Chris Brady and Orrin Woodward compare finances to American football.
No team can win on offense or defense alone, but many proclaim the defense is the key to winning games. That is because you might be able to score a lot, but if you can't stop your opponent from scoring, then your offense won't do you much good.
Your finances are like sports; you have an offensive side and a defensive game to how you handle money. Your financial defensive game is how skilled you are at keeping what you make. For example saving 10% of every paycheck is at the core of the financial defense. Additionally, your offensive game is about investing in You Inc.
You are your greatest investment; which is why increasing your learning will bring high dividends and earning potential.
Financial defense is approximately 60% of the game strategy. Making a lot of money might be relatively easy for you, but what happens if you can't hold on to most of it? Celebrities are especially good with making millions and then blowing it all on extravagant purchases. They are not better off than someone with much less stuff but a lot more cash.
These celebrities had a horrible defensive game, even though they have an impressive offensive game.
Ultimately, financial success is determined by how much money you keep, not what you make.
Your greatest offensive strategy is investing in yourself through education. Knowledge is your greatest asset. Knowledge is something you can take anywhere, even if you lose everything. Therefore, buy all the books and information products that you can.
Invest in yourself with Financial Fitness: The Offense, Defense And Playing Field of Personal Finance by Chris Brady and Orrin Woodward.
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