Monarch Seniors Prepare Financially for the Future
By ODU Athletics
NORFOLK, Va. - Old Dominion University senior student-athletes were active and engaged Wednesday night at the annual senior financial literacy seminar presented by the ODU Student-Athlete Development Team. The event consisted of a hands-on hour-long session that presented students with several aspects of financial literacy, including: investing, budgeting, understanding professional benefits and much more.
The event’s featured guest speaker, Eric Smith, was the first-ever financial literacy speaker to be included on the NCAA’s Speaker Registry. Smith has presented at several NFL rookie camps including the Miami Dolphins, Seattle Seahawks, Denver Broncos, Tampa Bay Buccaneers, Tennessee Titans, Indianapolis Colts and Carolina Panthers. Smith was also an invited presenter at the NCAA-NFL Life Skills Summit, the NCAA Leadership Forum and the 2013 NBA Draft Program.
Students opened the session by reviewing key financial concepts, such as different types of investing options and simple versus compound interest. They were given several scenarios and shown how investing at a young age can set them up for life financially. For many, the idea of compound interest and the significant impact of delaying saving/investing was intriguing. Smith also covered how even the smallest savings and investments through applications such as Acorns and Robinhood can make saving fun and a lifelong habit.
One of the main focuses of the night was preparing financially for the future, a crucial skill for seniors and graduate students who are months away from entering their professional careers. Smith walked through different financial factors to consider during the job application/selection process such as adjusted cost-of-living and the value of benefits packages. Students were exposed to common retirement options such as 401k’s, pensions and vested retirement options. In light of recent events involving Equifax, Smith also covered ways for students to protect themselves financially from scams and presented options for free credit monitoring.
Lastly, students completed an exercise where they were given a salary and had to create a budget. Students had select options to choose from such as different car payment options, living arrangement options, etc. Smith then reviewed each group’s budget and helped them understand the pros and cons of their selections with some constructive feedback.
The ODU Student-Athlete Development’s next event will be the mock interview event for senior student-athletes at LR Hill on Wednesday, February 28.