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Travis Kelce, along with the Kansas City Chiefs, suffered a crushing loss at Super Bowl LIX after being obliterated 40-22 by the Philadelphia Eagles. But his brother, Jason, also turned out to be a loser over the course of that eventful weekend.
The retired NFLer revealed that he lost “all my money” gambling while in New Orleans for the big game Feb. 9.
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“Casino’s right next door, and because I won so much money last year at Las Vegas [at the Super Bowl], I thought, ‘You know, hey, we’ll just keep this rolling, this will be great,”’ Jason Kelce recalled during an episode of the “New Heights” podcast he hosts along with Travis.
But the magic didn’t work this time. He described one point while playing craps as being “a bigger bloodbath than the game.”
Jason failed to take his own advice before hitting the tables.
“I don’t normally go to the casino,” he said. “It’s just like handing them money.”
Fortunately for Jason, after earning $80-plus million over 13 years as a player and signing a $24-million contract with ESPN last May, he likely can absorb the loss.
Jason’s case isn’t surprising. With sports betting and other forms of gambling becoming increasingly popular, the problem has spread like wildfire.
About 85% of U.S. adults have gambled at least once in their lives, according to the National Council on Problem Gambling (NCPG), while 60% have gambled within the past year.
The problem, though, is that gambling can lead to serious financial losses. The NCPG estimates that problem gambling costs Americans $14 billion per year in the form of gambling-related criminal justice and health-care spending, job loss, bankruptcy and other consequences.
One of the problems with gambling is that it can start as a social activity and turn dark quickly. It can be hard to say no when friends invite you to a casino to celebrate a birthday or bachelor party. But even a single night of gambling could have serious financial consequences.
One thing you may want to do is only bring cash with you to a casino. Leave your credit and debit cards at home to avoid the temptation to gamble more or “win back” your losses. Another option is to say no to gambling altogether if it’s something you’re uncomfortable with.
Once you feel like you’re in control, start practicing healthy money habits and set aside a portion of your paycheck for investments.
You don’t have to invest significant sums of money or time the markets perfectly in order to build a nice portfolio. The trick, according to legendary investor Warren Buffett, lies in investing consistently and harnessing the benefits of compound interest.
By investing constantly and letting time and interest do the work, you can sit back and watch your savings grow. Investing even a little bit of money on a regular basis can yield great results over the long haul.
You probably hold some amount of cash to cover your monthly expenses or in your emergency fund. Financial planners typically suggest keeping three to six months’ worth of monthly expenses in the fund.
Instead of hoarding the money in a traditional savings account, consider opening a high-yield account and let your cash work harder for you.
Tracking your spending is key to building a healthy relationship with money. Once you know how much money is coming in and how much you’re spending, you can set up goals for yourself for financial freedom.
Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.
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If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.
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Tariff-driven uncertainty has stoked inflation fears as well as increased the odds of a potential recession.
But opting for relatively safer assets like real estate can somewhat hedge your portfolio from market risks. Plus, you can generate a passive income source by investing in rental properties, helping you boost your income.
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Arrived’s total returns range from 6%-10% annually. In comparison, the S&P 500 index’s annualized returns of just over 10.13% since 1957. But, with Arrived, you also get the added benefit of diversification, real estate can act as a hedge against stock market volatility.
