For some athletes there is the professional dream of getting paid to do what you love, but for all the other student athletes there is the realization of finding a job after graduation.
That is why Playbook for Life came to the DU campus last Tuesday to present to the student-athletes plans to prepare financially for their future.
Playbook for Life is a program run by The Hartford Group and sponsored by the NCAA and is presented to colleges across the country.
“There are too many stories of students and student athletes making bad financial decisions. At this point they can develop a sound financial plan,” said key-note speaker Allen Pinkett, former Notre Dame All-American football player.
He added, “The playbook allows the athletes to implement it right now whether they have money or not.”
Sophomore volleyball player Alyssa Hampton led off the program with an introduction to the athletes and a presentation of Jamie Munro, speaker and men’s lacrosse head coach.
Munro spoke about his financial experience during college and gave tips on what to do to avoid the mistakes of going broke.
“You learn that budgeting is huge. It probably took me longer to learn that lesson,” said the seventh-year head coach.
Munro explained that credit cards were not available in his day, so one could not run into trouble there.
But he did start his own painting company and explained that he did not save the money and instead blew it all on fun during his senior year.
“One way or another they are going to have to face these realities, so if you can learn them at a younger age it is a huge advantage,” said Munro.
After Munro spoke he introduced, Pinkett to the athletes.
Pinkett also spoke about his experiences during college and explained how a budget is the foundation for any financial planning.
The former Irish player was selected in the third round of the 1986 NFL draft by the Houston Oilers (now Tennessee Titans) and spent his seven-year NFL career with the Oilers and New Orleans Saints.
“Getting a degree gives you opportunities,” said Pinkett, who graduated from Notre Dame with a degree in marketing.
He added, “A degree and 75 cents will get you a ride on the bus. A degree gives you a better opportunity to attain the lifestyle that you want to have, and it is always important to have a backup plan.”
Pinkett added, “I think what I learned most at Notre Dame is trying to be the best at everything, athletically and academically.”
Pinkett commented on how after he got his paychecks in the NFL he would go to boutiques and buy seven suits or go to an ATM and get the max and think nothing of it.
He also said that the NFL is not much different than college and that you have to be accountable for your mistakes.
“You want to excel on the field because you never know what can happen. Get a job as a professional, but if that doesn’t work out the experience you had as a student athlete can only be beneficial when you go out and work in the real world,” said Pinkett who lives in Houston with his wife and two children.
After the former NFL player spoke, William J. Poutre came to the floor and presented the program to the students as well as gave his advice.
Poutre is a PGA class A golf professional as well as the co-chairman and principal of Massachusetts-based Prime Financial, Inc.
He is also a University of Hartford adjunct professor and NCAA Division I golf coach.
Poutre introduced the Playbook for Life, which is described in a pamphlet given to all student athletes when they leave the program.
The program describes how to manage credit cards, find the right job and buy a house and car.
It also covers savings, investments, retirement plans, insurance and stresses the overall importance of budgeting.
Poutre advised the student-athletes to get a financial advisor and to start planning for their financial future as soon as possible and to be realistic about their future salary.
“Our overall goal is to hit all 360,000 NCAA student athletes. That won’t come with just campus visits, it will come through various ways, such as online and brochures,” said Pinkett about the plans of Playbook for Life.
The Hartford group also told the students that the average student in Denver graduates with $15,500 in student loans and credit card debt and expects to land a job paying $64,000.
Some athletes will be using these tips earlier than others, but no matter what grade or age you are it is never too early to plan for what money you will be using to pay your bills, buy your house or dream car.
“Athletes tend to be more risk takers. It can be an advantage, but they also need to realize what risks they are taking,” said Munro.
Pioneer athletes take many risks every time they play their sport, but it is the risks in the real world that DU is preparing their student-athletes for.
