Cardale Jones the Financial Education of a Football Star

Cardale Jones The Financial Education Of A Football Star

On January 12, sophomore quarterback Cardale Jones led the Ohio State Buckeyes to a commanding national title win against Oregon. And just months before, Jones had contemplated a transfer to another school, in fear that he’d forever remain a third-stringer behind two Heisman Trophy candidates. But after a succession of injuries to the star players, Jones took the field as the starter for the final few games of the team’s dramatic season. In those few games, Jones went from third-string sophomore to folk hero, national champion, and NFL prospect.

Then, just three days after winning the title, Jones addressed After a 2012 tweet disparaging the need for education among the media in a press conference at his alma mater, Ginn student athletes, Jones has clearly learned how to keep the Academy. In the run-up and aftermath of the final game, dream of professional athletics in perspective. His drastic pundits and peers debated whether Jones would forgo his attitude shift reflects immense maturity and an ability to education as his value as an NFL draft pick skyrocketed. suppress ego for the sake of solidifying a future. But in Many suggested he would have a strong chance of either a accepting early entry into the NFL as a quarterback, Jones would have accepted newfound fame and adulation, along first- or second-round NFL draft selection. Meanwhile, Jones with a sum of money most people don’t earn in a lifetime. would still have to compete for the starting spot in Ohio next So why bother finishing an education if you’re set for life? year, despite having just won the national championship. The security of an NFL contract seemed too alluring for a young Despite the glamor and fortune NFL careers often seem to athlete to pass up. offer, many athletes have perpetuated a tale of ultimate financial ruin. Some of the league’s most elite players— But at the podium in his childhood school gym, Jones did not Warren Sapp, Vince Young, Lawrence Taylor, Terrell Owens— waver in his decision: “Being a first-round draft pick means famously squandered everything they earned. Indeed, 78% nothing to me without my education,” he said. “After I’m done of former NFL players two years out of the league have gone with football, I still have my whole life to live.” Without bankrupt or are under financial stress, according Sports hesitation, Jones declared he would enter the draft after Illustrated. It’s not that NFL stars are worse financial decision graduation so that he could finish school and pursue a makers than average Americans, but players are unique in degree in financial planning. that they must manage such a sudden crescendo of cash.

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It’s why we so often see lottery winners penniless not long Sources after major windfalls. The quick cash, combined with a • Fowler, Jeremy. “Cardale Jones Staying at Ohio St.” ESPN. culture of excessive spending and one-upmanship, often set ESPN Internet Ventures, Jan. 16, 2015. players on a track toward spectacular collapse. • Torre, Pablo S. “How (and Why) Athletes Go Broke.” It’s difficult for an athlete to realize he’s living beyond his SI.com. Sports Illustrated, Mar. 23, 2009. means during a career. Checks from teams or endorsement deals easily cover the multiple mortgages and car payments. But NFL careers are short—just 3.5 years on average—and they often come to an abrupt end. The checks stop coming in, yet cash keeps flowing out. Overspending, bad investments, and loans to family members quickly deplete millions.

Anyone that’s experienced such humble beginnings as Cardale Jones would certainly struggle to defer sudden wealth and stardom. Beyond the maturity in his decision to complete his education, his particular career choice bodes well for someone starting a life in professional sports. After school, he will have gained the necessary knowledge to avoid the struggle that many ex-players often face. If Jones remains as wise as he’s shown in his decisions thus far, he could excel as both an athlete and a planner.

Jones might soon capably educate his peers in the importance of long-term financial planning. He might remind them of the inherent value in securing their wealth sooner rather than later. He might help them realize that without education, football might provide the only source of income for 60 years or more after their last game. He’ll show them how to budget, invest for the long-term, and even manage the worldly temptations of spending. He’ll steer them away from selfish advisors that exploit naïve young players. And in the meantime, he will have secured his own permanent financial independence. After all, when football ends, he’ll still have a whole life to live.

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