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Free book helps college students get a handle on finances
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Student athletes shouldn’t just be on top of their game on the field or on the court.
If they’re smart, they’ll also have a game plan when it comes to managing their money. That’s the goal of the national education program Playbook For Life, which gives student athletes and all college students basic knowledge to build a solid financial future.
As part of the program, Nancy Lieberman, a former WNBA Phoenix Mercury and Old Dominion University basketball player, visited Arizona State University this week to give student athletes tips on better managing their money now and throughout their lives.
The program was developed by The Hartford Financial Services Group working with the NCAA.
“At the end of the day, it’s your money, and you have to be responsible and accountable for your money,” Lieberman said. “The earlier you start to save money, the more you’re going to have. At the end, you can’t invest if you don’t have savings.”
Those who go on to become professional athletes, as well as those who don’t, need to know how to avoid costly financial mistakes, Lieberman said.
“You can run up your credit cards and you can get poor advice,” she said. “When I came out of school, I had people saying you should invest in this, you should invest in that, and I had no clue. My head was spinning. It wasn’t my adviser’s fault. It was my fault because I didn’t take the time to research and understand the things I was investing in. So I lost some money in the stock market. I lost some money in companies.”
The booklet provides guidance on such topics as:
•Budgeting for housing and living costs.
• Managing credit cards and student loan debt.
• Understanding saving and investing.
“Some kids have never pulled their credit report,” Lieberman said. “Some don’t know what a credit report is. Some students think bonds is Barry Bonds.”
Patrick Pitsch, a senior and member of the ASU wrestling team, said his financial education has mostly consisted of trial and error.
“It would be nice to have some insight on better ways that I can save money and different ways I can handle my money better,” he said.
Kylla Sjoman, a junior and a member of the ASU women’s soccer team, said she could use some guidance on money management.
“I don’t think I use my money very wisely all the time, so I’m hoping to (learn) how to spend my money better and just keep track of my money better,” she said.
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