Imagine your finances being run like a football game. First there are many variables that should be known and identified. For example, every football game has teams. Each team needs to be coached, obey the rules, and know who’s on their team. If we don’t know who’s on our team, we could kick in the wrong direction and to the wrong people. Games are won by scoring goals. We need umpires who know the rules and to blow the whistle when the ball goes out of bounds. The playing field has boundaries. If you don’t have limits the play would get unwieldy.
I believe we can also apply these same strategies to money management. Do you have definable goals? Can they be measured? Do you have boundaries or limits placed on the way you manage money, especially spending? How do you know when you’re out of bounds? Who’s on your team? Are you all “kicking” in the right direction? Do you need coaching (financial planning)? Are you prepared for the game of money management? Do you have an umpire who will blow the whistle when your “ball” goes out of bounds? Do you always ensure that you are financial? Do you know the rules?
"Money Rules: The 7 Simple Rules of Money Management" defines the rules of money management: how to prepare yourself, how to plan your goals, how to measure them, how not to spend beyond your limits, how to coach yourself, and how to have a system that blows the whistle when your ball is out of bounds.