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The introduction of NIL (Name, Image, Likeness) contracts has allowed college athletes access to life-changing funds and opportunities, but financial literacy gaps remain.
The availability of these new resources can be exhilarating, but it also calls for a crucial strategy to provide the proper knowledge and mindset.
Advancement of Blacks in Sports (ABIS) has partnered with JP Morgan Chase to offer free financial courses tailored for Black college athletes and students to bridge this gap. The courses provide essential knowledge on money management, sustainability, and wealth-building during their undergraduate years.
Gary Charles founded ABIS to offer Black collegiate athletes the skills needed for responsible financial management and long-term wealth generation.
The board of ABIS boasts notable figures in the sport, including legends such as Nikki Fargas, Ulice Payne Jr., Dawn Staley, Robin Roberts, and Julius Erving, to name a few.
Since its launch, the program has enrolled students from North Carolina A&T, Delaware State, Yale University and more.
In preparation for the spring semester of the ABIS Financial Coaching Program, The Black Wall Street Times spoke with Charles about his dedication to advancing equity for Black students and athletes.
Pros and Cons of NIL deals
The Black Wall Street Times: The availability of NIL contracts was monumental for college/high school athletes. What were some of the pros/cons of the contracts when they became regulated by the NCAA?
Gary Charles:
The most significant pro is that these athletes can finally receive financial compensation. Over the past 20 years, I have questioned why it is okay for college coaches to receive millions while the players aren’t getting anything.
Especially since all of the money is made…
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