Demands for College Athletes to Cash In also Call for Solid, Unbiased Financial Literacy Programs
By Drew Hawkins
A sea-change in collegiate sports is feeling realer by the week with California and at least 12 other states pushing ahead to allow amateur college athletes to profit from their name, image and likeness.
It’s a hot topic that heated up overnight with the NCAA announcing that its Board of Governors voted unanimously to rewrite the rules currently banning athletes from being paid for their name and image. What that will look like remains to be seen but what is clear is that the tide is turning.
No matter which side of the argument one chooses, the potential for this new reality opens the door for additional questions related to what this could mean for prominent college athletes: Will there be limits placed on maximum earnings? Could the payouts reach pro levels? What will the fair market value for individual players look like? Just how much money are we talking about?
The quantifiable numbers won’t be known for quite some time but what will become increasingly evident is that the prominent players will now be set up to garner large sums of money before leaving college. This progressive reform has the potential to provide young adults a huge financial leg up on life by capitalizing on their innate athletic abilities and hard work.
So, before handing the kids the keys to the luxury ride, it’s probably wise to teach them how to drive. The same can be said about allowing these potential financial windfalls without teaching the lucky ones how to responsibly preserve and maximize their college cash-in. They are at learning institutions, after all. Right?
While the debates and discussions will continue for the months to come, colleges and universities across the nation have been given a real glimpse of the future as well as a solid lead in the race to install financial literacy programs at their institutions. This monumental change has the ability to lay a much needed foundation for any athlete who hits it big in their college years or beyond. Because, If colleges can’t help these athletes help themselves through accessible, comprehensive, unbiased financial education programs tailored to their unique situations — then what is this all for?
Click here to read more about the NCAA’s decision.
Drew Hawkins is the CEO and Founder of Edyoucore — a financial education company focused on teaching athletes and entertainers through interactive financial education practice sessions and unbiased, customized consultation services to help guide financial, business and lifestyle decisions.