Today's episode features the former #1 NFL Fullback and author of Your Money Vehicle, Jed Collins.

Jed had realized his dream of reaching the NFL but with that first big check, came a lot of fear.

Since that point, Jed now embraces fear and shares the lessons he learned with young players and people all over the country on how to take control of their finances.

Listen, learn, and let us know what you think about Jed's amazing ride.
Episode Summary
Jed Collin's Entry to the NFL

Jed talks about his first big check
He knew he'd already spent it all before he even opened it
The money had gone towards an engagement ring for his now-wife
Jed entered the league as an Undrafted Free Agent so the NFL wasn't a given
But Jed had an accounting major so he had a fallback
He talks about how having a fall back plan is actually looked down upon
He also admits that he understood corporate finances but didn't resonate on a personal level

Helping With Rookies

Jed goes to sessions around the combine to educate rookies on personal finance
Some of these rookies struggle with peer pressure around luxuries like cars and jewelry
But a lot of pressure is actually from families that they're now supporting
There are also things like rookie dinners were these young kids are dropping $27k on dinner
And that's for veterans who don't need anyone to buy them a thing
The Rookie minimum is almost $600k now

NFL Members Don't Comprehend What They Make

Players don't comprehend the difference between contract value and take-home pay
The money coming to you is heavily taxed
You also are not guaranteed a spot on the team for the full contract either
There is a pension system for those that make it three years in the league
But this doesn't kick in until 55
It equates to about $500 per month for every year in the league

Mindset Comparisons: Money and Football

Jed was actually cut 13 times
And later in his career, he was named the #1 Fullback in the league
That just shows how unstable it can be for a player in the league
He feels that there are a lot of parallels between someone being successful and life and sports
He also shares stories about Drew Brees that just shows how dedication and process can lead to success

5 associations of money

Jed talks about automating what you do with your money
He breaks it down to 5 money areas or associations
These (not in order) are:

Society aka Taxes
Past Decisions - Rent / Bills / etc
Present Day Actions - Day to day choices
Future Choices - Investing / Saving
Compassion - Donations / Giving



 
Key Takeaways

Peer Pressure: Jed talks about how powerful peer pressure is and it's obviously not just a concern for kids in school
Strong Minds: We love all the parallels Jed draws between his mindset and process in the NFL to be successful on the outside

Call to Action

Divide your spending up into the 5 associations that Jed discussed and automate where your money goes

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