Ahead of the game: Michigan brings in financial literacy program CEO to address NIL
Michigan is trying to stay ahead of the curve with Name, Image and Likeness laws changing how players can profit while still in college.
The Wolverines brought in some outside help to get players educated on matters such as financial literacy and managing their money. They hired Didier Occident of Secure The Bag, which is a financial literacy program designed for athletes.
.@UMichFootball is going above and beyond: Jim Harbaugh and Co. brought in Didier Occident (@DidierOccident), founder and CEO of @stbprogram, to educate players on managing their finances now that NIL is in full swing #GoBlue
— Clayton Sayfie (@CSayf23) August 3, 2021
“While we have a great opportunity with the NIL, for them to be compensated, etc., what ultimately do we want?” Occident told The Wolverine.com. “Are you guys going to take the opportunity, with your stipends, with the NIL … I want to show them how they can build a springboard that can catapult them into adulthood to be financially responsible. We don’t want it to be something that we had fun for a few years.
“The main thing that we want to help them understand is, the longest relationship they’re ever going to have in their life is going to be their relationship with money … I say this all the time — if you can’t manage $1,000, you can’t manage $1 million.”
Some college football players — including Alabama quarterback Bryce Young — could make as much as $1 million through NIL deals this year. It’s only a matter of time before the Wolverines have a player like that who will be signing national brand deals.
Last month, Michigan players reached a licensing deal with a local jersey retailer. That agreement includes 50 Michigan players.
Michigan opens its 2021 season with Western Michigan on Sept. 4.