Podcast Summary: Optimal Finance Daily

Episode 3367: "Financial Lessons From a Rugby Field" by Michael Smith with Financial Finesse

Host: Diania Merriam
Air Date: November 27, 2025

Main Theme

This episode explores how lessons learned on the rugby field can be applied to crafting a resilient, long-term financial strategy. Michael Smith, writing for Financial Finesse, draws powerful parallels between team sports and money management, emphasizing teamwork, consistency, and building a healthy relationship with money. Host Diania Merriam adds her own insights on the value of community in the pursuit of financial independence.

Key Discussion Points & Insights

1. Learning From the Rugby Field

[01:29]
Michael Smith shares his lived experience as a dedicated rugby player and coach. His excitement about the current collegiate championships serves as a springboard for examining how habits and mindsets created in sports translate to financial success.

A. Relying on Your Team (and Financial Team)

[03:02]

• On the rugby field, trust and teamwork are non-negotiable: “If I try to freelance or do too much or play selfishly... I would have 15 opposing players waiting to hit me hard.” (Michael Smith, 03:07)
• In money matters, the same lesson applies. Michael stresses the importance of assembling a capable financial "team"—from planners to agents and attorneys—and maintaining good communication.
• Key advice: Trust your team but keep an oversight role—"so you don't get Bernie Madoffed." (03:54)

B. Accepting Wins and Losses

[04:15]

• Every team, good or great, wins and loses. What sets the best apart is their mental approach—moving on quickly from both victory and defeat.
• Michael relates this to investing: People panic when their 401(k) statement drops, forgetting that markets naturally fluctuate.
  • "Pick a strategy and stick to it. In good markets and bad, it's not that complicated." (Michael Smith, 06:02)
  • He outlines his own investing strategy: steady asset allocation and regular rebalancing, minimizing emotional decisions.

C. Focusing on What Truly Matters—Relationships

[07:04]

• Lifelong friendships from rugby mattered more than any win or loss.
• The same principle holds with money. Financial situations fluctuate, but they don’t define you.
• Michael reframes harmful self-talk he hears in financial coaching sessions:
  • "When I hear that [“I’m horrible with money”], I immediately stop the meeting and let them know that they are never allowed to say that again." (07:44)
  • Instead, he encourages clients to see their financial journey as just another relationship to cultivate, like with friends or family.

D. Applying Life’s Lessons

[08:34]

• Michael closes by urging listeners to reflect on pivotal life experiences—like his rugby career—and consider how their lessons can shape one’s approach to money.

Host’s Commentary & Reflections

On Financial Community and the FI Movement

[09:57]

• Diania Merriam underscores Michael’s point about teams, connecting it to the power of community in financial independence (FI).
• She quotes an anonymous saying:
  • "If you look at your inner circle and you're not inspired, then you don't have a circle, you have a cage." (Diania Merriam, 09:58)
• Diania describes how involvement in the FI community has expanded her own vision of what’s possible and how building a circle of ambitious peers influenced her journey.
• Recommendation: Get involved via meetups (Choose FI), retreats (CampFI), or conferences (like her own Economy Conference).

Notable Quotes & Memorable Moments

• Teamwork:

  "It's virtually impossible to do everything on your own, so find excellent teammates and trust them... while maintaining an oversight role so you don't get Bernie Madoffed."
  (Michael Smith, 03:52)

• Consistency Over Perfection:

  "Pick your strategy and stick to it. In good markets and bad, it's not that complicated."
  (Michael Smith, 06:02)

• Reframing Self-image With Money:

  "When I hear [‘I’m horrible with money’], I immediately stop the meeting and let them know that they are never allowed to say that again."
  (Michael Smith, 07:44)

• Value of Community:

  “If you look at your inner circle and you're not inspired, then you don't have a circle, you have a cage.”
  (Diania Merriam quoting, 09:58)

Key Takeaways

• Build your financial “team” just as you would rely on teammates in sports—for advice, support, and expertise.
• Expect both wins and losses with money. Don’t overreact to short-term setbacks; stick to a long-term strategy and rebalance as needed.
• Prioritize relationships, not just finances—what matters most is the quality of your connections, including your relationship with money.
• Engage with a supportive community to deepen your financial knowledge, motivation, and sense of accountability.

Suggested Resources

• Find a local Choose FI meetup for peer support and practical ideas.
• Attend financial independence events like CampFI or the Economy Conference.

This episode offers a thoughtful reminder that resilience, teamwork, and maintaining perspective are just as vital in money matters as on the playing field. Whether you’re shaping your portfolio or your life, consistency, community, and compassion—toward yourself and others—are the foundations of success.