CHARLOTTE, NC / ACCESSWIRE / December 31, 2020 / Steve Nash, Dwayne Johnson, Roy Williams, Anthony Tolliver, Warrick Dunn, Alex Rodriguez, and countless others; some of the world's greatest business professionals were former athletes. According to Ryan Schachtner, financial expert, author, and founder of Carolina Assets Management, athletes have a distinct advantage when it comes to business, entrepreneurship, and leadership. While many former professional athletes and student-athletes have gone on to do great things, the NCAA and NAIA encompass close to 500,000 athletes a year, and only 2% actually make it to the professional level. What happens to the other 98%? Some may go on to start businesses or be employed by large corporations, but unfortunately, many student-athletes will be left floundering and uncertain of their next steps.
As one of the leading financial management firms on the East Coast, Schachtner has worked with some of the most esteemed former athletes in the world, but for every athlete that has experienced immense financial success, there were 4 others that lacked even the most basic financial skills. 100% of athletes that he has talked to have said they would have been better off financially had they been taught the basic financial skills that Schachtner addresses in his book. As a former collegiate athlete himself, Ryan understands first hand the ins and outs of college sports. Though his baseball career came to an end after he suffered a shoulder injury, he was able to leverage his athletic background to succeed in the business world. After 20 years in the financial industry spent running his uber-successful financial management company, Carolina Assets Management, Schachtner has most recently focused his services on helping student-athletes navigate the world of finances. He's traveled through North and South Carolina teaming up with athletic departments and coaches to educate their student athletes on the basics of finance.
In January 2021, Schachtner's first book, Foundation For Financial Excellence: Lessons from the Pros and a Game Plan for the Collegiate Athlete, will be available for student-athletes, recent graduates, and athletic departments across the nation.
The book takes a unique approach to otherwise dry, and often dull financial topics. Schachtner utilizes the strategy of adaptive expertise. which involves the transfer of knowledge from one area to another. According to Schachtner, regardless of the sport, all student-athletes experience relatively similar things. Through the use of sports metaphors and analogies, Schachtner educates on a variety of financial topics and has found that this technique enables students athletes to better understand, remember, and implement these topics later in life.
Through the chapters of the book, Schachtner addresses the inherent advantage athletes have upon entering the workforce. According to Schachtner, 95% of CEOs played sports and 94% of c-suite women executives are also former athletes. Other chapters include credit cards, how to understand credit and build great credit, and how to protect oneself (regarding both identity theft and avoiding bad advice.) Taxes, budgeting, student loans, asset protection, saving strategies and compound growth are all explored in a manner that is fun, easy to understand, and informative. Each chapter contains practical lessons from sports heroes of the past and addresses both their successes and their failures as well as a how-to guide that can be used to implement the lesson.
"We not only give an overview of the financial life game they will be playing but a detailed guide on how to successfully implement the game plan," says Schachtner.
The mistakes that student-athletes make aren't too different from the mistakes the majority of American's make, but with the proper planning, these mistakes are entirely avoidable. In a competitive athletic landscape, offering prospective recruits and athletes professional financial guidance can offer an athletic department a major advantage. Athletic directors and coaches are continually looking for ways to stand out among potential recruits. To enhance their programs' desirability, accessing a dedicated financial expert to teach the missing financial knowledge present among college students is a unique offering that will yield dividends for years to come. With the likelihood of student athletes gaining the ability to profit off their likeness while in college and potentially getting paid to play proves just that.
Student-athletes should not discount how important and formative the skills they learn in their athletic career are. Work ethic, teamwork, and leadership all contribute to one's hire-ability and individual success later in life. With the right coaching, education, and mentorship, student-athletes can leverage this competitive advantage and experience massive success both on and off the field.
SOURCE: Ryan Schachtner
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