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.

10 Debt Lessons You Can Learn from Football Players

The National Bureau of Economic Research study shows that nearly 16 percent of retired football players go bankrupt within 12 years of ending their gridiron careers. Meanwhile, CNBC reports, “the typical salary of a football player is $2.7 million.”

1. Brains Beat Bucks

10 Debt Lessons You Can Learn from Football Players

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.

2. Budgeting is Your Game Plan

10 Debt Lessons You Can Learn from Football Players

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.

3. Shorten the Field with Technology

10 Debt Lessons You Can Learn from Football Players

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.

4. Prepare for the Trick Plays of Life

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