Fundamentals of Wealth | Zach Miller | NFL Players' Series #9

Just as blocking and tackling are the fundamentals of football, saving and investing are fundamentals of wealth. In this podcast I challenge you to evaluate how much of your income you save and if you don’t know, it is a good time to find out. 

Wealth is the freedom to do what you want, when you want, with who you want. Every NFL Player has a chance to achieve this once the game is done with you. Just as you would track calories to lose weight or track your gains in the weight room to judge progress, taking ownership of your spending gives you control over your financial security. 

I also discuss debt and the few cases it makes sense for NFL players. High interest debt, like credit card debt, only shows lack of understanding of how interest rates work. You want to be on the other side of that equation, compounding your investments at those rates, not paying banks at those rates.

I also cover quickly some common traps of NFL players and introduce what every investor should know; opportunity cost. I left out way too many but investing in a friends business, owning multiple homes, collecting depreciating assets, or struggling with gambling addictions are some of the many ways to destroy wealth. 

Remember that making it to the NFL is an incredible opportunity and it is easy to get distracted. Finding an independent, fiduciary advisor with relevant knowledge to your situation can help sustain and grow your wealth. 

Episode Highlights

(00:08) Great AFC/NFC championship games this past week(2:05) You can’t play forever(2:44) Savings rate(4:42) Not all debt is bad(6:08) Common financial traps NFL players fall into(8:07) Depreciating assets(10:26) Pete Carol and the importance of fundamentals