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Ballers Learning Money Management

Let's go with an encouraging snippet today on how several NBA players have been spending their summer.

Credit the assist on this one to Northwestern University.

As reported by CNN's Peter Walker:

Illinois-based Northwestern University's Kellogg School of Management has just hosted its first intake of basketball stars for a four-day executive education program covering topics including business leadership, negotiations, brand building and investing.

While their team mates enjoyed some downtime in the summer off season -- or at least those who weren't winning the men's Olympic basketball gold in Beijing -- players including Quentin Richardson of the New York Knicks, Desmond Mason of the Milwaukee Bucks and Jeff Foster of the Indiana Pacers headed to the classroom for sessions with some of Kellogg's top professors.

"It sounds kind of boring, but it's really not," Richardson said afterward. "There's a lot of interaction and discussion."

"As pro athletes, we're approached all the time with people saying, 'You can do this or that, just give me the money.' Now maybe we'll be a little better equipped to handle the situation, to know whether the person is serious or not, or whether they have really thought it through to see if it really makes sense."

Sounds like a great use of time for all who participated.

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As Walker points out, the average career in this game lasts just five years.  As has been discussed ad nauseam, these players often have decades of life left after their basketball playing days are over, and for many, simply getting another job either won't be desirable or will require great difficulty and possibly more schooling. 

These guys have a job for a relatively short time that pays them a lot of money, and it is no doubt in their best interests to learn how to use that money in a way that will keep them living comfortably for as long as possible.  It's good to see players realizing this and looking to take action to better their money management skills.