In this age of big money, I'm hoping that IU provides these players with some kind of financial guidance rather than just giving them money and hoping they don't blow it or that they don't get fleeced by handlers or family. Does IU have any kind of program set up for them on how to properly manage their money? I'm thinking some kind of Dave Ramsey type thing would go a long way towards making sure these kids get their financial futures on solid ground.
I believe there is a former player with a financial firm that helps them, but not 100-% sure
I believe there is a former player with a financial firm that helps them, but not 100-% sure
If that's all there is that's not enough. If I'm a coach I'm making financial literacy sessions mandatory.
I believe there is a former player with a financial firm that helps them, but not 100-% sure
If that's all there is that's not enough. If I'm a coach I'm making financial literacy sessions mandatory.
I agree completely. These kids have so much expense covered for them while they're at school, their money should almost all be invested. I'd like to think they're truly painting a visual representation of what this money can become over time if they just put it aside.
I've always said, the best lessons you can teach a kid is delayed gratification. The best things in life come from those willing to simply wait. So many people want as much as they can now and they end up miserable because of it. Credit debt, skipping college, not putting money into savings..etc. Brutal.
I agree completely. These kids have so much expense covered for them while they’re at school, their money should almost all be invested. I’d like to think they’re truly painting a visual representation of what this money can become over time if they just put it aside.
These kids are going to have to learn that $200K or $500K or even $1M isn't nearly as much money as it sounds like. Hell, they'll lose 40% right off the bat after they pay taxes and give their agent his cut. New car? You can get a 3 year old Accord for $30K or a new Range Rover for $80K. For the average player getting average money, he's already close to being out of the big money.
Again, I'm serious when I say these kids need to be required to go through a financial planning course (and not just a one hour seminar thing). Those who are responsible and are already getting good advice won't be harmed and it might keep some kids out of hot water. Of course, the handlers and hangers-on might not be happy if their schemes are thwarted, but that's the whole point.
I just cannot imagine IU would let these kids get that kind of money without trying to impart some knowledge about it to them. I may be wrong but I would be entirely disappointed with my school if they did not make a good effort toward this.
In this age of big money, I'm hoping that IU provides these players with some kind of financial guidance rather than just giving them money and hoping they don't blow it or that they don't get fleeced by handlers or family.
Take a shot at a response.
Have a kid here in Mobile who plays for Miss State as a receiver (5th year). Pretty much scores each year so he plays most games and starts occasionally. Grew up with my sons. Spend the night friend. Had lunch with him in a chance meeting. All I wanted to know is how the $$ worked.
Here's the response:
I feel sorry for these kids and their families Mr. K. No idea how to handle hundreds of thousands let alone more. Most families have never seen that kind of money and have no idea how to handle it. They do have counselors available.
Question for the board: How many of you hung out in the counselor's office while in school?
(Kid is a Finance major with over 3.0 and Grandma went to Harvard so he's very financially astute.)
Hope u like the inside story. Go Hoosiers!
@mobilehoosier yeah, having counselors available and the kids understanding how to use them are quite different things.
i never hung out in the counselor’s office, but I never made any money in school either. I think if I would have made that kind of doe, I would have been looking for some help. But many will not.
I was sent to the counselor in high school, but I shaped up.
NFL requires mandatory counseling don't they? Probably helps some of them. Some still blow through so much.
I think the best agents do the same. Trouble is you know some of these kids have the worst agents, or inexperienced ones, like a family member.
I hope IU is doing it right. Agree with the idea.
I would like to think that the Kelly school has some sort of class even for say 6 weeks, that the players should take, even as an elective. Between just the football and basketball players alone that class would fill up
After reading about some athlete financial issues, I'd guess the toughest situations are when these 18-20 year olds are pressured to help out family and friends. I'm not talking about helping out immediate family in legit tough situations (food security, moving someone safer), it's great NIL allows players to help out their families with that.
What can happen is when a player comes into big money, a lot of extended family and friends come out of the woodwork asking for things -- a new car, or help with house repairs, or help with debt, or walking around money. They all have their sob stories, but they don't really need the money. If a player tries to help out 10 or 20+ people, the money can go really fast. Much faster than whatever they can spend on themselves in Bloomington.
A class or financial advisor can tell a player they can't afford to take care of everyone, but dealing with the interpersonal relationships is really hard and players probably need mentors within the program to hopefully help them deal with it. I'd imagine this would be some of the lead recruiters who built the initial relationship with the player when they were in high school. They know them best and players can hopefully turn to them if they have tricky money situations like this.
I'm not being critical of IU, I don't know how it works on the FB and MBB teams. I'm just discussing something that seems to happen when 18-20 year olds suddenly make a lot of money.
I saw an article one time about how miserable lotto winners are because they are hounded by family and friends. Most of them end up dissociating from many people they should be close to. I can imagine it is very much like that with these kids.
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