The NFL and IOU: 10 Debt Lessons You Can Learn from Football Players

Debt Lessons You Can Learn from Football Players

My years in the NFL taught me almost as much about staying out of debt as my subsequent career as president of Debt.com. So let’s kick off 10 Debt Lessons You Can Learn from Football Players.

1. Brains Beat Bucks

Money will get you out of debt, but it won’t keep you out of debt. I saw that up close for years. Give someone $1 million and don’t teach them how to budget, save, and invest – and I promise you they’ll be down to their last dollar before they retire.

2. Budgeting is Your Game Plan

For the past four years, Debt.com has polled Americans about budgeting. Typically, about 6 in 10 adults keep a monthly household budget of income and expenses. During the pandemic, that jumped to nearly 80 percent. But, it should be 100 percent.

3. Shorten the Field with Technology

Those who don’t budget often tell me they don’t have the time. They must be very busy people because keeping a budget these days takes only a few minutes a day. You don’t use a pencil and paper. You use your phone or computer. Technology has blown up any excuse you had for not budgeting.

4. Prepare for the Trick Plays of Life

Whenever I tell people they need an emergency fund that can pay their bills for at least three months, they laugh and reply, “Every week, there’s an emergency in my life!” That might seem true, but five tragedies can really sack your finances:         Job loss ,Divorce Natural disaster ,Serious accident , Heath crisis.

5. Recruit a New Teammate

This works especially well when you get a raise. You can divert most or even all of it into your emergency fund, and before you know it, you’ll have enough to never worry about recovering from bad news.

6. Automate Your Money

All you need to do is stop making late payments on your debts. Late fees and overdraft fees cost Americans an average of $577 a year. That’s frustrating because there’s an easy and automatic fix: autopay.

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