NFL player Brandon Copeland of the New York Jets teaches a financial literacy class at Wharton that 'deals with the realities of life,' he said.
The class, which Copeland nicknamed"Life 101," tackles financial topics on everything from buying a first home and buying versus leasing a car to student loan debt and credit.
"The point is to go through the realities of life and all these things we have to deal with," he said."If you make a financial mistake, you can end up paying for that mistake for 30 years of your life. The goal is to have the students in my class be able to make these big goals and make them more confidently.
In the first class, Copeland focuses on teaching students that what they make is not what they spend and that some expenses may be out of control, depending on where they live. To do this, he walks them"through an estimated budget based on what they expect to make." Copeland first has students look up the average salary of what they want to do for work or want to earn. He then takes them through their budget one item at a time, looking at expenses for things like Netflix, cable, cell phone bills, and student loan payments, he said. He has students apply certain costs, such as average rent, based on their desired living location; living in a more expensive place like New York or California can affect their budget.
"I get them to think about [financial decisions] rather than diving right in," he said."I tell them, 'I'm not trying to kill your dreams, I'm trying to enable your dreams.'"A woman who studied 600 millionaires discovered where you choose to live has 2 effects on your ability to build wealth
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