September 07, 2021 3 min read
Let’s talk Money!
Financial fundamentals to be exact.
The basics about money are beyond important, how we handle our money every single day is crucial to how successful we can be with the money we have.
In this 10 part series I'll be taking you through the basics of money, and how to apply simple tools to understand banking, saving money, personal credit, and budgeting. Basically, the most fundamental financial tools you need to be successful in your daily financial life.
Working with athletes for the past 12 years has given me a set of unique techniques for coaching you though the x’s and o’s of money.
In 2018, I interviewed 135 professional athletes throughout the course of the NFL season. We wanted to find out what they knew about money, so that we could help improve their financial game. What I found was a big gap in financial education for most of the young men I was working with.
Now, before we jump to assumptions about athletes and intellect--it’s not just athletes. It’s not even about intellect. It’s about the tools and general education we are missing when it comes to money. There is a fundamental flaw in our system. We don’t know what we don’t know and we are not learning anything about money basics. This goes for EVERYONE, not just athletes, we are all at the same disadvantage with money. Simply put, no education on how to manage our daily finances.
We see this problem and this series is designed to help you take steps towards understanding and improving your financial game.
We are going to take you through the financial tools everyone should know and use to manage their daily money game.
You’ll hear me say terms like money game, play strategically, and use your playbook. At Financial Footwork we take an athletic based approach to how we talk about and explain money.
i.e. be strategic with your money and use your playbook to win at the game of money.
A pro football player is given a playbook, his toolbelt for the game. He has to study it, memorize the plays, understand everyone else's role during that play and then put each play into practice on the field. If he does not know where to be when a play is called, it could cost his team a touchdown.
I.e. the player must use his playbook (in our case, financial tools), to understand his position (your money game), and be as strategic as possible during each play so he can help his team win. (you are finding success with your money).
Financial Literacy is the process of learning about money, but that only goes so far. Financial Wellness is you putting to work what you've actually learned.
Financial Literacy = education
Financial Wellness = implementation
OR - the way we explain it at Financial Footwork
Financial Literacy = learning the plays
Financial Wellness = practice, practice, practice
In order to get good at anything you have to practice and money is no different. You cannot expect to improve your financial picture if you read a book about budgeting or watch a video about the process. You need to do the work, put in the reps, start practicing.
Let’s take budgeting for example. You can understand exactly what a budget is, how to set it up and all the basics of having a personal monthly budget. In theory you’ve got this thing down to a science!
However, you cannot expect any results or truly understand what your budget looks like until you actually create one.
Financial literacy only goes so far, you have to put in the work and build up your financial wellness muscle memory. Aka, do the reps with money.
In this 10 part money series, we am going to give you a set of tools, techniques, and plays designed to help you improve your money game.
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October 14, 2021 2 min readRead More
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