Pay off bad debt
While 35% of surveyed Americans say debt significantly impacts their financial health, another 69% associate being debt-free as a necessity for long-term financial well-being. While paying off debt gives you more independence, not all debt is bad. Mortgages, student loans and business loans can be considered "good" debt. Credit card balances, auto loans and personal loans are usually regarded as "bad" debt. That's because bad debts can come with high interest rates and typically decrease in value over time.
Eliminating your bad debt can take time but isn't impossible. Financial advisors generally recommend paying off debt with the highest interest rate first. Then, as you work your way down, you'll pay less and less as your balance goes down.
"Whether you're an athlete or not, it's important to understand how your financial health relates to your overall health," Ohno said. "Talking about and dealing with money doesn't have to be taboo. When you're aware of your financial wellness, you can face life's ups and downs with confidence."