All FinLit Things Future Athletes & Celebrities Should Know Before Graduating. The Financial Literacy Unit

Mini Series #2 of 3

All FinLit Things Future Athletes & Celebrities Should Know Before Graduating. The Financial Literacy Unit

In the first Blog of this 3-part Mini Series Sunday, July 17, 2016 you heard about 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress. They have been enticed into bad investments, Financial Literacy Unit

stalked by freeloaders, saddled with medical problems, and then you have those who are naturally prone to showing off and competing with the Joneses. Many pro athletes get shocked by harsh economic realities after years of living the high life.

Now in this part 2 of 3 you will see what they should have been taught before signing those contracts.

This is also what I will be teaching on FreeFinLit101.com to help you teach your young adults and have young adults learn themselves on this website with our Blogs and free EZ ebooks and future course developments.

Paying Yourself First.  Why paying yourself first is such an important habit to learn.  With tips on how Pay Yourself First seamlessly.

Manage Checking and Saving Accounts
Manage Checking and Saving Accounts
  • Managing a Virtual Checking and Savings Account by being required to pay randomly selected bills by writing virtual personal checks as well as manage their own virtual check and savings register. This project shows the teens in a safe setting classroom environment the good and the bad habits formed with record keeping when it comes to financial records.
  • How Credit Cards Work while making weekly virtual online purchases with a simulated credit card that offers the look and feel of reality. They receive a virtual bill that mimics the real thing coming from the credit card company developed from their virtual purchases.  They are required to make the payments on time as specified by the bill or suffer the consequences of late fees and increased interest from 18% to as high as 49%.  Project is designed to give as much a sense of realism as possible.  This project shows the teens in a safe setting classroom environment the good and the bad habits formed with managing a credit card and credit bill handling.

    Click on image to enlarge
    Click on image to enlarge
  • Credit Scores. A presentation will be made on credit scores and credit score management to learn about the three credit bureaus of Equifax, TransUnion and Experian; the importance of credit history; and how to read their credit report. Also addressed is the role of the credit score leading lenders on decisions to give loans for homes, cars, and credit in the present and into the future. This project shows the teens the importance of monitoring and maintaining their credit score.
  • Stock Portfolio Management while managing their own virtual stock portfolio. They virtually buy five different stocks the first week, track the stock daily on a graph, and sell the stock back at the seventh week with a discussion how their stock performed. This project gives the teens a simple but powerful glimpse of stock ownership, monitoring and staying in it for the long run.
  • Scholarships. They are taught ways to use FASFA and navigate the scholarship world to use all available financial resources prior to committing to a college loan. This project  shows the teens there are many more resources available to help with their education cost without putting themselves in financial debt through borrowing loan money
  • Retirement Planning by being introduced with several investment and retirement instruments.IMG_5771

This is the type and level of financial education any student should have long before signing with any professional league.  It’s certainly more than many teens receive in their local high schools.  FreeFinLit101.com’s literacy regimen is designed to increase the youth’s confidence in making basic personal money management decisions no matter what their career.

Look for my next blog, Blog of this Mini Series (#3 of 3)

All FinLit Things Future Athletes & Celebrities Should Know Before Graduating to learn the back-up plan, “Plan B”.  Thursday, July 21, 2016

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