You are about to learn one of the strangest sports facts ever…
One of my nephews makes more money from Nike than 80% of all athletes.
Pause for a moment, and I’ll say it again: since his 1st birthday, one of my nephews has been making more money from Nike than 80% of all professional athletes in the world, in every sport.
How is this possible? For his 1st birthday we gifted one of my nephews a share of Nike and add to it every birthday and Christmas. Because he is a share owner of the Nike corporation, my nephew is entitled to receive a check for his piece of the profits-called dividends. In contrast, for most pro athletes, if their name is not on a shoe, they don’t receive a check from Nike, they get merchandise (merch).
The simple act of owning shares at a young age increases exposure + accelerates learning.
Unfortunately, most young athletes thrust into sudden wealth don’t the get basic financial education necessary for regular living so how are they going to handle massive wealth?
As ESPN’s 30 for 30 illustrated, most athletes go broke. Mainly, it is due to sudden wealth + a lack of financial literacy. With NIL deals flourishing, the literacy has to happen even sooner.
Our coaches do a service for the community by teaching our youth discipline, teamwork, and how to overcome obstacles. Often times they are even surrogate parents to others even while they hold down full time jobs and raise a family of their own. They did not know that they also had to teach finance! So, it’s not their fault that they may not have been equipped for this task.
I like using www.GiveAShare.com to help in financial literacy because a stock share can be purchased, inserted in a frame, and placed on a wall which ALWAYS sparks the question, what is that?
There are other avenues to get the youth started. A lot of investment companies will let you open a sub-account for your child.
I do know that the coaches are looking for a resource to help them. As proof of concept, I briefly spoke at a Women’s NCAA Final Four Coaches Symposium and was inundated with contacts before I could return to my seat.
Since that NCAA coach’s symposium, my nephew is not the only one learning while earning. Other relatives, friends, parents, and coaches have done the same for their kids.
www.MonkSays.com is a resource built to make financial literacy taught in small bites so that the complex is made simple and easy to execute.
To the youth, young adults, and the mothers who raise them, Monk Says…Learn the Game.