A new company is offering college athletes upfront cash in exchange for a portion of their name, image and likeness deals, an arrangement some consumer protection experts and financial advisers say could prey on young athletes.
No one is making these kids take the offer? So you’re saying the parents/guardians have no influence over the kid accepting 50k? That type of money can be life changing to some folk. So many young athletes are pressured into accepting scholarships and deals by family members etc.
Just because it already happens in the baseball doesn’t mean it’s actually a good thing.
“To me it feels like you are preying on people who need the capital now and using that to cloud their focus on the future,” said Michael Haddix Jr., whose company Scout provides financial education seminars to college athletic departments. “It feels predatory, and it’s capitalizing on young people who need money and haven’t thought through the long-term implications.”
No one is making these kids take the offer? So you’re saying the parents/guardians have no influence over the kid accepting 50k? That type of money can be life changing to some folk. So many young athletes are pressured into accepting scholarships and deals by family members etc.
Just because it already happens in the baseball doesn’t mean it’s actually a good thing.
“To me it feels like you are preying on people who need the capital now and using that to cloud their focus on the future,” said Michael Haddix Jr., whose company Scout provides financial education seminars to college athletic departments. “It feels predatory, and it’s capitalizing on young people who need money and haven’t thought through the long-term implications.”