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Two pro sports women’s associations are teaming up to form a credit union with an educational wealth empowerment program for pro athletes and their families.
“We’re sick and tired of seeing pro players and wives go broke, divorce, and suffer after playing pro sports,” says Gena Pitts, Founder of the Professional Sports Wives Association (PSWA), a not-for-profit association that provides resources to peers in over 16 Pro Sports leagues through their multi-media and sports talk show on WAFS, Biz 1190 AM from Atlanta, Georgia.
Seeing the staggering percentage of those that fall victims of their own success, Leagues of Their Own and PSWA are teaming up to form a credit union with an educational wealth empowerment program for pro athletes and their families.
“Our mission of chartering a Federal Credit Union is to implement education focused on ‘total wealth family leadership and legacy planning’ that redefines what we are doing in our own lives and in the larger community. We believe that a family’s human capital is just as important as financial capital,” says Stacey August, founder of Leagues of Their Own Inc. and mother of Prince Fielder, 2011 major league all-star MVP and newly signed Detroit Tigers 1st baseman.
“The sudden success of the athlete marks a turning point in the athlete’s life that can sometimes be overwhelming. It is through research and personal experience that we understand the complex issues of our community and are here to transform it with the implementation of systems that focus on all aspects of one’s wealth, to include the human capital as well as the financial capital for a more balanced life. Our programs are two-fold offering wealth empowerment coaching and financial literacy programs,” continues August.
Pitts added, “Until now, there has been a void to provide professional athletes and their families with a practical, viable educational training program to learn how to preserve and protect athletes’ wealth in an industry where nearly eighty-five percent of pro athletes are divorced and a quarter of a million dollars in debt when they retire.”