Defense Wins Championships Money Lessons from the Game of Basketball

While you’ve probably heard the adage used in many sports, you probably hear it used most often in reference to basketball, especially the National Basketball Association (NBA).Let’s delve into money lessons from the game of basketball.

Defense Wins Championships

Offense or Defense?

The game of basketball can be broken down into two basic elements: offense and defense. The same is true of personal finance, with the equivalent elements of personal finance being income and spending. 

Does Defense Really Win Championships?

Personal finance offense and defense is harder to break down into simple statistics. However, there are some stats we can use to draw inferences about the average Americans offensive and defensive games.

Defense in Personal Finance

According to a GOBankingRates study, the average American: 1. Spends around $164.55 a day, with millennials spending the most on average at around $208.77 a day 2. Only 32% of Americans keep a budget 3. About half of American households are living paycheck to paycheck

Money Lessons from the Game of Basketball

The most important factor in getting your financial life under control is developing an elite defensive strategy where you’re able to control your spending. If you increase your income but don’t keep your spending in check it won’t matter how much you make.

Moral of the Story

While increasing your income (offense) is always encouraged, the real key to winning the personal finance championship is through controlling your spending (defense).Focus on your defensive game if you want to improve your finances.

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