FARMVILLE, Va. – The Longwood University Office for Student-Athlete Enhancement in the Department of Athletics sponsored a presentation on financial literacy for the school's student-athletes on October 10. The presentation, which was co-sponsored by Longwood's Cormier Honors College, was given by
Eric Smith, a veteran in the banking industry with over 26 years experience. Smith's life skills course entitled
"The Money Game" is intended to teach young athletes how to rethink their current financial game plan.
"I met Eric at a National Association of Academic Advisors for Athletics convention and he was very energetic about his work," said Director of Athletics Academic Services
Maya Ozery. "Everything he talked about resonated as being really important, not just for student-athletes, but for everybody. He just has a very practical way of talking about things and about financial education. I think that when we think about the different programs we create for student-athlete enhancement, having a portion about financial education is really valuable."
According to Smith, The Money Game is the process of handling money that goes in and out of one's life. He strives to challenge, educate and inspire his audience to be S.M.A.R.T. – save, make a budget, avoid debt, resist overspending and think of others. He has a four-prong strategy for when it comes to "winning" at financial security that involves saving, planning, spending and giving.
"In the first half of my life, I chased money, and in the second half of my life, I want to chase significance," said Smith. "Part of doing that involves sharing the talents and skills that you've been given. I've been blessed with a great banking career, so I've acquired a lot of knowledge that is transferable to the lives of all the students that I talk to. They're going to get out of school and have to make decisions, and they have to be adequately prepared. My job is to come in and create awareness about some of the things that they can do right now to increase their chances at being financially successful."
Throughout the course of the evening, Smith and the Longwood student-athletes discussed identity theft and credit scores, as well as taking the 80-10-10 approach to money (spend 80%, save or invest 10% and give away 10%). Some of his financial tips for the Lancers included live below your means, live on a budget, start saving and get a plan.
"The Money Game was extremely beneficial to me and to all the other student-athletes," said
Kelsey Pardue, a senior member of the women's soccer team majoring in business administration with a concentration in marketing. "Mr. Smith's presentation was powerful. He emphasized how important it was to start saving now and gave us valuable tips on how to do so. It really inspires me to be successful in a realistic way … to be S.M.A.R.T. I plan to start my budget right now!"
Smith has presented to student-athletes all over the country from the University of Massachusetts to Arizona State University. He has also visited rookie camps for the Carolina Panthers, Miami Dolphins and the Seattle Seahawks, as well as being a business consultant for athletes of any age.
