OWINGS MILLS, Md. (WJZ) — Practice makes perfect both on and off the field for the Ravens. Tuesday, players practiced managing their money with a new financial program the team is beginning.
Financial literacy is important for everyone to learn, but it’s especially crucial for those in the NFL since many former players end up struggling with money after retiring.
“What we see with athletes, they’re good at what they do but it’s tough at finding a second act, being able to transition off the field,” said former Raven Bart Scott. “That’s when the depression comes, that’s when the overspending comes, not really having a plan.”
The Ravens partnered with Edyoucore Sports and Entertainment to begin sessions to help players make informed decisions about how to handle their money.
Second- and third-year players will learn about investing, budgeting and entrepreneurship to ensure they can be financially stable during and after their football careers.
“The organization wanted to invest more into the players and do a second- and third-year program really catered to them and giving them the information that they needed to be successful longterm,” said Ravens director of player engagement Jameel McClain.
The first session included a video about the financial difficulties of NBA star Antoine Walker, who went bankrupt despite making over $100 million during his career.
That resonated with Ravens outside linebacker Tyus Bowser.
“It showed all the different expenses that he had and what he paid for. It was just amazing to see how much he spent, you know, making $112 million and going bankrupt. That was definitely an eye-opener for me,” he said.
The six-part course will continue into the Ravens’ regular season.