1. You spend more than you earn. It's quite simple; if your outflow of money is more than your inflow then you're in debt. That's what's happening when you spend more than you earn. Let's put it another way, if you make $2000 and you've spent $3000 then you're in trouble, plain and simple. This keeps you from being wealthy. How are you going to save up anything if your debt keeps growing?

2. When you spend you tend to put it on a credit card and don't pay it off. When you get the urge to splurge you go for the quick money and put your charges on a credit card. That's all well and good until the bill comes. Since you don't have enough to pay the bill off entirely, you pay less than the full amount. The credit card company now gets to charge you some nice interest on your purchase, which will compound as the months go by. Your purchase gets more expensive every month you don't pay off your credit card. How could you expect wealth when your credit card is sucking you dry?

3. You don't save. You have virtually nothing put away in a savings account. No emergency fund. Nothing. When you have money it's either spent or used to pay bills. Saving is an afterthought that's put off until "later" when you have extra money except, but "later" never comes.

4. You don't budget. You seem to think you make enough money to cover your lifestyle and your bills, but every month it doesn't seem to work out. You're not sure why this is or where all of your money goes. You basically take your expenses as they come and have no clear idea how much you spend monthly or what your expenses clearly are. The idea of a budget is foreign to you. How can you know where your money is going if you don't keep track?!?

5. You covet stuff. Your friends eye you jealously as you tout the latest cell phone or show them your latest gaming system. You try to get all the latest gadgets. You love buying stuff! But stuff doesn't come free. It costs and usually costs a premium as you are the first to get a new item (when they are most expensive). Your love of stuff drags you down in the long run as it cuts your ability to save and adds to your credit card debt.

If these don't apply to you then you may very well be on your way to living a wealthy lifestyle. B,ut if something on this list strikes a nerve with you, then you have to ask yourself why? Does it hit too close to home? Does it resemble something in you?  Look, a good many of us could relate to these five items at some point in our lives. I'm pretty sure I've hit all five here! But I realized what I was doing and that if I kept it up I would have no hope of ever building wealth. There's always time to make a change and there's no reason we all can't be on our way to build wealth!

This article is written by FFB of Free From Broke, a Personal Finance Blog for Regular Folks. If you enjoyed this then you should subscribe to the Free From Broke RSS to keep up with his articles.

With so many money managing tools out there, it's becoming increasingly difficult to come up with new ideas but I think Budget Pulse has done an admiral job here.  Donations, charitable contributions and school fundraisers can be a big headache, especially when you're the one in charge so if you find yourself managing these good deeds, you should definitely have a look at Budget Pulse.

Plenty of good money articles this week.  Let's take the plunge.

What You Need to Know About Open Enrollment: Health Insurance Options @ Cash Money Life: Regardless of how far the new health plan makes it in Congress, you're current options are well explained by Cash Money.

Coinstar Promo: Get $10 More With $40 in Coins @ My Money Blog: Limit one per person, address or household. Even after you take out the Coinstar fee, you can really clean up on this if you have a lot of family and friends!

Amusing Ticker Symbols @ PT Money: Good thing there aren't many four letter ticker symbols out there, or this could get ugly.

10 Things Your Baby Doesn't Need That Can Fund Their College Education @ Fiscal Geek: By the looks of my baby videos, my parents were successfully able to triple this number but I digress ...

Is Technical Analysis Profitable @ The Oblivious Investor: Using the past to predict the future in stocks sounds like a nice theory but I'm not convinced.

$7,000 We'll Never Get Back @ Clever Dude: Many don't realize that the cost of a pool is more than simply installing it however $7k is quite the unexpected cost.

Top 15 Ways to Save Money on Heating Your House @ Canadian Finance Blog: Depending on how you heat your house, cold winters can cost thousands.  A must read for anyone that sees snow.

What Is Money? - Nichomachean Ethics @ Mrs Micah: I wonder if Aristotle would have put his money in a long term CD, or invested it in the stock market if given the chance?

There were also some great personal finance carnivals this past week worth checking out: Carnival of Money Stories, Festival Of Frugality #203, Carnival of Financial Planning, and Carnival of Personal Finance #230.

Photo by Emerille

So can sight words help teach your young child to read? The short answer is yes. Now, the slightly longer answer begins by defining sight words. They are the most common words in the English language. These words are used with such frequency in written text that a mere twenty five words comprise approximately 33% of all English print (add the next seventy five most frequent words and you have about 50%).

Now for the part about how they can change your child’s life. It is no secret that learning to read is a critical step in every child’s development. As eliquently stated by Ontario Canada’s Ministry of Education, “The focus on instruction in the early years is on learning to read, but over time the focus shifts to reading to learn." The earlier a child learns to read, the sooner they begin to learn about other curriculum areas and life in general.

This is Not The Kindergarten I Knew and Loved

I remember kindergarten, which was a half day, entailing recess, naps, cookies and maybe a little coloring. Today, educators are teaching children to read earlier than they were when I was a child. Now, kindergarten students, many of which have full day sessions, receive a rather heavy dose of math and reading related instruction.

Within the first several weeks of school, most kindergarten (and virtually all 1st and 2nd grade) students will be tested in the areas of phonic rules and sight word recognition. The test results are used to place the students in a below, at, or above grade level. Those above grade students will be accelerated and will learn to fluently read quicker than their peers. Some kindergarten teachers even assign weekly homework. In my view homework for kindergarteners is a little over the top, but I generally applaud the trend of earlier instruction for and evaluation of children.

More aggressive reading curriculums have resulted in most students leaving kindergarten able to read beginner level books, and some are even fluent readers before first grade. Those students that cannot read fluently by the third grade are generally labeled as learning disabled. Not surprisingly, being labeled with a learning disability constrains the child’s educational path in reading as well as other curriculum areas. But, it can also negatively impact the child’s confidence, self esteem, and social interaction.

Sight Words and Phonics: The Dynamic Duo

So, how are today’s educators teaching children to read? The full answer is much too involved for this post. However, at a high level, they are teaching sight word recognition and phonics. Phonics instruction emphasizes the individual components of words (e.g. the “phonemes” /k/, /ae/ and /t/ are represented by the “graphemes” c, a and t). Sight word recognition and phonics complement one another in a number of ways.

Since many sight words do not follow the phonic rules, the ability to recognize and spell these words must be acquired through memorization. Teaching sight words to emergent readers also fosters confidence, which allows them to excel in phonics lessons.

Once a child can recognize upon sight a couple hundred of the highest frequency words the child will automatically read 50% or more of the words on a given page. This allows the young mind to focus and decode the remaining words using phonic rules.

Without sight words, phonic rules become frustrating, overwhelming and confusing. Without phonics, we would need to memorize how to read and spell thousands of words. This approach is simply not practical; there are too many English words for most humans to memorize them all. Yet another approach to teaching reading is the whole language philosophy, which focuses on the idea that reading and writing are ideas that should be considered as wholes – learned more by experience and exposure than by analysis through phonics.

The whole language approach was in vogue during the last few decades of the 20th century (when many of us were learning to read). However, in the past decade, whole language has become less prominent in the U.S. Today, a balanced literacy approach is the popular teaching method. Essentially, this is an integrative approach, taking the best elements of various approaches used in the past.

Games are Just More Fun

When teaching phonics and sight words to emergent readers, parents and teachers have a number of options. For example, many teachers post “wall words” (grade appropriate sight words) on their classroom walls to facilitate students’ easy and frequent reference. Another frequent tool involves the use of sight word and phonic flash cards.

While these approaches can be effective, they often lack any entertainment factor and fail to entice and retain a young child’s interest. This is an important element, particularly with kindergarteners and 1st graders, who just months ago were spending their entire day playing. Research has shown that instruction techniques which children view as fun are generally more effective than those without a fun factor.

Research by David Pierfy, professor at Rider University, found that games offered greater retention over time than conventional classroom instruction methods with students reporting more interest in the game activities. Another research study, conducted by John Dempsey, Professor at South Alabama University, suggested that games hold an advantage over traditional instruction when changing attitudes and holding students' interest.

Erudites Create an Award Winning Sight Words Game

Some friends of mine developed the perfect sight words game to jump-start the road to reading. The award winning game is called Er-u-di-tion, which is defined as “extensive knowledge acquired chiefly from books: profound, recondite, or bookish learning.” While playing the game with your child does not guarantee that your child will become an erudite (that’s right, erudition is a derivative of erudite), it is a good first step.
The game board is somewhat similar to CandyLand, but instead of focusing on candy,
Er-u-di-tion’s game cards contain:

• the letters of the alphabet and their basic phonic sounds – ideal for pre-schoolers; and
• sight words and their definitions, categorized into three levels of difficulty – perfect for elementary school students

Once your child masters the ability to read the game’s sight words, you can play the game focusing on spelling the words. The game can also be challenging for adults and other fluent readers and spellers. Players in this group advance in the game by guessing the sight word based on another player reading the definition. For example, do you know which common word “links words to show despite the fact; however?” While you ponder the answer, let me tell you that this rule really levels the playing field. (The answer is the word “though”).

As a parent, why would you play CandyLand with your child when you can play a game that teaches fundamental skills? The game retails for $24.99 and is available at various retail stores within the United States, or you can buy it by clicking the following link and visiting the sight word games website.

However, just as my experience was excellent, there are plenty of people that have had miserable times purchasing a car or truck on eBay.  In 2008, eBay stated that they sold a vehicle every 51 seconds, which means there was plenty of opportunity for fraud.  It’s important to do your homework when making a purchase on eBay, just as you would do if you went to a dealer.  The only difference with eBay is, its a bit more homework.

Outlined below are 10 steps to help make your eBay auto buying experience a joyous one.  By no means will this guarantee your purchase to be a smart financial decision, but it will certainly minimize the chances that you are taken for a ride. (Pun intended)

1. Analyze the purchase history on eBay – One of the cool features that eBay provides to all members is the ability to review previous transactions.  This means that as a buyer, I have the ability to view all purchases made by other eBay members for up to 6 months.  Once I have picked out the vehicle I want to buy, I can see how much other people have paid for that type of vehicle, and based on the specifications in the auction, now decide how much I think the car or truck up for sale is worth.  Something is only worth what someone else will pay for it and this is the perfect way to figure that out.

To give you an idea of how this works, check out this list of completed auctions for the Acura MDX. Prices in red mean the car did not sell (the price is the highest bid), while prices in green mean the car did sell. You'll notice that on the bottom left of the eBay screen is a "Search Options" box with the item labeled "Completed Listings." Checking that box for any search will generate information on completed auctions over the last six months.

2. Investigate the seller: While a lot of the vehicles on eBay are sold from dealers, there are also a good chunk that are sold by individuals that have never done this before.  Making sure that these sellers are reputable can be a challenging task, especially if this is a first time sale for them on eBay.  Checking a seller’s feedback rating is the first step in looking at a reputation, but it’s not the only one.  Run an internet search for the sellers name or business name and make sure you do not pull up any rip off reports or negative information.  When it comes to making sure your seller is reputable, make sure you leave no stone unturned. Of course, you can always choose to buy only from dealers, but sometimes the best deals come from individuals who need to sell their car in a hurry.

Did you know that eBay Motors offers vehicle purchase protection of up to $50,000 against certain losses associated with some types of fraud. You can check out more details at eBay Motors by clicking here.

3. Research the car or truck for sale: Most reputable sellers will provide you a carfax vehicle report. But if they do not have one available, get one on your own.  A report generally costs $25, and even if you are not fortunate enough to win the auction, you are risking very little to save thousands if you find big problems.  This of course should only be purchased if you are serious about winning the eBay auction.

4. Call the seller: Any seller that refuses to discuss the auction over the phone is someone you do not want to do business with.  Sometimes, talking with someone can give you a good sense of the type of person they are.  In addition, this allows you to ask any questions you have about the vehicle including warranty, shipping costs and other financial add-ons that can be expected on the auction.

5. Don’t have an itchy trigger finger: Even when you find a car that you really like on eBay and have found the seller to be reputable, don’t go higher than the price you originally set.  Sometimes when you place your bid and then see that you are being outbid, you are compelled to get into a bidding war and may end up spending hundreds or even thousands more than you anticipated.  Stay disciplined. There will certainly be another opportunity on eBay to make the right purchase.

6. Waiting until the last second to bid is dangerous: An experienced eBayer will tell you to wait as long as you can to make a bid, which makes sure you are not allowing other people to outbid.  However, when making such a large and important purchase, you want to give yourself at least a little time to get the bid in.  Too often I have lost small ticket items because I was a few seconds late in trying to time the perfect bid. If you are lucky enough to find the vehicle you want at the price you want, don’t risk it.

7. Schedule to pick up the vehicle yourself: Depending on the location of the seller, this may be a difficult step for some. But seeing the car in person before you have paid for it is very important, and you can save money by driving the car home yourself.  The cheapest delivery method is generally a minimum of $, the costs of a round trip ticket and gas to drive the car home is usually much cheaper.  I say round trip ticket for two reasons.  First, you should always have a method home because you may not like what you see when you go to pick up the car. And second, a round-trip ticket can be the same price or sometimes cheaper than a one way ticket.

8. Negotiate a way to return the car if you don’t like what you see: Some people may be compelled to pay for a car they have doubts about even if they don’t like what they see.  Even though you are obligated to pay for an auction you won online, you are not obligated to pay for the vehicle if you find problems you never saw listed in the auction.  Don’t be intimidated and be prepared to walk away if you have serious doubts.

9. Make sure to leave with all paperwork in order: All reports, receipts and documents should be in your possession when you leave the seller to return home.  Some of the largest problems in buying a car on eBay is retaining the title from the seller, which is an extremely important document needed to prove ownership.  If a seller tells you they will mail it to you later, you have to wonder if they have it at all, which might mean the car is not theirs to sell.  Above average sellers will even offer to have the title re-written which can save you a little time and money. Make sure the last thing you do is pay for the vehicle, preferably with a cashiers check so you have a documented record of it.

10. Have the car inspected before you return home: I’m no mechanic, and I have no idea what to look for when inspecting a vehicle. So when I purchased my car on eBay, I called a mechanic in the sellers area who agreed to do a general inspection of the car the same day I picked it up.  An inspection is a cost effective way of letting you know if you have a lemon under the hood. The last thing you need is to be on the highway when you’re engine gives, 500 miles away from home.

Armed with these tips, buying your next car or truck on eBay Motors may just save you a bundle.

Then I got to thinking.  I remember when movie tickets were just a few bucks and a matinee was even cheaper.  Now, taking your family to the movies can cost a family of four $50, just for the tickets.  When you add up overpriced candy, popcorn and drinks, the night can easily add up to $100.  So why does it seem like movie ticket prices continue to increase far beyond inflation, and more importantly, where does that money go?

The general breakdown for a Hollywood movie gives the movie theater 45% of every ticket sold and the studio that created the movie 55%.  This means if a movie ticket is $10, the theater that shows the movie receives $4.50 and the studio, lets say Paramount, receives $5.50.  For the theater, the $4.50 pays for employees, maintenance, food and drink and other various costs while for the studio, the $5.50 can be further divided into the sub-categories below.

Advertising and Marketing: $2.11 – Usually, a high profile movie has a high profile marketing budget upwards of $100 million.  TV commercials, newspaper and radio ads, Internet ads and billboards are used to drive future ticket sales. When market research and preview trailers are factored in, a studio breeze through it’s budget.

Production: - $1.71 – This amount includes almost every cost other than the actors salaries.  Sets, costumes, permits, insurance, employee salaries and other various fees fall into this category. Almost every movie goes over-budget in this category as some movie scenes cost millions of dollars and need to be done more than once.

Movie Distribution: $1.00 - 10% of every ticket goes for distribution of the movie reels.  Seems a little steep simply to pay thousands of dollars per movie reel but sometimes these movies are so sought after they have to be shipped with an escort.

Actors and Actresses: $0.68 – This percentage varies from movie to movie and $0.68 represents a big cast film.  If a movie does not spend as much on actors and actresses, additional percentages are added to the other three categories.

The theater chain sets movie ticket prices, not the studios that create the movie. When costs rise for a theater, it is twice as difficult for them to increase revenue because they lose 55% of every ticket. The end result means an increased ticket price of more than it actually needs to be.  The average movie ticket price in 2008 was $7.18. While a 30 cent increase from year to year is expected, the average ticket cost in 2009 looks to be around $8.50. If you’re lucky enough to have a theater near you that charges less than $10 per ticket, take advantage now because it won't last that way for very long.

And of course, you can always skip the movie theater and use Netflix or Blockbuster Online instead.

While $1,000,000 is a big number, it can be attained. The journey to $1 million may be a long one, but each step along the way is not difficult. In fact, each step is down right easy. With the right planning, commitment, and execution, anybody can become a millionaire. While there are certainly more than 5 ways to build wealth, what follows are 5 of the most practical concepts and methods that anybody can follow to become a millionaire in the making.

Real Estate Millionaire: Home ownership is probably the most significant asset for most people. Given the poor real estate market over the last couple of years, however, many have given up hope as they've watched their home's value plummet. Don't let the current market discourage you. Over the long term, real estate has gone up by the rate of inflation. While that may not seem like much, it's actually good news for home owners. Home ownership offers several financial advantages:

• Tax Advantages: Both mortgage interest and property taxes are, with some exceptions, tax deductible. The gain on the sale of real estate is also tax free up to certain defined limits. These tax advantages of owning a home set it apart from just about all other investments.
• Favorable Financing: The interest rate on home loans is generally lower than most other types of loans. Of course, a home loan is secured by the property, but the rates are still very competitive.
• Automatic Savings: Owning a home is a great way to automate wealth building. With each passing month, the principal balance on the loan declines as payments on the home loan are made. And the value of the home, over the long run, steadily increases.

While home ownership can be a key element of your financial success, owning a home is not a guaranteed ticket to wealth. Many people own real estate for years without building much wealth at all. Here are some of the mistakes people make that should be avoided if possible.

Don't think of your home as an ATM: While there are legitimate reasons to take out a home equity line of credit, expensive vacations, jewelry and clothes are not among them. Resist the urge to use your home to fund a life style you can't otherwise afford.

Stop playing musical chairs: Life sometimes requires that we move. And for some, moving from town to town every few years is a reality of life. But recognize that buying and selling a home involves tremendous expense. Factoring in the cost of financing, moving, realtor fees, and taxes, moving can easily shave off 10% or more of the value of a home. To see your wealth build with real estate, choose your home carefully and stay put as long as reasonably possible.

Don't buy more than you can afford: Too much of a good thing can really hurt your finances, and real estate is no exception. When we buy more home than we can reasonably afford, several things often happen. First, we look into exotic home loans (option arms, for example) as a way to afford the property. While these loans look attractive at first, they eventually result in significantly higher payments. Second, we are forced to spend too much of our monthly income on our home. This prevents us from making other important investments, like funding a 401(k). If you are considering buying a home, check this article on calculating how much home you can afford to buy. And finally, we are more likely to fund other expenses with credit cards or personal loans.

401(k) Millionaire: For most people, investing in a 401(k), IRA or other retirement account is the easiest, least costly, and most effective way to build wealth in the stock market. Whether the retirement account is a traditional tax-deferred account, or a Roth account, the tax advantages help boost overall returns. In addition, most plans run by major brokerage firms or mutual fund companies offer educational tools to help you become a smarter investor.

Given enough time, retirement accounts can grow into substantial sums. To get an idea of what's possible, check out the table below. I've assumed that contributions each year increase by an assumed rate of inflation of 3.1%. For each annual contribution amount and assumed rate of return, you'll see the approximate number of years it will take to accumulate $1 million. These results are pre-tax.

To make the most of your 401(k), IRA, or other retirement account, here are some tips:

• Start early: As you can see from the above table, the key to building wealth is time. The earlier you start, the greater wealth you can accumulate.
• Invest Smartly: You'll also see from the table the big difference a few percentage points can make. While there is no way to guarantee a 12% return or any return for that matter, even basic investing knowledge can go a long way. If you are uncertain where to start, I'd suggest reading The Bogleheads' Guide to Investing. Don't let the goofy name of the book distract you. The Booglehead's are a group of investors named after John Bogle, the founder of Vanguard. This book is an excellent place to start if you are new to investing.
• Let it be: Avoid 401(k) loans or early withdrawals. You don't want to do anything to interrupt the power of compounding.

10% Millionaire: Thinking beyond retirement accounts, a good rule of thumb is to save at least 10% of everything you make. Some or all of this savings may go to retirement accounts. In some cases, you may invest some of this money in taxable accounts with discount brokers or mutual fund companies. But the key is to consistently save and invest a portion of your paycheck. Ten percent is a good start; fifteen or twenty percent is even better.

Assuming a family income of $75,000, an annual investment of $7,500 increased for inflation will turn you into a millionaire in about 25 years before taxes.

Young Millionaire: Some of the most important wealth building years are between the ages of 18 and 30. These aren't the highest earning years for most, but the saving and investing decisions made during these early years will have a major impact on your ability to achieve millionaire status. Allow me to demonstrate.

Let's assume you begin investing $2,500 a year at age 18. Your annual investments increase each year by the amount of inflation, and you earn a 10% return on your investments. By age 68, your balance pre-tax is $1,668,657. But what's most impressive in this example is the break-down of your investment balance. Of the more than $1.6 million balance, guess how much represented your (1) contributions, (2) simple interest, and (3) compound interest (interest earned on the interest):

Contributions: $192,834
Simple Interest: $318,749
Compound Interest: $1,157,073

Compound interest, which Albert Einstein described as the most power force in the universe, requires one thing--time. The more time you give your investments, the more compound interest can power your investments over the $1 million mark.

The lesson here is simple--begin saving and investing as soon as possible.

Part-Time Millionaire: What I call part-time millionaire is really nothing more than a way to earn a side income. Jason over at Frugal Dad calls it a side hustle. The idea is to find a way to make extra income above and beyond your regular work. I make extra income blogging, but there are many ways to earn extra income. But here's the key--extra income that you use to save, invest, or pay down debt goes a long way. But can it make you a millionaire? Yes.

I know bloggers who have made seven figures. I'll repeat that. I know bloggers who have made seven figures. No, the humble Dough Roller is not one of them (but I'm working on it!). However you approach earning extra income, the beautiful thing is that it is above and beyond what you need for your monthly expenses. In other words, it all goes to increase your wealth.

And this leads to one very important realization about building wealth. Many reading this article will tell themselves that there is no way, using any one of the above methods, that they can become a millionaire. Fine, then use them all! Personal finance is not an all or nothing proposition. Most of us will build wealth in a 401(k) or other retirement account, while at the same time owning a home, saving outside of a retirement account, and perhaps by earning some extra money on the side. And hopefully we've started early.

By combining all of the above methods, and perhaps even more, we increase the likelihood that our net worth will meet and exceed the million dollar mark.

Let's take a look at the top money articles for the week shall we?

• How to Create Your Own Extended Warranty @ Consumerism Commentary: Sometimes, things break.  Why not spend the extra time to make sure that you're covered?
• Choose Where you Want to Live, Then Find a Job @ Money Under 30:  Should you move then find a job, or find a job, then move?  Perhaps this will sway your decision.
• Avoid Conflict with your Supervisor @ Cash Money Life: Speaking from experience, this can negatively impact your finances worse than you think.
• What NOT to Do When You are Behind on Your Bills @ Suburban Dollar: If you can relate to anything on this list ... STOP!
• Additional Income: Is It Taxable? @ Moolanomy: Taxes are due in six months people.   Find out now if your Babysitting gig needs to be added to your tax return.
• Tightwad Tuesday: Frugal Halloween Costumes @ Being Frugal:  Elaborate costumes might look good but it's not gonna help your candy haul at the end of the day.
• How to Get a Free Education Online @ My Two Dollars: If you're too busy or too broke to go to college, take some time to read this article.  Points out some wonderful links to get you started in higher learning.
• Fifteen Things More Important than Money @ The Simple Dollar: More important than money you say?!  Nonsense!

And here were some of the carnivals we participated in this past week: Money Hacks, Personal Finance, and Festival of Frugality.

Let’s take a look at the average NFL player's career and how much the decision to play professional sports has helped a player’s finances over the course of his lifetime.

Usually, the age when a player first recognizes they have the talent to become a true college athlete is around 14.  If a student thinks they have the skills, there’s a pretty good chance that academics take a backseat to practice and conditioning.  Of the 100,000 seniors in High School that play football every year, roughly 9,000 (Or 9%) are given full or partial scholarships to Division I or Division II schools.  Let’s assume a student is good enough to get a full scholarship to a good University.  Already, the student has saved  ~$120,000 on a 4 year degree.

Again assuming that the college athlete is good enough to go professional, school is an afterthought.  While NCAA regulations require at least a 2.0 GPA to play, there are majors such as “turf management” that can make college classes a breeze.  Sadly, the free ~$120,000 that was received for an education is miserably wasted.  With eyes on the prize athletes dream of draft day where they will sign their first contract, sometimes for millions of dollars.

Now, of the 9,000 seniors that play college football, roughly 200 make it to an NFL camp each year.  (0.2% of High School athletes and 2.2% of college athletes receiving scholarships) For the lucky 200, the average length of your NFL career is three years.  The average NFL salary each year is $775,000.  Doing the quick math, the average gross gain from an NFL athlete through salary is $2.325M.  Not bad for three years work huh?  Let’s start subtracting.

First, 99% of NFL players need an agent to negotiate these contracts, and the average agent fee is 6%.  Let’s knock of $140,000 to bring the salary to $2.185M.  Next, Uncle Sam loves professional sports because he gets 35% of what everyone makes.  There goes another $765,000 that brings the total to $1.42M.  After a few meager endorsements for an average NFL player, lets say the total amount made from being a professional athlete is $1.5M.  So what next?

The reason an NFL career only last three years is usually because of major injuries.  Knee surgeries and broken bones can plague an athlete for the rest of their lives and as far as dangerous professions go, the NFL is certainly one of the highest on the list.  So at the age of 26, a man with little education and poor physical capabilities is asked to start his life all over again.  No real education usually means they are living in an expensive house with an expensive mortgage and driving a luxury car.  Chances are there’s little money left in a savings or an investment account. So what is an NFL athlete to do?  Go Bankrupt.  Almost 80% of NFL athletes are bankrupt after two years of being retired.

The dangerous combination of an unexpected injury and a lack of education continuously ruin the financial lives of professional athletes.  Very few understand the risks and only look forward to the future, without planning for it.  Rather then wasting time in class learning the difference between Bermuda grass and Kentucky bluegrass, all athletes on scholarship should be mandated to take 20 + credit hours on personal finance and money management, even if they never turn professional.

So the next time you watch the NFL draft or read about a player that just signed a multi-million dollar contract to push the guy in front of him for a living, don’t think he’s way better off than you are.  While that may be true in the moment, it probably won’t be true in the long run.

To get the $50 promotion, use the following link:

Let's take a look at some of the best moneyarticles from the past week:

• How to Trust Someone @ MoneyNing: Points out some very interesting questions that you need to ask yourself before listening to advice from others.
• Why I Bought a 500K 20-Year Term Life Insurance Policy and You Should Too @ PT Money: You never know if today is your last day, so it's best to understand the differences in coverage and plan responsibly.
• Gold Hype? You're Being Taken For a Ride @ Darwins Finance:  Don't be so quick to invest in Metals just yet.  Darwin gives an in-depth look at why the record price of Gold isn't what it's cracked up to be.
• Are you Properly Valuing Your Stock Dividends? @ Automatic Finances:  This is a great article to show the average investor how to evaluate their dividend performance.
• The Relationship Between Tatoos and Income @ Weakonomics:  It's not exactly a "Whats the meaning of Life" type question but it going to win a Pulitzer one day.
• 17 Smart Ways To Live Cheaper on Campus @ CollegeFinance101: They say if you weren't broke while in college, then you were doing something wrong.
• 10 Attributes Of The Perpetually Broke @ Bible Money Matters: If you're looking to stay out of debt, read this and do the exact opposite!
• How to Get the Best Price on Airline Tickets @ My Two Dollars:  If you're planning to go home for the holidays, read up as fast as you can on how to cheap out on Airline Tickets.
• Save Hundreds of Dollars By Complaining After Poor Service @ Own The Dollar: Life is too short not to be refunded for shotty service.
• 10 Things I Learned Moving - And Tips @ Free From Broke:  A relieved blogger shows how to save money and time in doing something everyone hates to do.

Saturn's New Ring

So now on to the carnivals. We had some really great submissions this week, which have been loosely organized by topic to make navigating the articles a little easier. I've chose several submissions as editor's pick, which are listed first. Enjoy!

Editor's Picks

Jeff Rose presents What Are Your Options for a 401k Rollover to IRA? posted at Jeff Rose.

Linda Jones presents 100 Great Blog Posts to Jumpstart Your Job Search posted at JobProfiles.org - Job Descriptions and Online Schools to Start Your Career.

Tyler presents Less is More: Embrace Sustainability and Avoid a Scarcity Mindset posted at Frugally Green.

Madison presents $50 Amazon Gift Card to Celebrate 1 Million Visitors posted at My Dollar Plan. Let's help Madison celebrate this most excellent milestone. Be sure to visit the post and leave a comment for a chance to win a $50 Amazon gift card!

Personal Finance Hacks

Carolyn Friedman presents 100 Best Blogs for Your Financial Intelligence posted at Executive MBA Programs.

Peter presents Cash For Appliances Government Stimulus Rebate Program Will Give Money For Old Refrigerators, Washers And More posted at Bible Money Matters.

Steve Patterson presents Tax Tip: Double Check Payroll Withholding | 2009 Taxes posted at 2009 Taxes.

Miss M presents 10 Simple Ways to Better Finances Today posted at M is for Money.

Felix Ekpa presents Money Or Freedom? posted at No Limits!.

Money Progress presents Tracking your Net Worth with Yodlee MoneyCenter posted at Money Progress.

Darwin presents 3 Painless Tips to Save Up for Something Special posted at Darwin's Finance.

Shadox presents Shopping to Save the World posted at Money and Such.

Mrs Bankrupt presents Time Does Equal Money- Saving Money! Take the Challenge and See Your Savings! posted at Coupon Hound Dog.

Baker presents Could You List Every Single Item You Own? posted at Man Vs. Debt.

The Investor presents Emergency funds: The ten essential steps posted at Monevator.com.

Suzane Smith presents Top 20 Personal Expenses You Can Cut This Year to Save $1,000 posted at Accredited Online Degrees.

Career Hacks

Rose King presents 100 Great Social Sites to Boost Your Career and Brand posted at JobProfiles.org - Job Descriptions and Online Schools to Start Your Career.

Rose King presents 100 Twitter Feeds to Help You Land a Job posted at JobProfiles.org - Job Descriptions and Online Schools to Start Your Career.

Editor's Note: You may have noticed that I've included three submissions from Job Profiles (one is above as an editor's pick). The general rule of carnivals is that only one submission per blog will be included. But these three resources may prove very helpful for those looking for work, so I've broken the rule this week and included all three.

Mrs. Accountability presents $30 Bucks to A Good Cause… Because I Had To posted at Out of Debt Again.

Investing Hacks

Puneet presents Déjà vu : I've Been There posted at KuberKhana -Indian Stock Fundamental Analysis.

D4L presents Protecting Your Dollars With Foreign Currency posted at Dividends Value.

Paul Kamp presents Emerging Again? posted at Don't Quit Your Day Job - Personal Finance, Economics and Investing.

Alisha Harmann presents The Definitive Guide To Platinum ETFs: Platinum ETF Investing 101 posted at ETF Database.

Retirement Savior presents How to Invest like Wayne Gretsky posted at Retirement Savior.

Patrick @ Money Saving Deals presents $50 Sign Up Bonus at TradeKing posted at Money Saving Deals.

Deposit Accounts presents Money Market Accounts as Profitable Investment Strategies posted at Deposit Accounts.

Silicon Valley Blogger presents Peer To Peer Lending: Lend Money And Invest posted at The Digerati Life.

The Financial Blogger presents Best Stocks 2009: Q3 Contest Results posted at The Financial Blogger.

Manshu presents Retirement Planning Calculator: Some more thoughts posted at OneMint.

Vlada Kynsky presents Treasury inflation protected securities ETF posted at StockWeb.

One Family presents Added AT&T (T) and Wrote Covered Calls on Ameritrade (AMTD) and Costco (COST) posted at One Family's Blog.

Frugal Hacks

Mrs. Money presents Getting Made Fun of for Frugality posted at Save Green and Live Green!.

J. Money presents Secrets of a Stingy Scoundrel: Review posted at Budgets are Sexy.

Mike @ GLBL presents Do you ever fast? posted at Gather Little by Little.

jim presents Secrets of a Stingy Scoundrel Review posted at Bargaineering.

J.D. Roth presents Furniture Shopping Secrets: How to Tell Superior from Shoddy posted at Get Rich Slowly.

Her Every Cent Counts presents 10 Ways to Save Money on Laser Hair Removal posted at Her Every Cent Counts - a quarter life crisis, and change.

Dave Damron presents A Week on $20: 1/2 Success 1/2 Failure posted at LifeExcursion.

Credit Card Hacks

Lynnae presents 5 Steps to Paying off Credit Cards posted at Being Frugal.net.

Craig Ford presents What Credit Card Features are Important to You? posted at Money Help For Christians.

Cara presents Britney Spears does something modestly -- charge on credit posted at Taking Charge.

vh presents How long will it take to pay off that credit-card debt? posted at Funny about Money.

Cecil Dellison presents Can You Reaffirm a Credit Card in a Chapter 7 Bankruptcy? | Clearchoicecreditcards posted at Clear Choice Credit Cards.

Jason presents Cash, Credit, or Debit Purchases - What Works For You? posted at One Money Design.

Michal presents Scrapbook Rewards Visa Credit Card from National City posted at Credit Card Offers IQ.

Credit Hacks

BWL presents 15 tips to improve your credit after being turned down for a loan posted at Christian Personal Finance.

Kyle presents My Identity may have Been Compromised posted at Suburban Dollar.

Ryan presents 10 Ways To Get the Upper Hand When Dealing With A Debt Collector (Part 1) posted at The Better Credit Blog.

The Smarter Wallet presents How Debt Management Programs Affect Your Credit Score posted at The Smarter Wallet.

Nash Dadameah presents How Debt Management Programs Can Help You Get Rid of Debt posted at nil2million.com.

Insurance Hacks

Paul Williams presents Do You Need Life Insurance? posted at Provident Planning.

Real Estate Hacks

PT presents Questions About the $8,000 First Time Homebuyer Tax Credit posted at PT Money.

Tom @ Canadian Finance Blog presents Buying Timeshares | The Canadian Finance Blog posted at The Canadian Finance Blog.

Curt presents Slowing Economy Results In 20% Lower Heating Costs This Winter posted at PennyJobs.com.

Life Hacks

Kaye presents How Speeding Can Cost You posted at Mrs. Nespy's Frugal World.

Wojciech Kulicki presents Pregnancy Expenses in the Second Trimester posted at Fiscal Fizzle.

Buck Weber presents The Two Best Ways To Deal With Telemarketers posted at The Buck List.

A big thank you to all the bloggers who submitted articles this week. Be sure to check out next week's Money Hacks Carnival hosted on the Credit Card Offers IQ blog.