Freakonomics Radio 298. Everything You Always Wanted to Know About Money (But Were Afraid to Ask)
Aug 3, 2017
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NFL Players’ Financial Failures
- NFL players often receive a lifetime's earnings early and lack tools to stretch that income over decades.
- Lusardi found many retired players still declared bankruptcy years after their careers ended.
Widespread Financial Illiteracy
- Many people lack basic financial numeracy, shown by three simple questions on interest, inflation, and diversification.
- Only about 30% of respondents in the U.S. answered all three correctly, indicating widespread illiteracy.
Save A Portion Regularly
- Strive to save 10–20% of your income, adjusting downward if your situation makes 20% impossible.
- Start saving anything you can when cash is tight and focus on building habits rather than perfect percentages.