Cassius Marcellus Clay, Jr. was born on January 17, 1942 in Louisville, Kentucky. In those days, it was difficult growing up in the United States especially for an African American. Racial segregation was prominent. They were not only treated inhumanely but also as second-class citizens in their own country.

Young Cassius was born in a poor family, one among the six children. His father Cassius Marcellus Clay, Sr. painted billboards and signs while his mother Odessa O'Grady Clay was a domestic helper. In one such incident of racism, which his mother later recounted, Cassius Jr. was denied a drink of water in a store because of his colour—an incident that had a profound impact on young Cassius.

Cassius Jr. vowed to make his African American community proud and played an important role in 1960 Civil Rights movement. Recently Cassius Jr. passed away at the age of 74, leaving behind a legacy, a fortune (US $50 million), and a strong message that you can challenge the status quo if you put your heart and soul to it. Cassius Jr. was none other than the great Muhammad Ali, the legendary boxer who won 56 of his 61 fights, a winning percentage of 91.80 and an inspiration to others who want to take up professional boxing as career.

If you look back at the life of the legendary boxer you’ll see it was filled with hardships. Across his entire career, he wasn’t able to earn even one-fifth of what Floyd Mayweather took home in one fight, but he died a hero having amassed a fortune of US $ 50 million to support his philanthropic causes and make life better for his nine children.

Ali’s earnings were able to hold up against decades of illness (he was diagnosed with Parkinson’s syndrome in 1984), philanthropic activities, and was still able to leave a fortune to his children. What is more impressive is that Ali earned US $ 57 million as a boxer and roughly was left with the same amount, even though his last fight was 35 years ago!

Isn’t that amazing for a man who was born in utter poverty, barely worked a little over a decade, and didn’t even accept compound interest? In financial planning parlance, it is a knockout punch!

Today, individuals earn salaries that were unimaginable a few years ago. But, find it difficult to manage outgoings. Individuals like Ali, teach important life lessons:

 

1. Vision: Vision gives a burning desire, an active motivation to succeed and flourish financially. In simple words, it is: where do you want to be ‘x’ number of year hence.
   
   Ali had a dream to end racial segregation and bring about equality. He even went to the extent to throw his Olympics Gold Medal into the Ohio River after he and his friend were refused service at a “whites only” restaurant. Your vision need not be as ambitious as Ali’s—you may merely envision the wellbeing of your family, where all their aspirations and life goals are met—be it buying a dream home, a car, planning a vacation abroad, children’s future and even your own retirement.
   
   As Ali put it “The man who has no imagination has no wings.”
   
   Most individuals dare to dream, but unfortunately do not display the right will and attitude to accomplish, and as result, many life goals seem daunting and challenging. Remember, a journey of thousand miles begins with a single step in the right direction towards securing your future.
    
2. Have a script: In financial planning terms having a script refer to having a written plan. Ali and his friend were deeply affected by the 1955 murder of Emmett Till (an African-American teenager who was lynched in Mississippi at the age of 14 after reportedly flirting with a white woman). This led Ali and his friend to vandalize the local railyard. The 12 year old Ali was found fuming over a thief taking his bicycle. He told the police officer he was going to thrash the thief. The officer told him to learn how to box first. The anger was channelized. Young Ali was given a roadmap to show his aggression, make a mark and the rest is history!
   
   “I know where I'm going and I know the truth, and I don't have to be what you want me to be. I'm free to be what I want”—Muhammad Ali
   
   Similarly, in financial planning, you need a script (a plan); a roadmap to steer in right direction in the path to wealth creation and achieving your dreams while you want beat the inflation bug that erodes the purchasing power of your hard earned money. Hence always seek guidance of a financial guardian, who can advise in an unbiased and independent way putting your interest at the fore.
    
3. Implementation: During his amateur days, Ali worked hard with his coach, Chuck Bodak working tirelessly to perfect his skills. It wasn’t easy for an African American, who was looked down upon, but he was determined to make it big.
   
   “I hated every minute of training, but I said, don’t quit. Suffer now and live the rest of your life as a champion”—Muhammad Ali
   
   Financial Planning is no different. What separates men from the boys is the ability to practice what you preach—stick to the plan and implement it. Having recommendations, asset allocation strategies, and rebalancing procedures is one thing and sticking to a plan irrespective of the market movements is another. And that is exactly where a financial guardian plays a role —to help you manage your emotions, so that you don’t get swayed and take a corrective path if need be.
    
4. Monitor: It is important to monitor the progress of your plan and improve areas that need attentions. Ali made his professional debut on October 29, 1960, winning a six-round decision over Tunney Hunsaker. From then until the end of 1963, Ali’s record was 19–0 with 15 wins by knockout.
   
   However, these early fights weren’t without trials. He was knocked down by Sony Banks and Cooper. Moreover in the fight with Doug Jones, he was booed by the crowd and debris was thrown into the ring when Ali was judged the winner, even though Jones had staggered him in the first round. All Ali did was, he went back to the ring and practiced tirelessly every single day to improve on his left punch and foot movements. The years of practice served him well when he battled formidable opponents like Floyd Mayweather later in his career.
   
   “It isn't the mountains ahead to climb that wear you out; it's the pebble in your shoe” —Muhammad Ali
    

 

In the path to wealth creation and achieving life goals, life will throw a curved ball at you once a while. However, what matters is the ability to dust yourself off and role with corrective actions and zeal. It helps to review important financial goals such as buying a dream home, children’s future – be it their education and marriage needs, planning a vacation abroad or even your own retirement amongst host of other financial goals you may have. Therefore monitoring your progress as against the financial plan envisaged is imperative. So stop procrastinating dear readers and step-up with enough punch and zeal and take control of your finances. Take services of a Certified Financial Guardian who can handhold you through the complex jungle of financial planning. ACT NOW!

Add Comments