Thanks to the National Financial Educators Council and The Basketball League, there’s an emphasis being placed league-wide on economic empowerment throughout the 2023 season.
There are certain numbers that jump off the page through the thick of a basketball season from wins and losses to scoring averages and shooting percentages. Then there is the bottom line – the dollars and cents of it all. But regardless if a guy is playing for the league minimum or receives a higher wage from their particular franchise, there is another set of numbers players around The Basketball League guys are keeping an eye on this 2023 season.
Prior to the start of the the 2020 season, TBL announced that it had formed a partnership with The National Financial Educators Council (NFEC) in an effort to promote financial literacy throughout the league and in communities where TBL’s team’s play. The news may have flown under the radar at the time, but fast forward three years and it’s quickly becoming the lone number some players in the league are paying close attention to.
Because the wise ones know that it’s one thing to make money, but saving it and making smart investments is a whole different story. And for over 600 aspiring professional basketball players in TBL, placing an emphasis on financial literacy is just another way the league is helping players and teams grow off of the court.
“We are excited to be in partnership with the National Financial Educators Council who are known for their expertise in changing lives through their dynamic financial literacy program. The positive impact of this program will literally change the trajectory of hundreds if not thousands of lives for generations to come, explained Evelyn Magley, CEO of The Basketball League.
“We are thankful that the NFEC created this fabulous platform to help educate individuals to become financially literate to help secure their financial futures. We are honored to be able to present NFEC not only to our players but to the masses across communities in the U.S. and internationally.”
Known for their successful resume in building and deploying financial wellness programs, the National Financial Educators Council (NFEC) is a social enterprise organization whose stated mission is to improve financial capability among the nation’s citizens. Through collaborative efforts with leaders across a variety of fields, the NFEC aims to increase access to financial literacy resources that represent best practices in financial education.
Along with TBL players, TBL communities are also benefiting from the partnership by donating financial literacy resources and speaking to schools and nonprofit organizations. TBL front offices also took part in certified financial education instructor courses to help them maximize their time teaching players. Supplied with research-based financial education resources that include live presentation curriculum, online learning, and on-going education support.
The focus really comes down to equipping TBL players and front offices with the opportunity to make financial wellness a priority. Keep this statistic in mind: According to the National Bureau of Economic Research, approximately 16% of retired NBA players become bankrupt within 12 years of leaving the game.
It’s never too early to start expanding your financial literacy, but there comes a time when it’s far too late.
“It’s great to see a professional sports team committed to helping their players and the communities they serve across the country. Through this partnership with The Basketball League we can take a step to addressing the financial literacy crisis by having professional athletes take an active role in the financial literacy movement,” said Vince Shorb of the National Financial Educators Council about the partnership with TBL.
There are a number of ways TBL team’s are involved and how TBL players participate, with a chance to earn points through the season by spreading the word about NFEC and financial wellness. TBL teams show a commitment to promoting community financial wellness by donating financial literacy materials, holding financial literacy pop quizzes at games, holding a “Financial Educators Day”, and a Mother’s Day campaign that instills financial values for the family.
For TBL players, guys can earn points during the season simply by learning activities that build their own financial capabilities, take part as active advocates for community financial wellness and economic empowerment, highlight their community leadership by encouraging others to get involved in improving their personal finances and earning the respected Certified Financial Education Instructor (CFEI®) certificate.
That makes dollars and sense.
By the end of the season, Conference Champions from the West, Midwest, Central, and Northeast have the chance to earn $1,000, $2,500 for the National Championship, and also the league will reward a Financial Literacy MVP thanks to NFEC and TBL.
Those are some numbers that players, teams, and communities can get behind.
Economic empowerment has never sounded so good.
Wendell Maxey is the author of Around The Basketball League and has written about professional basketball and sports for 20 years. He’s been featured on NBA.com, ESPN.com, USA Today, FOX Sports, and SLAM Magazine among other publications and media outlets. You can connect with him on Twitter and LinkedIn or read through his archive on Linktree.