving for retirement. I don’t mind if I have to work a little longer to enjoy a nice vacation occasionally. I think if you don’t do things to relieve work stress occasionally it will lead to faster work burnout. I believe part of the reason we earn a good living is to enjoy life while we are living it. Excessive deferred gratification can be demoralizing. If you have a good plan these expenditures can be incorporated into it without defeating your ultimate goal.
Absolutely agree. I discuss spending every now and then on the blog, but usually just in an off-hand comment about a recent trip or purchase. But here is a series all about spending:
https://www.whitecoatinvestor.com/loosening-the-purse-strings/