The Financial Boot Camp came to a close on Friday, March 20th, following 4 days of extensive financial education. Participants gained necessary tools to successfully manage, budget, and invest their finances. Panelists from TD Ameritrade and Professors from The University of Miami School of Business-Executive Education discussed several personal finance topics with a heavy focus on investment options, portfolio construction, asset price determination, behavioral finance and taxes. Participants were able to actively engage in the sessions by utilizing an interactive website to communicate with presenters in real time. Participants were quizzed and responded to short surveys based on the material.
The TD Ameritrade panelists, Brian Bellingsley & James Boyd, provided us with an understanding of the various investment options ranging from property investments to hedge funds. They clearly defined the purpose behind investments and shared some of their best practices for buying & selling stocks. Participants were able to apply the information directly to their lifestyle & income. The panelists stressed the importance of finding a reliable financial advisor with a good reputation to help during the investment process.
Panelists from The University of Miami School of Business-Executive Education, presented on the risks involved with stock investments. Professor Alok Kumar, George Korniotis, and Jawad Addoum spoke about some of the dangers involved and the appropriate time to buy & sell stocks. Professor George Korniotis advised participants on the skills needed for a successful long term investment. The resounding suggestion included “be skeptical of new companies when deciding where to invest.” These professors laid the groundwork for cautious financial investing. Professor Alok Kumar provided participants with an interesting perspective on behavioral finance. He explained that new investors can be extremely overconfident, which can lead to high risk & low return. It was interesting to see how both psychological & sociological factors influence the investor.
The last presentation was directly applicable to the life of an NFL Player. Brandon Shore, from the Miami Dolphins Human Resource Department, presented an informative session on tax education. He explained the differences in taxation based on a player’s career status. Brandon answered many of the participants’ questions and dispelled some of the misconceptions associated with tax paying.
Patrick Kerney, wrapped up the Finance Boot Camp with a few motivational words. He reminded participants that investing your finances today will help for a better tomorrow. His final message stressed that financial education & continuous learning is paramount to a player’s financial success.