‘Burning Money’ video series helps you understand how not to do that

The Super Bowl MVP amassed a dozen credit cards in college and neglected to pay his cellphone bill, mistakes that hurt his credit score and raised the interest rate he paid on his first mortgage.

Too bad Brees went to school before there was “Burning Money,’’ a series of 20 videos and interactive lessons put together by young people for young people. I found them far more instructive, and real, than the VISA-NFL’s well-publicized but simplistic game in which you advance the ball by answering multiple-choice questions correctly.

Available free from the financial literacy group FoolProof, “Burning Money’’ shows young people “why budgeting and saving are skills they want,’’ said Remar Sutton, a veteran consumer advocate.

Students play a “reality game’’ with the goal of having money left over after living on their own for a month. They learn about money wasted by careless spending and impulse buying. They learn how nearly maxing out credit cards and being late with payments lowers their credit score. That low score wastes more money through a higher interest rate for a car loan, a higher insurance premium, and higher rent and phone line deposits.

“It is tough; it is honest,’’ Sutton said of the “Burning Money’’ series, which doesn’t promote any financial products.

FoolProof’s programs have been endorsed by the Consumer Federation of America and by the National Association of Consumer Advocates.

“Burning Money’’ (anybody can watch the videos at foolproofteacher.com) can teach adults a few things, too.

You are in control of your money and credit. Keeping track is essential. (Students must record every dime they earn or spend for seven days and are graded on accuracy of their records.)

More lessons:

Recognize the difference between wants and needs. (You need water when you’re thirsty. You may want fancy water, but all you really need is water.) Learn the difference between fixed and variable expenses. (The rent is generally fixed. The food and electric bills are variable expenses you can lower.)

Most important, success with money isn’t due to luck, but to skill. The four habits of young millionaires are to think ahead, pay themselves first, learn how to make smart decisions a habit, and learn how to put money to work.

Paying yourself first — setting aside savings every time you get paid — is “the most important and hardest habit to learn,’’ “Burning Money’’ teaches.

“Make it as automatic as breathing,’’ it recommends.

Humberto Cruz can be reached at AskHumberto@aol.com.