The NFL and IOU: 10 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.

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

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.

Brains Beat Bucks

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.

Many banks and credit unions now provide budgeting tools that make it easy to predict, say, how much you’ll save per month if you drink one less Starbucks latte a day or buy fewer lunches during your workweek.

Shorten the Field with Technology

Prepare for the Trick Plays of Life

An emergency fund isn’t just peace of mind. It can save you money because when disaster strikes and you’re not prepared, you often run up your high-interest credit cards – and carry balances for months or even years before you can pay off what you owe.

If you really want to run up the lead on your emergency fund, ask your boss or your Human Resources Department if they’ll help you.

Recruit a New Teammate

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.

What most people don’t know is that your credit score is based on your credit reports. These are detailed records of everything you’ve borrowed and paid back  (or haven’t paid back).

Check Your Credit Reports

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