Originally Posted by Yachtzee
I have always felt it would be wise for college athletes to major or minor in business or finance, just so that they can have a better understanding of how to handle large sums of money properly. They'd probably still have to hire a money manager, but they'd at least be informed enough to recognize when they're being duped.
While there are certainly baseball players that go broke, fewer do than in the NFL or NBA. One of the reasons it is believed that it happens that way is that they have to actually learn how to manage money while in the minor leagues. While there are certainly the first or second rounders who get big money, most guys don't get those kinds of deals and they make about $800 a month in their first season or two, then get bumped up to maybe $2000 a month by the time they reach AAA. It gives you a better idea of how to truly manage money.
I still think it is insane that our education system doesn't have required finance classes starting in middle school.