Recovering From a Financial Fumble

If you’re a football fan (and even if you are not), you’ve heard of Walter Payton. If you haven’t, Walter Payton is a Hall of Fame NFL running back and arguably the best to ever play the position.

Did you know that in the first three years of Payton’s career he fumbled the football (a big no-no, especially for a young player) 30 times in 846 carries? That percentage, 3.5%, may seem low to us, but it is actually considered very high to statisticians, coaches, and any passionate Bears fan (that was Walter’s team). In football, fumbles matter. Regardless of how talented you are, you won’t see the field if you’re susceptible to giving the ball to the opponent.

In life, just one financial fumble — one mismanagement of funds, one bad investment, or one immature blowing of hard-earned money — can feel like a career-ending demotion. You blew your shot! You’ll never be trusted by your teammate (your spouse) again. You’re cut.

But that’s not the case.

Our culture places too much emphasis on money, and that overinflated focus leads us to believe that financial losses are unrecoverable — that our team cannot get possession back.

Payton is a nine-time Pro Bowler, a Super Bowl MVP, and (most importantly) the reason that one NFL player each season receives a “Man of the Year” award for their off-the-field contributions. I’m sure that he was heavily discouraged after three years of fumbling woes in the NFL. If he had let his internal and external critics prevail, we wouldn’t be talking about him today. Not only did Walter and the Bears benefit from Walter picking himself up after his early fumble issues, but the world has benefitted since.

Every fumble is recoverable — even financial ones. If you’ve made a financial mistake, here is how you can dust yourself off and get back in the financial game:

1. Humble Yourself.

Doing the same things over and over and expecting different results is the definition of insanity. Financial woes aren’t the issue.  They’re the symptom of the wrong approach, practices, or even mentality. Find wealthy people in your friend circle, your community, or even online.  Ask for basic financial advice. Maybe this setback will simply force you to tap into your best game yet.

1. Create a Plan.

Failing to plan is planning to fail. Sometimes it seems that the world is out to sell us constantly. Without a plan, we’re bound to simply buy things we don’t need and invest in things that are simply too good to be true, even if they’re perfectly promoted. An extension of your life goals should be your financial goals. How much money do you need to earn, save, and potentially invest to live the life you want? Adjust your life accordingly.

1. Instill Accountability.

After learning of better approaches and crafting a strategy, it’s time to partner with your spouse to enact the plan together. Our money-oriented culture promotes financial independence, which many misunderstand as the need to manage their money separate from their spouse. That approach not only cripples trust and transparency, but it also nixes the accountability that we simply need to stay disciplined and achieve our financial goals. Married couples should have joint bank accounts and full visibility into each other’s spending. If you’re united naturally, what is there to hide financially? Couples preparing for marriage should openly discuss their financial goals, expectations, and approaches as a means of envisioning being united in every aspect of life once married.

We don’t know exactly what #34 did to overcome his fumbling challenges, but we can safely assume that he didn’t take them — or any other aspect of his game — lightly. He knew that to succeed, he would have to reevaluate his approach, practice a new one, and welcome the support of his teammates.

If we take these steps towards our finances, we too can overcome our current financial hardships, smartly avoid future ones, and strengthen a crucial dimension of our relationships with what should be our closest teammates: our spouses (or spouses to be).

Who knows?! We may even be honored for our humility, financial recovery, and relational unity well after we’re gone, like Walter is honored. Perhaps our current financial challenges are purposed to ultimately produce long-lasting benefits for us and the ones we love.