don’t gamble on your future -...
TRANSCRIPT
Don’t gamble onyour futurePut YourMoneyon a RealWinner:Yourself
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DON’T BET ON ITPut Your Money on a Real Winner: Yourself
A guide for college student-athletesand everyone involved with sports
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Published by the National Endowment for Financial Education andthe National Collegiate Athletic Association
© 2004 National Endowment for Financial Education. All rights reserved.
Note: Certain content areas in this material are current as of this printing, but, overtime, legislative and regulatory changes, as well as new developments, may datethis material.
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Table Of ContentsCongratulations!................................................................................2
Sports Wagering: Don’t Risk It! ......................................................3
NCAA Rules: No Sports Wagering Allowed ..................................5
The Consequences ..........................................................................6
Why Is the NCAA So Tough on Sports Wagering?........................7
How to Stay Out of Trouble With Sports Wagering ......................8
What to Do If.....................................................................................9
It Won’t Happen to Me ..................................................................10
Taking Control ................................................................................11
How to Become a Millionaire ........................................................12
Getting Started ..............................................................................13
Painless Ways to Save ..................................................................15
Do You Need It or Want It?............................................................16
Caution: Stay Out of Debt ............................................................17
A Spending Plan That Works ........................................................19
Ready, Set, Go! ..............................................................................21
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Did you know that of all the high-school student-athletes in the U.S., lessthan 5 percent go on to become college student-athletes? Your tremendousathletics accomplishments and your desire to earn a college degree makeyou a real winner.
We want you to stay a winner. And that means: Don’t Bet On It. After all thetime and effort you’ve put into becoming a college student-athlete, don’tgamble on your future by betting on your team or any other team. Instead,put your money on a sure thing: yourself.
In this booklet, you’ll learn why sports wagering is so dangerous to yourfuture. You’ll also learn a sure way to get ahead financially, no matter whereyour sports career takes you. This free booklet is provided to you by theNCAA and the National Endowment for Financial Education®.
CONGRATULATIONS!CONGRATULATIONS!
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SPORTSWAGERING:SPORTSWAGERING:Don’t Risk it!
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Can sports gambling really wreck a collegestudent-athlete’s career?
You bet it can!
Fact
Two former members of the Arizona State basketball team and a studentbookie recently were convicted of sports bribery. The student-athletes andthe student bookie received jail time. It started with one player, Stevin“Hedake” Smith, who owed more than $10,000 to a student bookie. The stu-dent bookie was instrumental in organizing the scheme. To wash the debt,Smith agreed to shave points off a game. Smith then enlisted the help of ateammate to shave points off three more games. When more than $1 millionin bets was placed on the games in Las Vegas, the FBI became suspicious.Smith and his teammates were arrested and convicted of sports bribery.
Before he was sentenced,Smith told Sports Illustrated:
“Having been there, I can tell youhow easily players can be drawn
into fixing games. Poor, naiveteenagers plus rich, greedy gam-
blers equal disaster....
“No matter what happens in mysentencing, however, I pay for mycrime every day. When I miss the
shot at the end of a pickupgame, friends joke that I was fix-
ing. I know they’re being funny,but it hurts. Where once I was
the man at Arizona State, I can’teven go back to campus without
hiding my head. I’m ashamed.’’
Artwork reproduced courtesy of Sports Illustrated
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Fact
Northwestern University basketballstudent-athlete Dion Lee was sus-pended from playing basketball incollege and in 1998 was sentencedto one month in federal prison forwagering illegally and participatingin a point-shaving scheme. Lee’sproblems began when he becameindebted to a student bookie. Topay off the bookie, Lee asked aschool sports booster for a loan.When the booster reported Lee, hewas removed from the team for sev-eral games. While he was sidelined,an individual in Chicago contactedLee and cut a deal with him toshave points off future games andbring other teammates into thescheme. The setup was uncoveredand several years later Lee pledguilty to sports bribery.
Fact
Even a “friendly” wager can havenegative consequences. Severalmembers of a women’s soccer teamat a Division I school participated ina sports pool to pick the winners ofcollege sporting events. The womenstudent-athletes won the pool,which was worth a $50 gift certifi-cate. When the school learnedabout their participation in the pool,the student-athletes were bannedfrom two games. They were notallowed to accept the gift certificateand were required to perform 10hours of community service.
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NCAA RULES:NCAA RULES:No Sports WageringAllowed
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The NCAA is proud of you for becoming a college student-athlete. It isproud of our country’s long tradition of college sports. It wants to protectyour bright future and the integrity of sports. That’s why NCAA rules pro-hibit sports gambling of any kind by college student-athletes, coaches,trainers, or anyone else involved with college sports.
As a college student-athlete, you must follow the rules of the NCAA. Oneof the rules, NCAA Bylaw 10.3, specifically prohibits sports gambling.
Fact
If you place bets of any kind on any college or professional sport ...
ORIf you give information to anyone who uses that information to make a bet...
• removed from your team
• expelled from college
• humiliated in news stories
• an embarrassment to your family and your team
• banished from professional sports
• a victim of bookies and organized crime
• ruined financially and perhaps even hurt physically
• turned down for future jobs
• sent to jail
In short, sports wagering can destroy your life. For this reason, collegeathletics administrators, conference staff officials, and college student-athletes may not gamble on college or professional sporting events.
YOU RISK BEING:YOU RISK BEING:
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In clear, simple language, here’s what the rule means:
You may not place any bet of any sort on any college or professional sportsevent.
You may not give information to anyone who does place bets on college orprofessional sports.
That means...
• NO wagers for any item (e.g., cash, shirt, dinner) on ANY professional orcollege sports event, even those that don’t involve your college.
• NO sports “pools,” even those run by your friends in the dorm.
• NO Internet gambling on sports events.
• NO fantasy leagues that award a prize and require a fee to participate.
• NO sports wagering using “800” numbers.
• NO exchange of information about your team with ANYONE who gam-bles. In other words, no information about injuries, new plays, teammorale, discipline problems, or anything else.
The Consequences
NCAA rules are clear. The minute you are discovered to have made a betof any kind on any college or professional sport ...
Or to have given information to someone who does gamble ...
You are declared ineligible to compete in college sports.You are off the team.
If you accept or place a bet on any college or professional teamother than your own, you will automatically be suspended for a mini-mum of one year and be charged with a season of competition.
If you accept or place a bet on any team at your school, you will bepermanently ineligible.
You risk losing your sports scholarship, being expelled from the schoolaltogether, and/or being banned from other college and professionalsports.
You also run the risk of being arrested and charged with a crime. That’sbecause sports wagering is illegal in every state except Nevada.Sports bribery is illegal in every state. And even in Nevada, it is againstNCAA rules for a student-athlete to make any wager on a sports event.
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WHY ISTHE NCAA
SO TOUGH ONSPORTS
WAGERING?
WHY ISTHE NCAA
SO TOUGH ONSPORTS
WAGERING?Sports wagering
threatens yourpersonal integrity
and safety.
It corruptssports.
It is illegal.
It attractsorganized crime.
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Remember, sports wagering is not a victimless crime. Regardless ofwhether you see it, sports wagering often is backed by organizedcrime. Money skimmed from sports-betting schemes is used bythese criminals to fund drug sales, to keep prostitution rings going, tobribe student-athletes, and to pay for many other illegal activities.Organized crime never plays by the rules. It plays to get rich––at anycost. When you bet, you risk becoming a partner in organized crime.
Organized crime onyour college campus?
Unfortunately, it’spossible. Here’s whatan FBI agent saidrecently:
“There is no more vul-nerable person in theworld of sports than thecollege athlete. If orga-nized crime senses anopportunity to makemoney on a collegecampus, it can be thereovernight. Most studentbookies, even if theydon’t know it, are work-ing for organized crime.Several steps removed,out of sight, organizedcrime collects moneyfrom student bookiesand allows them to exist.There is one thing thatorganized crime is inter-ested in above all:money.”
Mike WelchFBI Organized Crime Unit
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If your college buddies temptyou to place a sports bet, even afriendly one, walk away. If you’vegambled before, stop now. If youneed help quitting, call Gam-bler’s Anonymous (see the busi-ness white pages of your tele-phone directory) or your state’scouncil on problem and compul-sive gambling (in the govern-ment section of your telephonedirectory).
STAY OUTof TROUBLE
STAY OUTof TROUBLE
How to
with SportsWagering
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Protect your collegecareer simply byremembering the follow-ing:
• DO NOT make bets on yourteam or any other team.
• DO NOT give any informa-tion about your team or yourteammates to anyone. Keepteam information in thelocker room.
• DO NOT talk about odds orpoint spreads with anyone.
• DO NOT associate withbookies or gamblers.
• DO NOT accept money, gifts,or favors for any reasonfrom anyone associatedwith sports.
• DO NOT let sports wageringend your sports career.KEEP YOUR GUARD UP.
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What To Do If ...
• You suspect you are being approached by gambling interests ...
• You think someone on the team is betting on sports ...
• You are already in trouble with gamblers or gambling debts ...
Go immediately to your coach, ath-letics director, NCAA official, locallaw enforcement, or the FBI. Tellthem the whole story so they canget you or your teammates the helpyou need.
You will have to face the conse-quences, but your college, theNCAA and the law will take intoconsideration the fact that youcame forward on your own. If youtry to hide the problem, you’ll bein much worse trouble. Plus, youcould risk your personal safety iforganized crime is involved.
The only safe way out of the gam-bling trap is to admit you made amistake and have the courage toget help.
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A Note About Organized Crime
College student-athletes can become pawns of organizedcrime without even knowing it. It can start by becoming a stu-dent bookie and taking bets from other students. Or, it canhappen when a student-athlete passes team information toothers who gamble.
Be on guard against organized crime. Don’t let criminals gettheir hooks into you by making “only a little bet” or giving“only a little information.” Next time, they’ll want more. If youdon’t cooperate, they will blackmail you ... or worse.
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We hope it won’t happen to you. Buthere are the facts:
There’s been a huge growth in manykinds of legalized gambling (lotteries,horse and dog racing, casino gam-bling, Internet gambling, etc.). That canmake sports gambling seem OK tomany people. When you see yourfriends betting on a game, it looks likefun. You may be tempted to make abet, too. Watch out!
Student-athletes often are “risk-takers.”They push themselves harder andfurther than other people becausethey want to excel. Gamblers arerisk-takers, too, which is why stu-dent-athletes often are attracted togambling. Watch out!
The NCAA believes that illegal sportswagering exists on every college cam-pus. College students and student-athletes often are looking for a littleexcitement and a chance to makesome quick money. But organizedcrime sees you as nothing more than“easy marks.” Watch out!
TO METO ME
It Won’tHappen
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Signs of a CompulsiveSports Gambler
Betting on sports canbecome an addiction, justlike alcoholism or drug use. Ifyou or someone you knowhas one or more of the fol-lowing characteristics, gethelp.
• excessive telephone bills to900-number services
• obsession with pointspreads
• unusual interest in obscuregames
• association with othersports bettors
• shifting allegiances:for/against same team ondifferent days
• frequently hitting up friendsor family for loans
• extremely defensive whenquestioned about gamblingbehavior
• debts, unpaid bills, financialtroubles
• going to others to get bailedout of desperate financialsituations
• after losing, eager to betagain to get even or ahead
Source: Texas Council onProblem and CompulsiveGambling
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TakingCONTROLCONTROLCollege student-athletes sometimes are tempted to gamble becausethey’re looking for excitement and easy money. The truth is, there aremany more poor gamblers than rich gamblers.
Why not bet on a sure thing: yourself. You’ve already shown you’re awinner on the playing field. With a little planning, you can also be a win-ner in the money game. If you take charge of your money now, bigrewards will come your way.
As a college student-athlete, so many career possibilities are open toyou. You may go on to a career in professional sports (fewer than 3 per-cent of college student-athletes turn pro). Or, you might get a job coach-ing young people, or working in sports news, sports health, or sportsadministration. Even if you eventu-ally find a career totally outside ofsports, the very fact that you’vebeen a college student-athlete willmake you a top candidate formany jobs. Employers know thatthe dedication, teamwork anddecision-making skills you’velearned in athletics will make youa valuable employee throughoutyour life.
In other words, career security followed by financial security will come yourway if you stay on the right path. First, promise yourself that you’ll get yourdegree. No matter what happens, a college degree lasts you a lifetime.
Then, get started on the road to financial independence right now. Thefollowing pages provide some ideas on how to take charge of yourmoney today.
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Again, as with drug or alcohol addiction, it’s very unlikely you can beat thisproblem alone. A good source of help: Gambler’s Anonymous or yourstate’s council on problem and compulsive gambling. Look in your tele-phone directory’s business white pages or government section.
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People become millionaires every daywithout ever making a bet, and youcan too. In fact, because you are soyoung, you have the most importantingredient to earn $1 million: time.
The more time you have to save, themore money you’ll end up with. Here’san example: Assume you are 20 yearsold. Look at the chart to the left andyou will see that you can have $1 mil-lion in your pocket by age 65 if youinvest $190 every month in a long-term investment (like a mutual fund oran IRA) that earns 8 percent interestper year. Or, if you happen to inherit$31,328 and invest it at 8 percent,you’ll also have $1 million by age 65just by letting your money grow yearafter year. Not bad!
You have a great advantage when youstart saving while you are young, soyour money can grow, or compound,over time. Take a look at what a 20-year-old needs to save compared withsomeone older. If your parents are 50years old, for example, they wouldhave to save $2,890 a month to reach$1 million by age 65, compared toyour $190 monthly savings. That’s abig difference!
Howto Become aMILLIONAIREMILLIONAIRE
Save $1 MillionAssumptions: Future value: $1,000,000To age: 65Annual return: 8 percent
One-Time Monthly Age Investment Investment
20 $31,328 $19030 $67,635 $43640 $146,018 $1,05250 $315,242 $2,89060 $680,583 $13,610
Double Your MoneyThere is a formula called the“Rule of 72” that can estimatethe number of years it will take todouble your money when youinvest it in a savings account,mutual fund or other investment.
Here’s how it works:
Divide 72 by the interest rate youexpect to earn. This will showapproximately how many years itwill take to double your money.
Example:
Assume you earn 8 percent inter-est on your money every year.
72/8 = 9
So, if you invest $500 at 8 per-cent interest, the money will dou-ble to $1,000 in just 9 years. Notbad!
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StartedGETTINGGETTINGOf course, $190 a month can sound like a fortune at this point in your life.
Few college student-athletes win full-paid scholarships, so you and your
parents are probably scrambling to pay for tuition, room and board, books,
and fees. You may think it’s impossible to start saving.
But, if you are determined to do it, you can find ways to save. Maybe not
$190 a month at first, but more than you might think. And just as impor-
tant, you’ll start the habit of saving––a habit that will last you a lifetime.
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One of the easiest ways to save is to cut back on spending and move thatcash into a savings account (for money you need within the next fewyears) or invest in a mutual fund for the long term. Use the following chartto estimate how much you could save each month if you simply pluggedsome spending leaks. You don’t need to give up these things altogether.Just by cutting back, you can save a bundle.
Item Cost of Cost per Cost perItem Month Year
(Example) Soda 55¢ $16.50 $198__________ __________ __________
Video rental __________ __________ __________
Long-distance phone calls__________ __________ __________
Vending machine snacks__________ __________ __________
Eating out/ordering pizza__________ __________ __________
Going to movies __________ __________ __________
Magazines __________ __________ __________
CDs/tapes __________ __________ __________
Concerts __________ __________ __________
Game tickets __________ __________ __________
New sports equipment __________ __________ __________
New clothes __________ __________ __________
Spring break trip __________ __________ __________
Other __________ __________ __________
Total __________ __________ __________
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PAINLESS WAYSPAINLESS WAYSto SaveHere are some more ideas for finding that $190 amonth that can turn you into a millionaire.
Every time your family sends you a cash gift, put 10percent of it into your savings before you spend themoney. In other words, pay yourself first ......................
Check out prices for sports equipment in catalogsand second-hand stores, rather than buying it new ina department store. Put the dollar difference into yoursavings..............................................................................
Shop for your clothes at thrift stores or consignmentshops. Invest what you save ..........................................
Sell items you don’t use any longer. Put what youearn into your savings......................................................
If you pay your own car insurance, call around toother insurance companies for prices. If you find abetter deal, change insurance companies and investwhat you save ..................................................................
Can you get along without a car while you’re in col-lege? If you sell your car and cancel your insurance,you’ll have a lot more cash to invest ..............................
Consider finding a part-time job. Even working just afew hours a week can add up. Your coach or advisormay be able to help you find a part-time job that youcan fit into your schedule. Then, pay yourself first. Put10 percent or more of what you earn into your sav-ings before you spend your paycheck ..........................
Start a business. Do you have a talent or hobby youcan turn into a money maker? Give it a try. You mightbe surprised at the results. Pay yourself first by putting10 percent or more of your earnings into your savings ..
Other Idea: ______________________________________
Tip: When money comes your way, always payyourself first by putting part of it into your savings.
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
Estimated $:________
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Few of us ever have enough moneyfor everything we want. So we haveto make choices. The first step inmaking smart choices is to separateour “needs” from our “wants.”
What’s the difference? A “need” isassociated with survival, forinstance: food, clothing and shelter. “Wants” usually are items that would benice to have but your survival won’t be affected by them. Look at the list tothe right and mark whether these items are needs or wants. Then list your
own needs and wants. When youspend money, take care of yourneeds first. Then, think aboutwhether you would rather spend themoney that’s left on your “wants” orput the money into your savings.(Remember, $1 million can be yoursif you delay your “wants” and startinvesting early!)
DO YOUDO YOUNeed it
ORORWant it?
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Item Need Want
Coat
Apartment
Telephone
Textbooks
Car
Cable TV
Medicine
Season tickets
CDs
Letter jacket
My Needs My Wants What I’ll Put Off $ Saved
1.
2.
3.
4.
5.
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Stay Outof DebtStay Outof Debt
Caution:College students often are in debt.One of the largest debts you mayhave is loans to pay your collegeexpenses. Because your collegeeducation is so important, however,most experts consider a collegeloan a necessary debt. You’ll beable to repay it after you get startedin your career. But other debt canbe dangerous to your future.
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SEVENSEVENWays
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To Take Charge of Credit CardsIt’s easy to get into debt and much harder to get out of it. Here are ways tostay in control of credit cards.
1. Pay off your credit card balance every month.2. If you must carry a balance, shop for the best interest rate – try
www.bankrate.com for lower rate cards. If you transfer a $2,500 balancefrom a 16.5 percent interest card to one that charges 7.75 percent, you’llpay $219 less interest in a year. And, make sure to pay more than theminimum each month to get out of debt quickly.
3. Think of your credit cards as loans. Before using your credit card, askyourself, “Would I really take out a loan to do this?”
4. If your credit cards are too tempting, leave them at home. Better yet, cutthem up, throw them away, and close your account.
5. To stop most credit card offers from arriving in your mail, call (888)5OPT OUT.
6. Reward yourself for getting out of debt. Make a list of things you enjoythat don’t cost money and go for it!
7. Once your debt is paid off, take the money that went to pay down yourdebt each month, and use it to beef up your savings or investments.
One of the most common ways college students get into debt trouble isby using credit cards. Chances are, you’ve been offered a credit card, ormaybe even have one or more of them.
Credit cards are convenient, and they come in handy for an emergency ifyou pay them off every month. Problems begin, though, when you startthinking of your credit card as extra money, instead of like the loan itreally is. Or, to put it another way, you are taking out a loan to pay forthat pizza long after you’ve eaten it!
If you carry a balance on your credit cards, you are probably over-spend-ing. Plus, the interest you pay on your credit card debt every month ismoney down the drain––money you could be saving toward that $1 mil-lion. Worse, if you start missing payments, you risk getting a poor creditrecord. A poor credit record can hurt your chances of buying a home or acar someday. It can even hurt your chances of getting a job. If you havetrouble making the credit card payments, contact Consumer CreditCounseling Service for help at www.debtadvice.org.
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A SPENDING PLAN
A SPENDING PLAN that Works
A spending plan is a great way to make sure that you are in charge ofyour money. It helps you decide where to spend and where to save. Usethe spending plan below to estimate your income and expenses for themonth ahead. Then, track your actual income and expenses for themonth. Calculate the difference. Make any adjustments necessary toreach your goals.
Step 1: Identifying IncomeSources Per Month
your after-tax wages (do not overestimate)..............................$___________
others in household after-tax wages ......................................$___________
tips or bonuses ..........................................................................$___________
child support ..............................................................................$___________
Social Security............................................................................$___________
Supplemental Security Income ................................................$___________
tax refunds..................................................................................$___________
interest ........................................................................................$___________
other ............................................................................................$___________
Total Income $___________
Step 2: Identifying ExpenseSources Per Month
education expenses ..................................................................$___________
rent or mortgage ........................................................................$___________
heating fuel, water, and electricity ............................................$___________
telephone....................................................................................$___________
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other house expenses ..............................................................$___________
groceries ....................................................................................$___________
snacks/meals eaten out ............................................................$___________
transportation (gas, oil, car payment) ......................................$___________
auto insurance premiums..........................................................$___________
life or disability insurance premiums ........................................$___________
doctor and dentist bills ..............................................................$___________
child care ....................................................................................$___________
taxes............................................................................................$___________
pet care ......................................................................................$___________
clothing/uniforms........................................................................$___________
loans............................................................................................$___________
credit cards ................................................................................$___________
personal (toiletries and so on) ..................................................$___________
savings........................................................................................$___________
other (entertainment and so on)................................................$___________
Total Expenses $___________
Step 3: Comparing Income and ExpensesWrite down your total monthly income (from Step 1) ..............................................................................$___________
Write down your total monthly expenses (from Step 2) ..............................................................................$___________
Subtract expenses from income and list amount here ..............................................................................$___________
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Your future is a bright one. Youcan keep it that way by:• walking away from sports
wagering of all kinds
• keeping information about your team inside the locker room
• taking control of your money by planning how you will spend and save
• paying yourself first; save and invest some of your money every month
• avoiding credit cards; if you use one, pay it off every month
• getting out of debt as soon as possible
• spending less than you have and investing the difference
• rewarding yourself in ways that don’t cost money
• focusing on what you have instead of what you don’t have
• congratulating yourself on your achievements as an NCAA student-athlete
• using these achievements to open doors in your future career
• following your dreams
READY,SET,
READY,SET,Go!
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24-Hour ConfidentialNationwide Gambling Helpline
800-522-4700
For additional information or resources, you may contact:
Bill SaumDirector of Agent, Gambling and Amateurism Issues
Deana GarnerAssociate Director of Agent, Gambling and Amateurism Issues
Rachel NewmanAssistant Director of Agent, Gambling and Amateurism Issues
NCAAP.O. Box 6222
Indianapolis, Indiana 46206-6222317/917-6222www.ncaa.org
Don’t Bet On It was written and prepared specifically for the NCAA by theDenver-based National Endowment for Financial Education®, or NEFE®;William L. Anthes, Ph.D., President; Brent A. Neiser, CFP, Director of Col-laborative Programs; and Carolyn S. Linville, Project Coordinator.
NEFE is an independent, nonprofit organization committed to educatingAmericans about personal finance and empowering them to make positiveand sound decisions to reach financial goals. The National Endowment forFinancial Education, NEFE, and the NEFE logo are federally registered ser-vice marks of the National Endowment for Financial Education. For moreinformation about the National Endowment for Financial Education, visitwww.nefe.org.
The National Collegiate Athletic Association (NCAA) is a nonprofit member-ship association of more than 1,200 institutions, conferences, organizations,and individuals devoted to the sound administration of intercollegiate athlet-ics.
NCAA, NCAA seal, NCAA logo, and NATIONAL COLLEGIATE ATHLETICASSOCIATION are registered marks of the Association and use in any man-ner is prohibited unless prior approval is obtained from the Association.
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NCAA 18377-4/04
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