Crazy Money! Flaunting Money Leads to Poverty

It’s Crazy Money Day! 

Does the amount of money earned by college athletes surprise you? In 2021, the NCAA allowed athletes to profit from their name, image, and likeness or NIL. This enabled them to sign endorsement deals, engage in brand partnerships, and earn money through other means. At one point, University of Texas quarterback Arch Manning was the highest-paid player. His NIL valuation was at $6.8 million from earning deals with Red Bull, Uber, and others. Now, do these young people really know how to manage that much money? 

33-year-old Super Bowl champion Odell Beckham Jr. is an NFL wide receiver. His catching ability and charisma have made him one of the most recognized players in the league. Now, he’s getting noticed for his inability to manage money. During his career, Beckham has made more than $100 million. He chose an extravagant lifestyle, but taxes and expenses have left him no margin. He’s on the brink of bankruptcy, and he blames it on not having the financial literacy to handle his millions. Though Beckham flaunts his wealth, he complains about not having enough.

Scripture is key to financial literacy. In fact, two verses in Proverbs 21 should be remembered: “The plans of the diligent lead to profit as surely as haste leads to poverty.” (Proverbs 21:5) And“Whoever loves pleasure will become poor; whoever loves wine and olive oil will never be rich.” (Proverbs 21:17) Imagine how different the world would be if athletes new these Biblical financial principles!

And if you need help navigating your finances, a Crown online course or trained Budget Coach can set you on the path to financial freedom.  Go to crown.org and click “Get Help Now.” Start today at crown.org.