I had a great time on the Self Equity podcast last week, talking with Jolene Tepedino and Jordan Zelniker CEPA® Zelniker about, among other topics, the importance of teaching athletes financial literacy.
As you’ll hear me say it on the pod, there’s a process to preparing for the moment of instant wealth, and it’s not something you want to be trying to figure out while you’re crossing the stage to shake Adam Silver’s hand on draft night. Fortunately, the NBA is, in my opinion, as good as it gets in preparing young players for the big changes.
There’s so much thought and care put into resources like the Rookie Transition Program, which covers money, relationships, social media, mental health, and more, and the Business Mentorship Program, which gives players an immersive experience with entrepreneurs and other experts. And make no mistake: The messages to those rookies in the transition program are brutally transparent. When they’re done with the program, all they can do is accuse you of telling them the truth. And it’s vital that they hear that information and start to imprint it on their decision-making process.
And we’re seeing transformational shifts in the league! Through education and exceptional mentorship, young players are showing they have what it takes to take advantage of opportunities during their playing days and to prepare themselves financially for a future after basketball.
To paraphrase Jay-Z, we’re seeing more of the post-NBA businessman and, occasionally, the “Business, man”—and, thankfully, fewer former hoopers who end up in financial hardship due to lack of knowledge and preparation.
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