At the first-ever NBPA x Five-Star Virtual Basketball Camp, campers from all over the world learned both on and off the court in a 3-day virtual camp setting. For the second year in a row, camp consisted of off-court educational programming featuring Introduction to Financial Literacy daily workshops for campers, aka, Money Moves.
Money Moves
noun: a set of skills & knowledge needed to understand how money works.
Campers went through the "Money Moves" drill station, where NBPA Vice President Malcolm Brogdon provided campers insight into managing money throughout one's career.
In the sessions, Malcolm covered the following topics:
- Identifying Needs vs. Wants
- Budgeting: Using your Offense to Set up your Defense
- Emergency Fund: Adjusting on the Fly
To watch each session, click the videos below!
Identifying Needs vs. Wants
Q: How do you decide whether something is a need or a want?
A: “The main trick I use to determine whether I need or want something is give it a day or two. I give myself 24-48 hours to revisit it. Sometimes you realize you don’t even revisit it, you may love it in the moment but 24 hours later it’s not important to you. It’s important to give yourself time before you make an expensive purchase.” - Malcolm Brogdon
Budgeting: Using your Offense to Set up your Defense
“Having a budget off the court for an NBA player is extremely important. It’s easy to overspend or look around you and see what other people are doing. But it’s important to understand and make a plan for how much you are going to spend and can spend so you don’t pass your limit and you stay within your means” - Malcolm Brogdon
Adjusting on the Fly: Setting up an Emergency Fun
“It's incredibly important to have an emergency fund and save money. Even though it's rare, situations like Covid-19 happen in our world day. It’s important to have money put aside so you can continue to survive. You want liquid cash - money that's accessible at all times. It's important to have liquidity in your money so you can use that money when emergencies do occur.” - Malcolm Brogdon
Keep Learning with Banzai!
At the NBPA, we know education and hands-on training opportunities are important building blocks that help students and aspiring athletes work toward their future. A solid background in financial literacy creates stability and builds habits that help support athletes as they chase their dreams. Banzai has teamed up with the National Basketball Player’s Association (NBPA) to help kids find success.
Banzai is a custom online learning portal that gives kids across the country an opportunity to learn Financial Literacy outside of their camp experience! Banzai is an industry leader in financial education and will help you master the knowledge needed to make smart financial decisions like Malcolm. To get involved with the NBPA on the Banzai platform, click here: nbpagrassroots.learnbanzai.com
