CalWSportsFan said:

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Perhaps this deserves it's own thread, but it seems to me that schools, including Cal, should offer their athletes a course of financial planning, etc. I've had a couple conversations with several college athletes of late (here and elsewhere) and it seems there's not a lot of financial guidance given as to how to manage the sudden (new) influx of cash for these kids. I was told this is an issue particularly for young men....who tend to spend their money more quickly (on stupid stuff).

We've seen this happen on a wider scale with pro sports when a player, paid millions, ends up destitute later in life. I'm concerned that while not on the same scale, these young athletes may be blowing an opportunity to help secure their financial futures. As we've noted, many of these athletes will not have high-paying professional careers and so NIL money earned during their college years really offers an opportunity to establish a solid financial foundation for their future, no matter what they end up doing.

I've not read anything specific about what Cal Athletics may offer its student-athletes, but really it should be something that's a priority for all D1 institutions....in a perfect world eh?

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Agreed! About 20 years back, it was rumored that many (35-40%?) retired NBA players were in bankruptcy by mid-life.

CalWSportsFan said:

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Perhaps this deserves it's own thread, but it seems to me that schools, including Cal, should offer their athletes a course of financial planning, etc. I've had a couple conversations with several college athletes of late (here and elsewhere) and it seems there's not a lot of financial guidance given as to how to manage the sudden (new) influx of cash for these kids. I was told this is an issue particularly for young men....who tend to spend their money more quickly (on stupid stuff).

We've seen this happen on a wider scale with pro sports when a player, paid millions, ends up destitute later in life. I'm concerned that while not on the same scale, these young athletes may be blowing an opportunity to help secure their financial futures. As we've noted, many of these athletes will not have high-paying professional careers and so NIL money earned during their college years really offers an opportunity to establish a solid financial foundation for their future, no matter what they end up doing.

I've not read anything specific about what Cal Athletics may offer its student-athletes, but really it should be something that's a priority for all D1 institutions....in a perfect world eh?

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Excellent idea.

Perhaps the Haas School of Business could offer a seminar each semester for student athletes addressing that very issue.

Or would this fall under the auspices of the Cameron Institute for Student-Athlete Development?

mbBear said:

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But not to throw this baby out with the bath water... maybe this is needed for students across the board?

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Kinda like English and math? Maybe a good idea in this era of robots where capital is worth so much more than labor.

stu said:

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mbBear said:

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But not to throw this baby out with the bath water... maybe this is needed for students across the board?

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Kinda like English and math? Maybe a good idea in this era of robots where capital is worth so much more than labor.

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Well, I meant instructions into fundamental financial planning and challenges...

mbBear said:

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stu said:

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mbBear said:

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But not to throw this baby out with the bath water... maybe this is needed for students across the board?

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Kinda like English and math? Maybe a good idea in this era of robots where capital is worth so much more than labor.

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Well, I meant instructions into fundamental financial planning and challenges...

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That's what I thought you meant and I agree it's needed. Back in my day almost anyone with a college degree could get into a career paying enough to support a decent lifestyle. Now I'm not so sure about that so I think financial planning is more of a necessity than a luxury.

stu said:

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mbBear said:

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But not to throw this baby out with the bath water... maybe this is needed for students across the board?

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Kinda like English and math? Maybe a good idea in this era of robots where capital is worth so much more than labor.

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Well, the reason I noted the issue regarding athletes specifically is because they're receiving the funds/income outside any sort of structure, ie. employer. I agree that financial planning is valuable for everyone of course, but when you are hired there are often options like 401K, 403B, etc. that are presented and that (can) making saving easier.

Certainly financial literacy, like so many other types of literacy, should be taught to young people in general...and sadly, is not. I tried to educate my daughter by setting up a bank account early on, teaching her about how to contribute to a Roth IRA when she earned income from a summer job, how mutual funds work, etc...then on to the wonderful subject of income taxes (and planning). Fun times.

Cameron Institute offers free training for athletes in this area