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.”
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.
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.
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.
Almost every bank and credit card – and even many municipal utilities – offer automatic bill pay. You set the day when you want a bill to be paid, and that amount is automatically deducted from your bank account right then, and not a day sooner.