Jeremy Pruitt Invites Financial Adviser Speak to Tennessee Football Team

#1

WoodsmanVol

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#1
Glad to see we have a coach who understands his players are more than just football players. They're people too, and young inexperienced in life too.

How often have we read of former players who once had access to millions but are dead broke sometimes before or shortly after their career ends? Multiple reasons for this. Just like lottery jackpot winners, they deal with hanger-ons, irresponsible gifting, fleecing by family, friends, charities, churches, so-called investors and more. They need a financial plan, budget managing, and learning how to have one and make it mean something, no better time than right now. Hopefully, the players are smart enough to listen and implement what they hear and learn. Thank you Pruitt for caring about these players when they are both here now and long gone to prep them for what is to come.

For those interested, this article while basketball-related gives a pretty good idea of how our players can benefit if apply what's taught.
NBA Rookie Makes Millions - but Can't Touch His Money
 
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#2

Vol-in-Atlanta

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#2
Unfortunately there is a long history of various flavors of "Advisors" who have "assisted" newly rich young athletes in the past only to fleece them......my best advice would be - spend less than you make because your athletic career will be over before you know it, learn to say no to those using your friendship to take advantage of you, and watch for liquidity/tax/fee issues. If the investment benefits and costs aren't crystal clear, walk away.

(I have no idea who they actually asked to speak to the players, they may be great, I'm just talking about some of the bad stuff that's happened over the years)
 
#3

WoodsmanVol

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Unfortunately there is a long history of various flavors of "Advisors" who have "assisted" newly rich young athletes in the past only to fleece them......my best advice would be - spend less than you make because your athletic career will be over before you know it, learn to say no to those using your friendship to take advantage of you, and watch for liquidity/tax/fee issues. If the investment benefits and costs aren't crystal clear, walk away.

(I have no idea who they actually asked to speak to the players, they may be great, I'm just talking about some of the bad stuff that's happened over the years)
Can't disagree with you about this. Some notable, and you'd think intelligent athletes have fallen victim to such leeches. Kareem Jabbar is one. Forced to come out of retirement to recoup his loses. It's always been true that where there's big money, there's big greed. Hopefully, Pruitt has our guys pointed right and to FA's who are reputable.
 
#6

Vols8086

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#6
He should call Dave Ramsey. Dude is a UT alum.
Dave Ramsey isn't a licensed financial advisor. He legally couldn't even give them recommendations if they asked him what to invest in and things like that. That isn't the guy to bring in.

At that age, and in that setting, all those kids need to know is basics about budgeting and putting money in savings. That's about all 99% of them could handle anyway. They should have another program for those leaving school educating them on a broader range of topics such as investments and things like that. They should probably separate the leaving school group into a "going pro" and "going into a 9-5" conversation. Those kids going into the NFL will need an entirely different financial talk than those going to work a "normal" job.
 
#9

JohnnyJava

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#9
Kudos to Pruitt! The biggest failing in our entire education system is that even many college graduates are woefully ignorant of the basics of personal finances. If one doesn't come from a family that teaches the basics of personal finances and the importance of making good financial decisions, one can easily find himself in a lot of debt. It's baffling to me that I received eight years of post-secondary education without being required to listen to even a single lecture on financial matters. Nothing on investing, nothing on debt implements, nothing at all. Fortunately, I had a good upbringing and am not a spender, so I managed not to wreck my life with poor financial choices. Others, however, are not so fortunate. I hope that the players really pay attention to any sound advice that they receive.
 
#12

Volador

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#12
Can't disagree with you about this. Some notable, and you'd think intelligent athletes have fallen victim to such leeches. Kareem Jabbar is one. Forced to come out of retirement to recoup his loses. It's always been true that where there's big money, there's big greed. Hopefully, Pruitt has our guys pointed right and to FA's who are reputable.
Hmmmmm, wonder how much of his coming out of retirement to play was based on faulty financial advisors or, that he had 3 children with his wife, one with a girlfriend and a third son with an unnamed woman??
Either way, kudos to CJP for trying to help these kids when and if they reach the pros. God knows most of them will need some help
 
#13

Gandalf

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#13
From the above article
The lack of financial health is a major epidemic in pro sports, Dzamba said, with 60 percent of NBA players declaring bankruptcy within five years of their athletic retirement and some 78 percent in the NFL doing so, according to a Sports Illustrated report.
3 out of 5 in basketball and 4 out of 5 football players end up broke once they stop playing. NO excuse for that. That is a stupid "gold spinning rims" mentality. Glad Pruitt seems to be trying to instill some life skills as well as football.
 
#14

WoodsmanVol

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#14
Hmmmmm, wonder how much of his coming out of retirement to play was based on faulty financial advisors or, that he had 3 children with his wife, one with a girlfriend and a third son with an unnamed woman??
Either way, kudos to CJP for trying to help these kids when and if they reach the pros. God knows most of them will need some help
It's easy to find fault with anyone, including 45 & cronies. Let's focus on Pruitt's efforts to prep our boys for a stable financial future instead of making stupid self-ruining decisions.
 
#19

Grudenhaslanded

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#19
And I’ve paid off a good chunk of my personal debt following the teachings of that idiot. It’s really just common sense, biblical advice.
A lot of it is really bad advice that will put you in a much poorer financial position than you would have been otherwise. And it really isn’t biblical, but he positions it that way and markets to churches to pad his personal pocket. Really sad, IMO, but to each his own. That’s what makes capitalism work in the end. I’m not going to convince anyone like yourself otherwise, you’re just proving my original point.
 
#22

wmcovol

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#22
Dave Ramsey isn't a licensed financial advisor. He legally couldn't even give them recommendations if they asked him what to invest in and things like that. That isn't the guy to bring in.

At that age, and in that setting, all those kids need to know is basics about budgeting and putting money in savings. That's about all 99% of them could handle anyway. They should have another program for those leaving school educating them on a broader range of topics such as investments and things like that. They should probably separate the leaving school group into a "going pro" and "going into a 9-5" conversation. Those kids going into the NFL will need an entirely different financial talk than those going to work a "normal" job.
Budgeting, living within your means and making good financial decisions is exactly what Dave Ramsey does. He’s never recommended stocks in his life.
 
#23

BucksnortVol

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#23
Unfortunately there is a long history of various flavors of "Advisors" who have "assisted" newly rich young athletes in the past only to fleece them......my best advice would be - spend less than you make because your athletic career will be over before you know it, learn to say no to those using your friendship to take advantage of you, and watch for liquidity/tax/fee issues. If the investment benefits and costs aren't crystal clear, walk away.

(I have no idea who they actually asked to speak to the players, they may be great, I'm just talking about some of the bad stuff that's happened over the years)
Was it Lenny Dykstra?
 
#24

volsportsfan

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#24
@McDad hey my man. Football season is almost upon us. Take over the bold prediction thread. I'm done. I usually started with Florida and that game was my favorite to do bold predictions on. Anyway, it's all you now if you like
 
#25

McDad

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#25
@McDad hey my man. Football season is almost upon us. Take over the bold prediction thread. I'm done. I usually started with Florida and that game was my favorite to do bold predictions on. Anyway, it's all you now if you like
Uh. That's a lot of responsibility. Wouldn't it be better if a responsible adult took over the responsibilities?
 

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