Upon driving his brand-new car into his garage, it occurred to Wale Ogunleye that the car the dealer had just tricked him into buying was actually worth more than his house. Enticed to invest in an energy drink company, Randy Foye proudly posed for billboards touting the new product and made a large investment in the company. Only problem: there really wasn't a product. Six months later, the business filed for bankruptcy, taking Foye's money with it.
These were just some of the real-world financial stories that Ogunleye, a Pro Bowl defensive end, and Foye, a former All-American, shared with the Villanova men's and women's basketball teams in the tip off to an evening of financial literacy training sponsored by the Friends of Nova, the official NIL collective of Villanova Athletic, in conjunction with UBS, a multinational financial bank and investment company.
Thanks to NIL, student-athletes have more opportunities than ever before. With it, however, comes more responsibility. And Friends of Nova have made it their mission to not just compete in the NIL space, but to arm Villanova student-athletes with the education to help them navigate their new financial worlds. "We want you to be the best players, the best students, and the best ladies and men of the future,'' Hall of Fame coach Jay Wright explained. "I can't coach you up anymore, but I am so excited to be just a small piece of this great opportunity for all of you.''
Foye, the president of Friends of Nova, and Ogunleye, who leads the UBS Sports and Entertainment business for Wealth Management USA, discussed their personal journeys from college stars to professional athletes to redefining themselves after their careers ended, sharing not only their money mistakes, but the valuable lessons they learned. Foye, who was drafted by the Minnesota Timberwolves after a stellar career at Villanova, remembered taking his first big paycheck to his grandmother in Newark, N.J., and declaring that "we made it.'' Only later did he realize that he, in fact, was just getting started. Ogunleye cautioned the athletes to not simply rely on people who have their best interest at heart, but to seek out people who "match your level of expertise. You want people who are as good as what they do as you are in your sport.''
The entire student-athlete population participated in a spirited finance quiz with Duane Hughes, the chair of UBS Americas Advisory Council. Asked multiple choice questions about topics ranging from the median age of retirement for professional athletes to the median retirement income for Americans, the athletes competed in their team cohorts. Following the quiz, Ogunleye presented foundational financial literacy concepts to all student-athletes.
Technically the women's basketball and field hockey teams tied for first in the finance quiz , but really all of the Villanova student-athletes won. Mingling in a networking event after where they could talk one-on-one with members of the UBS community, they agreed how helpful the event was.
"I am so grateful for this,'' said women's basketball senior Bronagh Power-Cassidy. "I couldn't believe only 57 percent of people were considered financially literate. Having something like this is such a great first step, and hopefully we can improve that number.'
