Empowering the Next Generation: The Importance of Financial Literacy

The dream of playing professional sports represents the pinnacle of success for many people. In reality, though, if not managed wisely, this dream can quickly be turned into a nightmare. Having experienced both the highs and lows of a professional sports career, former NFL fullback Jedidiah Collins emphasizes the importance of financial literacy and empowerment for athletes, as well as high earners.

Through his firsthand experiences, he founded Money Vehicle, an education technology company that’s transforming the way people think about money. The company’s financial literacy curriculum has been adopted by 23 schools across the United States, giving young people the tools to manage their financial lives.

Throughout this blog post, we’ll discuss financial literacy, challenges faced by athletes and high earners, and how Money Vehicle is making a difference.

The Short-Lived Dream and the Reality Check

While Jedidiah’s NFL career was a dream come true, it was also a harsh reality check. Although he reached the peak of his sport, he also witnessed how rapidly fortunes can shift. Most NFL careers are short-lived, and many athletes lack the financial knowledge or discipline to manage their earnings well.

As a result, they often struggle financially after their playing days are over. Jedidiah warns that living like a millionaire for a few years can be detrimental, emphasizing the importance of recognizing the potential to build a financially secure future by utilizing your platform.

Building Beyond the Game: Building Resilience and Adaptability

The road to Jedidiah’s NFL career was not without its challenges. He suffered numerous setbacks, including injuries and being cut by teams. Even so, he persevered, learning from each experience and becoming stronger as a result. Having this kind of resilience is a valuable quality for athletes and individuals alike. In order to accomplish their goals, individuals need to develop a growth mindset and embrace challenges as opportunities for learning.

In Jedidiah’s case, each setback was a learning opportunity. Now, he encourages athletes to see their sports careers as just one chapter in their lives. No matter the field, whether it is business, personal branding, or investing, there are plenty of opportunities for success.

Dodging the “Temporary Millionaire” Trap

While playing, many athletes live lavishly, only to face financial hardship later in life. In fact, Craig Brown, a partner in NKSFB’s Sports Business Division, told FOX Business in 2022 that an astounding 78% of retired professional athletes are broke after three years of retirement. It is for this reason that Jedidiah recommends inves frequently and early.

For example, through compound interest, individuals can grow their wealth over time. Furthermore, Jedidiah emphasizes the importance of diversifying investments to spread risk and maximize returns.

The Power of Financial Literacy

With a passion for financial education, Jedidiah became a Certified Financial Planner (CFP). To empower individuals to take control of their finances, he recognized the need for a more practical approach to financial literacy.

In addition to teaching people essential financial concepts, such as budgeting, saving, and investing, Jedidiah also helps them achieve their financial goals.

Leveraging the Power of the NFL Platform

As NFL players, or athletes in general, there’s a unique opportunity to develop our personal brands and explore business opportunities. As such, Jedidiah encourages athletes to take advantage of their visibility and influence to build lasting wealth. In order to secure a stable financial future, athletes must invest wisely, build strong relationships, and explore entrepreneurial ventures.

Money Vehicle: Empowering the Next Generation

While financial literacy is becoming increasingly important, many schools still lack comprehensive financial education programs. According to Jedidiah and other financial experts, schools should place a greater emphasis on financial education. 

In addition to teaching students about budgeting, saving, investing, and debt management, schools can empower them to make informed financial decisions. Specifically, he advocates for practical, hands-on learning experiences, like creating budgets, tracking expenses, and investing in simulated portfolios.

With Money Vehicle, Jedidiah fills this gap by providing students with practical, engaging financial education. Money Vehicle provides students with real-world examples and interactive lessons to help them make informed financial decisions.

A Call to Action

Being financially literate goes beyond just being a life skill. In addition, it can assist individuals in achieving financial independence. As such, we can help future generations build a strong financial foundation by investing in financial education.

Key Takeaways:

• Financial literacy is essential. For long-term financial success, it is essential to understand financial concepts.
• The importance of planning. In order to achieve one’s goals, one needs to create a financial plan and adhere to it.
• The power of resilience. To succeed, you must overcome setbacks and learn from your mistakes.
• Leveraging your platform. Athletes can leverage their platform to build a brand and generate additional income.
• The role of financial education. In the long run, individuals can benefit from early financial education by making informed decisions about their finances.

Featured Image Credit: Tima Miroshnichenko; Pexels: Thank You!