When you leave sports behind and transition into your next phase of life, financial literacy becomes one of the most critical skills to master. Yet, many adults and former athletes struggle to get a handle on their money. Whether it’s due to a lack of time, intimidation, or simply not knowing where to start, there are plenty of excuses that hold people back. As a recent graduate, I initially felt overwhelmed by the financial topics I had never fully understood. Concepts like investing, interest rates, and other key financial principles were intimidating, and I was hesitant to admit my lack of knowledge. However, rather than letting that uncertainty hold me back, I made the decision to take action. I began setting aside a few minutes each week to educate myself on these important topics, gradually building my confidence and understanding. Here are seven of the most common excuses—and how you can overcome them.
7 Excuses Holding You Back From Learning About Money
“I don’t have time.” For many adults, especially former athletes who are juggling work, family, and other responsibilities, time is a precious commodity. But the truth is, financial education doesn’t require hours of study every day. Start with just 15-30 minutes a week. Set a timer, find a reputable financial blog, youtube channel, or book, and start small. You can even listen to your favorite podcast on your walks from class, your commute to work on the train, or during a short car drive. Over time, these short bursts of learning will compound into a deep understanding of how to manage your money.
“It’s too complicated.” Financial concepts can seem overwhelming at first, especially if you’ve spent most of your life focusing on your athletic career. Terms like “compound interest,” “asset allocation,” and “tax brackets” can sound like a foreign language. But just like any new skill you mastered as an athlete, the more you practice, the easier it gets. There are countless resources out there that break down complex topics into simple, easy-to-understand explanations. Take it one step at a time, and remember, every expert started as a beginner.
“I’ll figure it out later.” Procrastination is one of the biggest barriers to financial literacy. Whether you’re putting off learning about investing, budgeting, or debt management, delaying will only make the situation harder to handle in the future. The sooner you start, the better off you’ll be. Begin with one small financial goal, like creating a budget or opening a savings account. The more you put things off, the more difficult it will be to catch up.
“I’m not good with numbers.” You don’t have to be a math whiz to manage your money effectively. I actually hated math classes- accounting, trigonometry, and other classes from my past give me nightmares to this day. So trust me when I tell you: basic arithmetic is often enough to understand your financial situation. Today’s technology also makes it easier than ever to track your finances. There are apps that can calculate your budget, track your spending, and even help you invest. Don’t let a fear of numbers hold you back from gaining control over your financial life.
“I don’t earn enough to worry about money.” Some people believe that financial literacy is only for those with substantial incomes. However, understanding money is crucial, no matter how much you make. In fact, the less you earn, the more important it is to manage your money wisely. This was far from my mindset at 24, when I was earning $32,000 and struggling to save, invest, and contribute to my retirement. By learning how to budget, save, and invest, you can stretch your dollars further and set yourself up for financial success, even if you’re not bringing in a huge paycheck.
“It’s too late for me to start.” Many former athletes and adults believe that if they haven’t mastered money management by a certain age, it’s too late to start. This simply isn’t true. Whether you’re in your 20s, 40s, or 60s, it’s never too late to improve your financial situation. Start by assessing where you are now, setting some achievable goals, and taking steps towards financial security. The key is to take action today, no matter your age.
“I’ll just rely on my financial advisor.” While having a financial advisor is a smart move, relying solely on them without understanding the basics can put you at a disadvantage. Financial advisors are there to guide you, but you should still have a foundational understanding of your money. This will help you ask the right questions and ensure that the advice you receive aligns with your goals. Remember, no one will care about your money more than you do.
If any of these excuses sound familiar, it’s time to let them go. Financial literacy is not only attainable, but it’s also essential for your long-term success. As a former athlete, you’ve overcome challenges before—learning about money is just another one to tackle. Take the first step today, and you’ll be well on your way to financial empowerment.