These athletes, like students whose parents pay all their expenses, didn’t have to pay rent, buy food, or worry about all the costs of living on their own.
“Since 98% of student-athletes will not become professional athletes, you could argue that all students need the same training and conversations that we bring to this organization,” said Morgan’s Hawkins. Stanley.
Allison Schaaf, a senior on the Kansas rowing team, said what stood out for her was the conversation about what purchases people need versus what they want.
“They had a stack of counterfeit money and they gave you options to buy a car – a sedan or a big SUV,” she said. “Whichever one you choose, you had to give some of your money. It really hit home. Some people wanted to live luxuriously, but they didn’t know how much it would cost them.
Steven Israel, who played 10 seasons in the NFL and is now a financial advisor with Merrill Lynch’s private banking and investment group, has conducted mentoring programs for students.
He said when he was studying economics at the University of Pittsburgh in 1992, he calculated the kind of salary he could expect right out of school. “At best, it looked like I was going to make my 40s in an entry-level job, and I said that was good,” Israel said. “Then I said what if I mind my business on the football field and get drafted between slots 17 and 50?” It looked completely different.
He was drafted 30th and received a signing bonus of $ 500,000. “It’s a lot of money, but after taxes and living in California it went down,” he said. “Right away, I started to put money aside.