One might not think that finance and football have much in common, but according to Jed Collins, a former NFL fullback best known for playing with the New Orleans Saints, now a certified financial planner (CFP) and financial educator, they overlap quite a lot.
Collins, who began training as a CFP while still playing football as a way to overcome financial mishaps, eventually discovered a passion for educating others on their money habits. He founded and runs MoneyVehicle, an educational program that teaches financial literacy to high school students, professional athletes and more.
Start With a Strong Game Plan
As a young athlete, Collins experienced a wake-up call when he got his first paycheck. “I got it, spent it and realized my financial habits were uneducated and unaware.”
He took a mentor’s advice to study for the CFP certification during the NFL off-seasons and quickly realized that as in sports, so in finance: You need strong goals and a game plan.
“You need to set goals because you’re going to need to prioritize,” Collins said. Because people don’t often react well to the idea of “delayed gratification,” Collins reframed this mindset to focusing on long-term aspirations over immediate desires. With a game plan, you don’t feel deprived and you prioritize better financial habits.
Steal an Inch
In both sports and finance, small, consistent efforts yield big results over time, Collins said. He shared a story about a linebacker he knew who consistently did just a little bit extra.
“Every day, he’d do an extra rep or run five yards further,” Collins explained. “He told me, ‘Every day, I try to steal an inch. It may seem small, but those inches add up to yards, and those yards turn into first downs and touchdowns.’”
He has applied this concept of “stealing an inch” directly to financial goals, saying that small, regular habits, such as savings and investments, accumulate to produce much bigger rewards.
Build Habits That Last
Football taught habits and routines that Collins carried over into his financial training. In particular, Collins credited Drew Brees, his former teammate, as an example.
“Drew is a walking habit. Everything he does is built around routines and systems,” Collins said. Learning from Brees, Collins applied these routines to his approach to finances.
To build solid financial footing, you need consistent habits, such as budgeting, saving and investing to reap longer-term goals. Learn to set routines like an athlete does to succeed, he said.
Fail Forward and Be Persistent
While most people see failure as something to avoid, Collins not only embraces it but sees it as crucial to his success. In his NFL career, Collins was cut from teams multiple times, and, finally, he realized it wasn’t his ultimate path.
“I introduce myself as a great failure,” he said. “Failure is part of the journey; it’s not final.”
While you don’t want to make huge failures in your finances, small mistakes — like overspending or missing a savings target — teach you important lessons. Collins likes the acronym “First Attempt In Learning” (FAIL), as a way to build persistence.
“I always say failure is not the problem — giving up is the problem,” he said.
Don’t Let Your Money Be Lazy
Just as athletes can’t get away with being lazy, neither should your money, Collins said. On its own, he said, “Money is lazy. If you’re not telling it what to do, it’s either not working or it’s working for someone else.”
If you don’t direct your money, particularly through some calculated risks like investing, you’re going to have a harder time being financially secure.
Define Success for Yourself
While someone else’s financial success might seem enviable, Collins pointed out that everyone’s path is unique. In the NFL, Collins found it futile to compare himself to higher-earning teammates. “I was a fullback making good money, but compared to the guy next to me, it was nothing,” he said.
He applies the same philosophy to personal finance: What works for one person may not work for another.
“Set your personal journey. Begin with what lifestyle you want to live and what it’s going to take to achieve that,” he said.
Get Better at What You Do
Athletes continually improve their games, and so can you when it comes to your finances. Personally, for Collins, this has looked like transitioning from sports to financially educating young people.
“My mission is to teach young people the financial habits I wish I’d known at their age,” he said. “If we can reach more students with these tools, we can change the way future generations handle money.”
