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re: Mississippi State to Require Personal Finance/Dave Ramsey of all athletes

Posted on 6/10/15 at 10:43 am to
Posted by tilco
Spanish Fort, AL
Member since Nov 2013
13740 posts
Posted on 6/10/15 at 10:43 am to
What money they can't outbid us
Posted by LSUNV
In the woods or on the water
Member since Feb 2011
22503 posts
Posted on 6/10/15 at 10:44 am to
Not a bad idea at all!
Posted by LSUTigersVCURams
Member since Jul 2014
21940 posts
Posted on 6/10/15 at 10:48 am to
That's actually pretty cool.
Posted by Broke
AKA Buttercup
Member since Sep 2006
65162 posts
Posted on 6/10/15 at 10:50 am to
quote:

Upvote. Finally showing them how to use the money the boosters are paying them.


quote:

flyAU


I shite you not, this just came from an Auburn fan.
Posted by Lonnie Utah
Utah!
Member since Jul 2012
26617 posts
Posted on 6/10/15 at 10:51 am to
I've taken the Financial Peace University course thru our church and it's not bad at all. For college kids, it give them something to think about to leverage their earnings from the beginning and everyone knows the value of time in growing ones assets.

I always thought that many's peoples objections to Dave's philosophies were that they faith based.
Posted by goldennugget
NIL Ruined College Sports
Member since Jul 2013
24586 posts
Posted on 6/10/15 at 10:54 am to
quote:

I've taken the Financial Peace University course thru our church and it's not bad at all. For college kids, it give them something to think about to leverage their earnings from the beginning and everyone knows the value of time in growing ones assets.

I always thought that many's peoples objections to Dave's philosophies were that they faith based.


I took it after I graduated college. I think its helped a lot. I bought my most recent car with cash, don't have any debt outside of student loans, hardly ever eat out, don't waste money on worthless shite, don't use credit cards or anything. I save money and budget it down to the dollar every month.

It's going to be a while until I get out of baby step 2, but the general principles have helped tremendously.
Posted by ArCoRazorback
Member since Jun 2012
803 posts
Posted on 6/10/15 at 10:56 am to
quote:


LINK

quote:
“We want to make sure that they understand the basics of finance,” [AD Scott] Stricklin said. “Not that we’re going to tell them what to do with their money, but to make sure they understand how to open a checking account, set a budget and things of that nature.”


quote:
Some number of athletes will get value out of this and will have better financial futures than they otherwise might have. I personally have one or two disagreements with what Ramsey teaches, but for the basics, it's fine. For as many financially savvy people there are out there looking to prey on the misinformed and uninformed, it's a shame that these kinds of skills aren't more widely taught and then studied to find out which education methods are the most effective.



In the event that a booster successfully transfers $160k-$180k to a player a la Cam, they can't just put all of that in one place... I'm assuming this course covers basic contributions to various investment vehicles, the contribution limits on those accounts, and what to do with the rest?
Posted by WorkinDawg
Atlanta
Member since Sep 2012
9341 posts
Posted on 6/10/15 at 11:03 am to
Honestly, should be required at every high school and college. The level of financial illiteracy in this country is astonishing. Especially from our bettors in the government.
Posted by Hardy_Har
MS
Member since Nov 2012
16292 posts
Posted on 6/10/15 at 11:03 am to
quote:

Will the dawgs marginal propensity to consume be more since they're always finna eat?


Posted by anc
Member since Nov 2012
18801 posts
Posted on 6/10/15 at 11:06 am to
quote:

I always thought that many's peoples objections to Dave's philosophies were that they faith based.



I did for a while as well. The getting out of debt and budgeting stuff - that should be common sense. It is strange to me that he sells it en masse - but that's a testament on the general public, not him.

My only beef with him is that he completely disregards that if one is disciplined, that they can make debt a slave instead of a master. You can get a 2% or less loan on a car at virtually any credit union - and invest the money and make 8-12%, compounded on a $20,000 car vs. paying cash, you are paying $1,033 in interest vs. making $9,300 by investing the $20k with even an 8% return.



Posted by RockyMtnTigerWDE
War Damn Eagle Dad!
Member since Oct 2010
106297 posts
Posted on 6/10/15 at 11:10 am to
I have often said the Unions of sports should give these types of classes to potential incoming players. I like the idea of a college offering it as it is good to learn even if you aren't going pro.

Good for MSU.
Posted by flyAU
Scottsdale
Member since Dec 2010
24884 posts
Posted on 6/10/15 at 11:46 am to
Those downvoting my prior post obviously want to see them throw their money into Chargers, menswear and church renovations
Posted by madmaxvol
Infinity + 1 Posts
Member since Oct 2011
19958 posts
Posted on 6/10/15 at 11:53 am to
Posted by FleurDeLonestar
The Dirty HOU
Member since Mar 2011
6190 posts
Posted on 6/10/15 at 11:57 am to
People in Mississippi have money?

Learn something new everyday.
Posted by madmaxvol
Infinity + 1 Posts
Member since Oct 2011
19958 posts
Posted on 6/10/15 at 11:58 am to
My wife and I went through Financial Peace University and The Legacy Journey a few years back. Last week we started the loan application process for buying a new house (we currently have zero debt besides mortgage). The finance officer said that only .25% (yes...1 quarter of 1%) of Americans have a credit score above 805.

While Dave says that credit score doesn't matter...it was still nice to know that the process works not only on debt, but on credit as well.
Posted by Aux Arc
SW Missouri
Member since Oct 2011
2184 posts
Posted on 6/10/15 at 11:59 am to
If nothing else it is a good opportunity to have a discussion with people who have made the realization that you don't have to spend a bunch of money that you don't have in order to be happy - in fact, it generally leads to soul crushing debt.

Ramsey's course helped me get my wife on board. He is so much more persuasive than I am.
Posted by flyAU
Scottsdale
Member since Dec 2010
24884 posts
Posted on 6/10/15 at 11:59 am to
quote:

I shite you not, this just came from an Auburn fan.



I don't think I believe that you aren't shitting me.
Posted by Cheese Grits
Wherever I lay my hat is my home
Member since Apr 2012
56786 posts
Posted on 6/10/15 at 12:02 pm to
Basic money management can be taught by current staff at any university. Why would you pay the "franchise feee" to Dave Ramsey for this knowledge? Good move by State to educate the athletes but bad news to go "out of house" to accomplish it.
Posted by LandBearShark
Member since Sep 2012
446 posts
Posted on 6/10/15 at 12:12 pm to
Ole Miss Did it

Good for State but a major little brother move.
Posted by Lonnie Utah
Utah!
Member since Jul 2012
26617 posts
Posted on 6/10/15 at 12:23 pm to
quote:

Basic money management can be taught by current staff at any university. Why would you pay the "franchise feee" to Dave Ramsey for this knowledge? Good move by State to educate the athletes but bad news to go "out of house" to accomplish it.


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