Can The Olympics Teach Us Lessons About Money?

With the Olympics taking center stage right now, there are many ways to reflect on the lessons that we can learn from watching the largest sporting event in the world. In fact, over at My Dollar Plan, there are 12 lessons to be learned from the Olympics.  It is an interesting take on the Olympics — and on personal finances.

Here are some of my favorite takeaways from the post:

1. Budgeting. Not only is budgeting an important part of putting on the Olympics, it is important in your life as well. My Dollar Plan mentions using budgeting and savings goals to watch the Olympics more cheaply — and even to prepare for attending future Olympics. Personally, I’m excited for the 2010 Winter Olympics in Vancouver because a) I’ve always wanted to visit Vancouver, and b) Vancouver is only a 2 1/2 hour flight from the nearest airport.
2. Teach your children. Children should learn about money at a young age. Teaching them about how other cultures use money (and what foreign money looks like) can be a great way to get them interested in the subject.
3. International diversification. Sometimes we forget that we can make investments elsewhere. The Olympics reminds us that there are other companies and other investment opportunities out there — in places that haven’t been as hard hit as the US economy. Remember, in other places in the world, My Dollar Plan points out, business is booming.

You really can relate much in life to personal finances. And while you watch the amazing feats performed at this year’s Olympics, perhaps you should take some time to reflect on the other ways the Olympics can relate to your life.

Image: Opening ceremonies, 2008 Summer Olympics, Beijing. Credit: US government.