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Utah Student-Athletes Get Lessons in Financial Planning
10/1/2015 12:00 AM | General
Oct. 1, 2015 SALT LAKE CITY - The Utah athletics department was visited recently by representatives from the Morgan Stanley Global Sports & Entertainment Financial Education Program and former NBA player Antione Walker, who presented to the Ute student-athletes on financial planning, including investing, saving, using credit responsibly, debt and budgeting.
"Learning how to make smart and educated choices about money is an important skill that everyone should have," said Senior Associate Athletics Director for Student-Athlete Support Services Nona Richardson. "We want to give our student-athletes the tools to help them learn how to manage their money during college and put them in the best position to be financially successful as they move on to their future careers."
A three-time NBA All-Star, Walker discussed the financial challenges encountered by professional athletes. Walker, who won an NCAA championship at Kentucky in 1996, played 13 years in the NBA and won a championship with the Miami Heat in 2006, earned $112 million in his career and filed for bankruptcy in 2010. He gave examples from his personal life, which included trusting the wrong people, the pressure and desire to take care of family and friends and losing his NBA championship ring in bankruptcy.
"I learned a lot," men's basketball player Brandon Taylor said. "It opens your eyes to being smart about your finances and about your lifestyle. It's humbling to have it come from someone like [Antione] and this great group [from Morgan Stanley] that give us that knowledge to really think about the future and handling your finances when it comes to that time."
An activity with football player Kenneth Scott saw him start with 100,000 dollars, then saw that money quickly dwindle after housing, transportation, clothing, food, taxes and insurance were calculated.
"It was an eye-opener," Scott said. "I had to learn that you can't just live the lavish life. You have to learn how to plan and budget your money and be smart with it, no matter how much money you have."
Student-athletes were asked what they would do if someone came to them asking for money and what they saw as important ways to spend their money.
"They were successful in making me begin to think about how I want to save and how it will be possible to do so in my future," skier Sloan Storey said. "Thinking about some of the initial steps of what I need to do financially."
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