What we all can learn from the NBA draft about money and emotions

For all 32 NBA teams, today is the beginning of the 2017-18 season. As a handful of young student-athletes are transitioning into professional basketball players, they will also become a product of the process and system each team has in place to orient and onboard them into their new life.

There are eight categories on which the program focuses: the business of basketball, continuing and technology education, drug and alcohol education, financial education, health and safety, legal education, media and image communications and professional ethics. The main priority might fall into the financial category. According to a 2009 SportsIllistrated article, an estimated 60% of National Basketball Association players go bankrupt within five years after leaving their sport.

One way we can all learn from this statistic is to consider an assessment addressing our emotional relationship to money. Love is a choice and an intention–not only an emotion but also a behavior. It’s clear that money evokes strong emotions and everyone has deeply-held and often subconscious beliefs about money. Money also influences how people treat you. The truth is that the problem isn’t money. The problem is how we approach money, how we think about money and how we handle money.

Step number one, educate yourself. In my opinion, financial intelligence starts with Emotional Intelligence. Essentially, becoming aware of the emotions driving your behaviors will allow you to make better decisions with your money and simultaneously foster a healthier relationship moving forward. The Decision-Making composite scale in the EQi 2.0 Emotional Intelligence Assessment  addresses the way in which one uses emotional information in the decision-making process. This facet of emotional intelligence includes Problem Solving, Reality Testing, and Impulse Control subscales. This composite scale reveals how well one understands the impact emotions have on decision-making, including the ability to resist or delay impulses and remain objective so as to avoid rash behavior and ineffective problem solving.

Ask yourself this question next time you feel stuck or derailed by financial barriers, “Self, out of curiosity, what are some of the many steps I can take right now if money was not an issue?” This question, I know sounds corny, shifts your perspective and opens up your subconscious to create new paths, opportunities, and awareness for you that you were unable to access before.

Whether you are an NBA rookie who woke up to a lot more zeros in your account today or simply interested in changing the direction of your financial situation, this is a major priority. Start assessing the emotions that drive your behaviors. Then use this information to develop a personal system or process to onboard and orient yourself toward your new desired relationship to the almighty dollar.

Related Posts

Leave a Reply