As usual it is a fantastic day. My beloved Ohio State Buckeyes are playing for a national championship. At the start of the season I did not see this as a possibility – maybe a decent bowl game was a possibility, but never a championship game. The Bucks with their mighty defense and a strong offense is a reminder of how to handle personal finance. I was taught by a basketball coach, many years ago that, “offense sells tickets, but defense wins games.” This is true when it comes to debt reduction.
Pay attention to the oncoming attacks
1) Have a game plan. (No team ever won without planning)
2) Run your credit report, at least yearly. (Have a good defensive line)
3) Pay more than your minimum monthly payments. (Have good linebackers)
4) Make sure you have an emergency fund. (Have a good defensive secondary)
5) Look out for Murphy’s Law, because somethings will just happen. (Have a good special team)
Once these are all in control, you can pound the ball down debt’s throat. Sometimes you will be able to line out 4 or 5 wide receivers and really attack that debt. But unless you have a core defense, debt will control the field. And you will lose.
Looking at last years Bucks, you can see that by the end of the year they lost the focus of defense and thought down the field. Many of those players left and are making some serious money. Good for them. If they would have focused on defense, they would have had another BCS trophy. Losing sight of “digging in the trenches” and battling, will cost you the game; whether it be sports or finances.
So make goals, dig in and win your own championship!
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