The New York Times recently featured an innovative MBA program at George Washington University. Not only was the course of study designed to enhance the professional business skills of its participants, it hoped to teach personal business and economics to people vulnerable to personal financial failure.
Who were they? Astute cultural analysts? Children of single-parent households? Convicted felons? People with learning disabilities? No, one of the groups targeted by GWU was retired professional athletes, especially those who played in the NFL. GWU understands something that numerous political ideologues do not: Personal financial management skills must be acquired if personal or business wealth is to be sustained. In other words: “It’s one thing to make money, but it takes skill and training keep it.”
Why would the academics target athletes and other professionals with volatile incomes? The answer is simple: Moving from boom to bust has landed scores of athletes and entertainers in the “poor house.” After watching this year’s Super Bowl, it’s especially hard for most Americans to say the word poverty in the same breath as professional football or award-winning entertainment. Nonetheless the tension between potential, passion and poverty is illustrative of America’s current national financial dilemma. The U.S. is still the richest nation in the world, but we are in danger of squandering our blessed position of influence and our prosperity. read more