5 smart money lessons from reality TV
'The Biggest Loser': Make slow, steady progress
Whether you're trying to lose weight like the candidates on "The Biggest Loser" or reduce your debt and cultivate new spending habits, slow and steady wins the race.
"Don't be discouraged if you fail to make progress (during) one week. The contestants on this reality show don't always lose weight at every weigh-in," says Praveen Puri, author of "Stock Trading Riches."
Just as losing weight is a constant struggle, you can actually expect to lapse into your old spending habits occasionally. Forgive yourself when it happens and try again. Learning to save money and spend it wisely is a process that doesn't happen overnight.
Having a supportive group of people encouraging you to adopt healthy financial practices helps you move closer to your goal, just as having like-minded people in your network who are eating right and exercising regularly helps you lose weight.