The Details: Money Management 101 For UW Football
May 18, 2016 | Football, General
By Mason Kelley
GoHuskies.com
After being drafted in the second round by the Texas Rangers in 2004, K.C Herren made a savvy decision. He enlisted the help of financial advisor Warren Mach, who is now a senior vice president at D.A. Davidson.
Herren's signing bonus was significant. He wanted to make his money work to his benefit. Mach asked Herren about his goals. The young baseball player said he wanted to have a lengthy playing career.
Like many athletes, he was focused on a path to the big leagues. But that wasn't what Mach was interested in. He was concerned with Herren's financial future.
To that end, Herren decided he wanted to be able to have enough financial flexibility to become a full-time student whenever his playing career ended.
That decision afforded Herren the flexibility to join Washington's football team as a walk-on while he went to school after his baseball career ended in 2009. He was able to have both a professional baseball career and a college football career.
All of that became possible, because he sought out the proper advice at a young age.
Now a financial advisor himself, Herren found himself back among Washington's football players, sharing his story with a younger generation during “Real Life Wednesdays,” an opportunity for the athletes to hear relatable life lessons from those who have been where these Huskies are headed.
“I wouldn't do anything like this unless I experienced someone who is doing what I did today in this room,” Herren said. “We had guys like Lincoln Kennedy come back and talk. It was eye-opening, guys who have a passion for the human experience of this thing.
“No one knows what these guys go through, unless they've been in the room. To have that shared experience, and then for me to come back after getting help from someone prior to me doing it and offer it back, it's unbelievable.”
The athletes filed into a team meeting room Wednesday morning carrying notepads and pens. They listened as Herren, Mach and Hans Woldseth – a former player under Jim Owens who coached with Don James – provided quick and digestible presentations designed to get players thinking about their finances.
Mismanagement of money by professional athletes is an issue that has received plenty of attention, becoming the subject of a 2012 ESPN “30 for 30” documentary aptly titled “Broke."
Coach Chris Petersen is encouraging his players to become fiscally responsible now, so they will be properly positioned for future success, regardless of how their athletic careers unfold.
Once the presentations were complete, Petersen went around the room, asking the Huskies what they learned. They talked about everything from savings and the importance of compound interest to the value in seeking out and taking advantage of the resources Washington provides.
After about 30 minutes, the meeting was over. But, before the Huskies filed out of the meeting room and headed for classes, Petersen left them with a simple message.
“Everybody wants to help a guy who wants to help himself,” the coach said.
Herren made sure he got the most out of his signing bonus. He helped himself and it placed him in a position to realize his goals. Every athlete listening to Herren speak now has the same opportunity. They may not have a signing bonus to work with, but saving money now will provide opportunities in the future.
Petersen often talks about how success in the classroom and off the field contributes to wins on Saturdays. It is an integral part of his “Built For Life” philosophy. Bringing in members of the community who have successfully navigated the path these Huskies are walking is just one way Petersen is helping his players ensure their lives outside of football are as productive as their playing careers.
It is one piece of an intricate puzzle, one more detail helping propel the program toward the top of the Pac-12.
