How Joe Gibbs is
making financial education easy
3, 2011 The 2009 Sports Illustrated story "How (and why) Athletes Go
Broke" talks about the surprising high number of highly paid professional
athletes losing all of their money. The author of the article included
this fact about NFL players: "By the time they have been retired for two
years, 78% of former NFL players have gone bankrupt or are under financial
stress because of joblessness or divorce."
What makes financial education difficult?
Why is managing money so difficult for some of the players? According to
the article one player put it this way in regard to meeting with financial
planners, "Once you get into the financial stuff, and it sounds like
Japanese, guys are just like, 'I ain't going back.' They're lost." Another
football player said, "I once had a meeting with J.P. Morgan, and it was
literally like listening to Charlie Brown's teacher."
Making sense out of finances.
Joe Gibbs, the former Redskins coach, also recognized this problem. He
partnered with Strayer University to provide easy to understand and use
financial education to Redskins players. His financial coaching talks
about real life stories, and teaches the players about topics such as
budgeting and using credit cards responsibly.
Gibbs believes that the problems players run into is less about
irresponsible behavior and more about lack of financial knowledge.
Regardless if you are a professional athlete or not how many people get
high quality financial training before entering the workforce?
Where to find answers.
Even if you can't afford professional help with your financial questions
there are plenty of free, high quality resources available to you. Be sure
to check out the article
The "Problem" With Professional Financial Help by
Angie Hartman in the July / August edition of The Quarter Roll for 6 great