On Sept. 17, 49ers’ legends Jerry Rice and Ricky Watters made an appearance on the Hilltop to share their experiences of managing money throughout their careers and to promote Visa’s educational game: Financial Football.
In this NFL, Visa and Chase collaboration, around 50 USF students were taught the importance of financial literacy and building for the future.
Rice said, “My parents taught me really early that you only borrow what you can pay back and try not to live above your means.”
Like Rice and Watters, many professional athletes come into the league unprepared and uneducated on how to manage their finances. This can also be an issue with college students.
In regards to getting his first NFL paycheck, Rice said, “All of a sudden, you sit in there, you get this big, massive paycheck, but you have to be smart about it. […] The most important thing is to put that money away, to save that money. Because here’s the deal, those big paychecks that’s coming in, they’re not going to be coming in forever, you’re going to need something to live on down the road.”
Watters had to learn this the hard way, saying, “It started out with suits in every color. […] Gator shoes, every color to match the gator belt. […] I thought I had more money than I actually had. […] I spent my first paycheck because I didn’t know the importance of savings.”
Watters explained that he started his career off with bad credit due to overspending and helping out his family, but after getting a financial advisor and learning how to manage his finances, the five-time pro bowler running back was able to get back on track.
Both the retired players stressed the importance of having a good credit score, as it opened up possibilities to grow their wealth.
Rice, who is the founder of G.O.A.T. Fuel, an energy drink company, was able to get the funding through having good credit. It also helped him purchase a house.
The three time superbowl champion also noted that money management isn’t easy, saying, “You’re gonna make mistakes. That’s just part of it, but you learn from those mistakes, and that’s important.”
Following their talk, students were invited to a game of Financial Football, where they split into two teams, which consisted of the 49ers, coached by Watters, and the Raiders, coached by Rice.
Worku Gachou, the head of North America Social Impact & Sustainability at Visa Inc, said, “We developed this game in partnership with the NFL, and what’s exciting is that we’re embedding themes of financial education throughout the game, so making it fun, interesting and exciting.”
Gachou continued, “Right now is when college students will be faced with some of their biggest financial decisions. […] The decisions that you make today are going to impact your life 30 years from now.”
To play the game, teams take turns answering multiple choice questions at various difficulty levels, ranging from easy, medium and hard, about financial rules and smart money-making decisions. The game follows the form of a typical NFL game, with teams having the ability to call plays, play defense and put points on the board.
After a competitive 20 minute game, Rice’s Raiders won 15-8, off a last minute touchdown.
Zachary Harris, a first-year finance major, who was on team Raiders, said, “I thought it was super cool. […] I think you could learn a little bit.”
He continued, “I feel like [the game was] a little knowledge based, like you had to have prior knowledge. […] It was cool to use that in a way that was still educational, but it was fun, it didn’t feel like we were playing like a financial game or wasn’t stressful like my homework.”
Senior international business and marketing major Matteo Voth, who works as a site lead and tutor in the McCarthy Center for Financial Literacy said, “I think this was great. […] They did a very good job gamifying what we teach normally in a classroom setting to these middle schoolers,” he said. “So honestly I’m tempted to use the software that they just used in my classroom when I teach because there’s a lot more engagement this way than when we’re just lecturing on the whiteboard.”
