Let’s first start out with what each of these things are:
- According to crossfit.com, “CrossFit is constantly varied functional movements performed at relatively high intensity.” It’s a mix of multiple types of aerobic, gymnastic, and weight lifting exercises that are designed to challenge even the most elite athletes.
- We at Payne Wealth Partners and Keystone Financial Consulting define comprehensive wealth management as a combination of ongoing financial planning and investment management.
I know what you’re probably thinking: “how on earth are you about to compare those two things? They have absolutely nothing in common.” Sure, maybe not at first glance, but you might be surprised at the similarities the underlying principles have.
- Multiple Solutions
If an athlete is only running, they might have incredible endurance, but might not have much strength or balance. Just the same with finances, someone could be rigorously paying down debt, but end up with no savings for retirement. Both CrossFit and Comprehensive Wealth Management take multiple simple answers to a variety of problems and combine them to create an even more effective, complex solution.
- Ongoing and Long-Term Discipline
Unfortunately, working out one time does not make a person fit and healthy. (Wouldn’t that be great though?!) Proper exercise and a healthy diet are crucial tools that deliver long-term results when implemented correctly and continuously. Ongoing planning combined with investment discipline are crucial to achieving life goals as they evolve. Sticking to a plan, whether working out and eating right or following a budget and saving the right amount of money, is much easier when there is a continued level of accountability and someone with whom to take the journey.
- Implementation of Proper Tools and Techniques
There’s always a level of risk involved when it comes to both physical fitness and one’s financial life. Risk is mitigated (but never entirely eliminated) in both situations when things are executed properly and with assistance from trained professionals. These professionals can also help with modifications to ensure the given solution is correct for the individual on the receiving end.
- Skills Matter – Certified professionals
There are certain regulations for a gym to be considered a CrossFit affiliated location in a similar way that members of the National Association of Personal Financial Advisors (NAPFA) have signed a fiduciary oath and pledged to uphold certain standards and a code of ethics. CrossFit coaches go through training to receive levels of certifications with different specializations in order to have the skills required to coach most effectively. In the same way, financial professionals specialize in different areas such as planning and investments and earn various designations and credentials in these dedicated areas.
There are gyms that charge as little as $10/month for an individual to have access to a facility with tons of tools and equipment, but those gyms are unlikely to have programs that contain multiple solutions, utilize certified professionals, help implement proper tools and techniques, and have accountability for ongoing and long-term discipline. There is a higher level of cost for this higher level of service, but there is also a much higher level of results than without it.