It's not always 'a sexy thing' to be a millionaire, former NFL linebacker Brandon Copeland says. Here's why

Brandon Copeland is a former NFL linebacker turned coach. But the type of coaching he gravitates to isn't in the realm of sports — it's in personal finance.

The 33-year-old — who played for six teams across 10 seasons in the National Football League before retiring last year — started co-teaching a financial literacy course to undergraduates at the University of Pennsylvania's Wharton School, his alma mater, in 2019 while playing for the New York Jets.

The course, nicknamed "Life 101," was inspired by his own experiences with money, according to "Professor Cope," who is also a member of the CNBC Global Financial Wellness Advisory Board and co-founder of Athletes.org, the players' association for college athletes.

Now, the Orlando resident has written a new book, "Your Money Playbook," that reads as a football coach's blueprint to winning the financial "game." It touches on topics like budgeting, paying down debt, saving, estate planning and starting a side hustle. (Just don't call it a "side hustle," as he explains in the book.)

CNBC reached Copeland by phone to discuss his journey into financial education, why becoming a millionaire "is not a sexy thing" and how it helps to think in terms of Chipotle burritos.

This interview has been edited and condensed for clarity.

Greg Iacurci: What got you interested in teaching personal finance and financial literacy?

Brandon Copeland: Feeling unprepared for some of the major financial decisions in life. We go to school for all these years and we [learn] about the tangent of a 45-degree angle, but we don't talk about appliances and how to buy them, or how to make sure you protect yourself when you're renting your first apartment and what renters insurance is.

I always thought it was crazy that I had to make it to the Baltimore Ravens to learn what a 401(k) was. That was 2013, my rookie year. I learned what a 401(k) was when the NFL Players Association came and told us about the benefits you get for contributing.

Fast forward to December 2016: My wife and I, we bought our first house, in New Jersey. When we bought that house I was in Detroit playing for the Lions. My wife was at the closing table and she called me and [asked], "Hey, does everything look right on this?" They e-mailed me the closing documents; it was 100 pages and I had no idea what I was looking at. I could see the purchase price was the price that we agreed to, but then I saw all these other titles and warranty deeds and this and that. And I'm like, "I have no idea if I'm getting screwed right now." One of my biggest fears being an NFL player has always been, somebody's taking advantage of me.

GI: What do you think is the most important takeaway from your book?

BC: The power of growth. That was the big discovery for me as I started to make money. I had no idea that existed as a kid. I always tell people, you either put the money to work for you or you go to work the rest of your life for money.

There's a lot of folks who are afraid of the [stock] market. And I'm like, well, everyone's an investor. If you have a dollar to your name, you're an investor. If you take your money, you put it under your mattress, you do nothing with it, you put it in a safe in the house: That's an investment decision. That's a 0% return. If you take your money, you put it in a regular checking account, that's a 0.01% return. You put it into a high-yield savings account, it's a 4% to 5% return. The stock market, you put it in an index fund, the S&P 500, that may be an average 9% to 10% return.

All of those are investment decisions, you just have to choose wisely. [People] can put their money to work for them and get out of the "rat race" at some point.

GI: For someone who is just starting out — let's say they have been hesitant to invest their money in the market — how would you suggest they get started?

BC: I think the first thing you've got to do is download the [financial news] apps — the CNBCs of the world, the MarketWatch, Yahoo Finance, Wall Street Journal, Bloomberg — and turn on the notifications. Those notifications are starting to explain to you what is moving the market and why, and you're starting to learn the language of money. Whether you choose to invest money or not, you're at least starting to get comfortable with, "Oh, the market's down today. Well, why?" I think that's important to start to develop your stomach.

The other thing is, start to look at where [your] money is: What account your money is sitting in and how much is in those accounts. By doing that, you're starting to look at your money from a 30,000-foot view. You can start to determine, "I have X amount of dollars over here in my traditional checking account. Maybe I can take some of that money and put it over into a high-yield savings account that is now giving me 4% interest on it annually. And by getting 4% interest on it annually, maybe that's generating me $500 a year that I otherwise wouldn't have had." Now you're starting to put yourself in the game of money. What is the limited amount of effort I can do and still be generating money on my behalf?

As a kid, if somebody said, "Hey, man, I'll give you $500 to do nothing, to press two buttons," you'd be like, "Sign me up!" I always break that down as, that's a lot of Chipotle burritos, that's a lot of dinners, that's a lot of time with my family at the water park. By doing that, it makes it more of a priority for me to hurry up and make that investment decision.

GI: One of the first things that you encourage people to do in the book is say aloud to themselves, "I can be wealthy." Why?

BC: In football, your money or your job can be taken away from you overnight or through an injury. A lot of times, as I was making money, I was always just kind of looking around the corner. Even to this day, I still think about it as if somebody can rip the rug out from under my feet. So I'm still sometimes in survival mode. I think that although you can be making money, there are still ways where you can have anxiety around money, your lifestyle and when you spend money — all those things.

Starting to have positive affirmations — "I deserve to be rich. I deserve to have money. I deserve to not be stressed about keeping the lights on. I can be wealthy. I can do this" — sometimes you've got to coach yourself on that. Because where else do you go get that positive affirmation that you can do it?

Doing those things over time not only reinforce positive connotations about yourself, but they also genuinely have a real effect on your mental wellness. It is really, really hard to walk out of the house and be a super productive human being in society when you don't know if the doors will be locked or changed the next time you get there.  

GI: You write in the book that the journey of financial empowerment will require people to confront their "inner money myths." What's the most common myth around money that you hear?

BC: For lot of communities that I serve it's, put your money in the bank.

GI: You mean keeping it in cash and not investing it?

BC: Exactly. I think it's a myth because you put your money in the bank, and the bank goes out and invests your money: They invest it in other people's projects, other people's homes, and then get a rate of return on your money. Not to say banks are bad and saving is bad, [but] you've got to figure out at some point when can I get to the point where I can put my money to work for me?

I think that some of the myths are about whether wealth is for you or not. A lot of millionaires, it's not a sexy thing. A lot of times you feel like you've got to go and create the next Instagram or Snapchat or TikTok in order to ever be wealthy, when really you've just got to make simple, consistent, disciplined decisions. That is the toughest thing in the world, to have delayed gratification or to subject yourself to delayed gratification.

I think a lot of times, we don't prepare for the situation we will be in one day or could be in one day.

GI: How do you balance today versus tomorrow?

BC: I went to a school a couple weeks ago and [asked] the athletes there write out what they want their life to look like five years after graduation. By doing that and saying, "Hey, I want this with my life. I want it to look like this, and I want vacations to be like this," now you can always look at what you're actually doing and determine whether your current actions [are working toward] your future, the future things that you want for yourself.

I think a lot of us never spend the time write out what we actually want or to visualize what we actually want with life. And so you end up going to school, you go to college, and you're there just to get a good job and make money, but you don't really map out what that job is and what you like to do versus what you don't like to do. You end up being just a pinball in life.

I literally put people in my life to help hold me accountable. The best way I'd say to balance between delayed gratification and enjoying where you are today is having those accountability buddies who can tell you straight up, "Hey, you're slacking," or "Hey, you're doing a good job." But you can also map out against your own goals and wants for yourself, and [ask], are my actions actually adding up to this? 

GI: You write in the book that carrying high-interest debt, like credit card debt, and simultaneously investing is like putting the heat on high during the winter in Green Bay, Wisconsin, while also keeping the windows wide open. Can you explain?

BC: Sometimes folks are putting money in the market to try to get 6%, 9%, 10%, 12%, whatever, when they may be making the minimum payment on their credit card or no payment at all, which would be even worse, and they're paying 18% [as an interest rate].

You are automatically locking in a losing scenario for yourself that you're not going to be able to outpace.