ANN ARBOR, Mich. (AP) — The NFL hosted a virtual meeting for current and former players along with their significant others to share financial advice and answer questions in the wake of the new coronavirus pandemic.
About 200 people participated in the hour-long webinar on Thursday.
“That tells me a lot of guys are invested in their future,” New York Jets receiver Jehu Chesson said later in a telephone interview. “It’s a good time to hunker down and look at changes you want to make in this time of ambiguity in all of our lives.
“I think it’s extremely helpful that the NFL did this for all of us, helping guys improve their financial literacy.”
The league’s program, “Navigating a financial crisis, a response to COVID-19,” provided information on budgeting, keeping businesses running and managing investments in the fluctuating stock market.
Len Middleton, a professor of strategy and entrepreneurship at the University of Michigan, said he worked with colleagues at the school, NFL officials and Money Management International executives to put together the program on short notice.
“It really was a team effort after we came up with this idea just a week ago,” Middleton said. “To get that many guys on the call was terrific.”
Middleton said he also invited Major League Baseball, NBA and NHL players to participate and many of them did log in for the webinar.
Tara Alderete, director of education and community relations for Money Management International, and Middleton presented tips for the participants while showing slides and answered several questions.
“The ultimate goal is to get through this crisis with the least impact to our personal finances,” Alderete said during her presentation. “Even if your income hasn’t been affected, things are changing so rapidly you want to put yourself in a place where you can save as much as possible.”
A participant asked the presenters for advice on how to to invest $1 million.
“I would probably wait right now,” Middleton answered.
Another participant asked if it was a good time to take money out of a 401(k) due to the uncertain times.
“If you don’t have to, I wouldn’t,” Alderete said. “We always think about that as a last-resort thing.”
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