This past April I had the good fortune of listening to 10 year NFL Veteran and current ESPN Analyst, Marcellus Wiley speak at an Athletes’ Touch meeting in Newport Beach, California. Athletes’ Touch is a non-profit organization made up of former collegiate and professional athletes committed to success in business, sport and community.

The theme of Wiley’s speech was centered on the importance of education and the commitment to excellence. During the Q&A session a former football player from UC Berkeley asked Wiley about a common teammate they had played with and the shocking news that this individual was financially broke.

As they shared, this player was a pre-med student at Cal Berkeley and was considered to be one of the bright minds in the locker room. How then was it possible for this player who made millions of dollars playing in the NFL to end up broke?

Wiley went on to explain that unfortunately this is actually common among NFL players.  Statistically 8 out of 10 NFL players will experience financial hardship, divorce, and/or incarceration within 2 years of retirement.

Wiley emphasized the point that athletes are no different than the general population in their lack of financial education growing up. An athlete is making the same mistakes we as a general population make, unfortunately for them these mistakes are magnified by the amount of money and the realization that their earning years are limited.

When asked for a solution, Wiley passionately spoke about the need for our education system, community, and families to take ownership in educating and equipping our youth with the knowledge and tools to make smart financial decisions long before they are left to learn by trial and error.

Last April was National Financial Literacy Month and our Nation’s leader, President Barack Obama wrote, “I call upon all Americans to observe this month with programs and activities to improve their understanding of financial principles and practices.”

There are many great resources and tools that exist to improve financial education. Through my personal journey and career of helping families make smart financial decisions I have found the seven principles  in “The Richest Man In Babylon,” by George S. Clason to be the foundation of becoming financially success.

1.     Always pay yourself first

2.     Live within your means

3.     Put your money to work

4.     Protect yourself from loss

5.     Seek advice from those who are competent

6.     Plan for tomorrow’s needs today

7.     Invest in yourself through education