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Mind over Money: Financial Basics for Freshmen and Seniors

Mind over Money: Financial Basics for Freshmen and Seniors

On Tuesday, October 15th, a group of senior student-athletes had the opportunity to learn about financial responsibilities as part of the Finishing Touch Series, which focuses on preparing our senior student-athletes for their transition to life after college athletics.

The seniors learned about the advantages of smart financial management and how it keeps you focused and organized. They also learned how having no goals and procrastinating lead to obstacles to financial success. They were then taught about the ins and outs of credit and the immediate and eventual impact it can have on one’s financial future. They also picked up key information about budgeting while seeing and hearing different examples.

Shelby Cox, from the swim team, describes how the Finishing Touch Series and the Financial Literacy Program are helping seniors. "As athletes, most of us haven’t had time or experiences to teach us what the professional world will be like. The Finishing Touch Series is helping me feel more prepared and knowledgeable going into the next crucial stage of my life."

Last month a group of freshmen student-athletes participated in a fast-paced, learning environment about the basics of financial literacy. The students started out with a blind-folded partner game to teach the importance of have a clear goal and plan in mind when managing their financial futures. Students then split in to small groups to simulate families to create budgets. They were given a certain amount of money to identify wants versus needs and other monthly items to live and enjoy life. They were then told that their salaries were cut almost in half and had figure out how to live on a smaller budget.

"Learning how to make smart choices about money is never an easy decision to make; especially if you don’t know the difference between wants versus needs. Our student-athletes had the opportunity to discuss what they would need to cut out or reduce in order to meet the lower salary," said Alison Nail, Career Development Coordinator.

The group also learned how to open up a checking and savings account; as well as how to write a check properly. Additionally, the student-athletes learned how to protect their identity and control credit card debt.

Director of Student-Athlete Development, Marcus Sedberry, noted, "While it is very important for all of our student-athletes to understand the importance of financial responsibility, we have identified our freshman and senior student-athletes as unique populations who should pay special attention to financial matters." He continued, "Our goal is not only for our students to excel in the classroom and compete for championships on the field of competition, but also to make smart decisions in life. One poor financial decision has the power to impact the rest of their lives, so we want to make sure we do our part in preparing our students for a successful financial future."

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