5 Money Lessons I Discovered While Riding My Bike

I grew up in a beach town and rode my bike everywhere. Because the area was very flat, I never really learned to use the gears. I often prided myself that I only used the higher gears because they worked you harder. The truth was that I just never figured out how to use the darned things.

I felt stupid when I did try using the gears on the few hills that were around. The gears would grind or my legs would spin out of control if I accidentally moved to a gear that was too low so I just avoided using them. How does all that relate to money you ask? I’ll tell you, but first let me catch you up…

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I bought my house 20 years ago in a very hilly area and never got back on the bike. “There’s no good place to ride!” I would say, when in fact I was just afraid of the hills.

Fast forward…

I recently read a post on Mr. Money Mustache about how safe it is to ride a bike and that the odds of getting hit by a car are far less than you might think. Besides the cost-saving benefit, riding your bike gets you in shape. I was inspired and decided to get over my fear of the hills, learn to use the gears and take life to a new level. So, I asked my Mr. to dust off the bikes.

We’ve been on some great rides over the last few weeks, I even rode my bike to a contract job six miles from my home. Because the area is so hilly, I was forced to mess with the gears and quickly learned how best to move from high to low, not necessarily in sequential order, to keep from having to walk up the hills.

As I was riding and learning, it dawned on me…if you can master the gears on a bike, you can master your relationship with money. Here are the 5 money lessons I discovered while riding my bike.

#1: Don’t be afraid of the hills

I lost out on a great way to save money, exercise and extend the life of my car all because I didn’t understand how to use the gears on my bike.

So many people don’t work on becoming debt free or save because they’re afraid of the hills. It’s hard to climb out of debt, and when you look at the total amount you need to save for retirement, well, that hill looks like Mount Everest. So, you get discouraged and just keep doing things the way you’ve always done them.

But that doesn’t get you anywhere. All it takes is to just get started, take the first step; decide to no longer fear the hills. Your future you will look back and thank you that you did.

The truth is that most of what we fear is just because we don’t know how to do something…that leads into my next lesson.

#2: Learn to apply the right amount of pressure

As I fumbled with the gears trying to find the combination that kept me moving up the hills but didn’t burn my legs and lungs out, I had a major “Ah, ha!” The key is to choose a gear that forces you to keep some pressure on the peddles, but not so much that you work too hard. And, it requires constant adjustments to stay in that “zone.”

This is exactly what you have to do when trying to get out of debt and/or build wealth. You have to constantly adjust your goals, income and expenses to make it to the top of the hill.

If you think that you can maintain full pressure for the long haul, you will most certainly burn out. Too little, or no pressure might be easier for the short term, but you won’t make any progress either. You have to apply some pressure to move forward.

#3: When the terrain changes, adjust your strategy

Long ago, when I began my journey to get out of debt, the idea of saving money was absurd; I could barely pay my bills, rent and feed myself. So I didn’t focus on saving. But as I continued, the terrain changed. I earned more income, I dipped my toe in the 401k pool and realized it didn’t hurt like I thought it would, I changed some of my money behaviors so more money was available.

The lesson here is that when the terrain changes, see lesson #2: and make adjustments to your gears. Keep the pressure on so that you are always focused on building wealth. If you just let yourself coast, your momentum will eventually slow down and then stop altogether. Why? Because at some point there will be a hill.

#4: Be prepared

When undertaking any adventure being prepared is a major factor of success. When you go on a bike ride, at a minimum you want to take some water, your driver’s license, phone and some cash. Better yet, a map and a spare tube and pump in the event you should blow a tire. When it comes to money, being prepared means you:

• Know exactly how much debt you have (amount and to whom you owe it)
• Know exactly how much money you have in saving (including 401ks, savings bonds, etc.)
• Track your expenses 
• Begin a plan to repay the debt and save for expenses you know will come up (think auto registration, etc.)
• Begin to look for ways to increase your income
• Start a five or ten-year plan to help keep you on track
• Build at least a small emergency fund (even a couple hundred dollars will make you feel more secure)
• Find and listen to mentors 

I know, it’s a pretty overwhelming list. Just pick one thing to start and that will begin your forward movement. The rest will come over time as you remember to adjust your gears to maintain some pressure.

#5: It’s okay to take a break

The reality is that sometimes you just need a break. Maybe you stop all together for a short time to catch your breath. Or, simply coast downhill when the opportunity arises. That’s fine. It may be just what you need to get energized for the next challenge.

But don’t get off the bike, stick it in the garage and never get back on! Because just like dieting or an exercise program, you’ll lose everything you worked so hard to build if you quit.

A Call to Action

Did this post resonate with you? Where are you on your journey? If you are just now thinking about getting started on your wealth-building journey, what will you do in the week to start your preparation? If you are on your way, what was the single most important thing you did to get some forward momentum and how have you kept yourself motivated to continue?

We can all benefit from hearing the stories of others along the way, so please take a minute to share yours in the Comments below. Thank you!

Content Related Posts: 

• The Community
• Saver Vs Spender — Which One Are You?
• Is it Possible to be too Generous?
• The Art of Personal Archaeology 

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