Prince Fielder’s Mother Plans CU for Athletes and Families (Misc News: January 31, 2012)
While the Detroit Tigers’ newest free agent acquisition is making headlines in the sports world, Prince Fielder’s mother is shaking up the financial arena with plans to charter a credit union.
Stacy August, the mother of the 2011 All-Star MVP and new Tiger first baseman, is on a mission to help professional athletes and their families develop lifelong financial literacy and she believes the key to doing that is to open a credit union focused on their specific needs.
August is the founder of the nonprofit advocacy group Leagues of Their Own Inc. Her organization is teaming up with the Professional Sports Wives Association to launch a credit union focused on educational wealth empowerment for professional athletes and their families.
“We believe that a family’s human capital is just as important as financial capital,” August said. “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.”
Gena Pitts of the PWSA said it’s a misconception that highly paid athletes don’t have any financial issues. "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 85 percent of pro athletes are divorced and a quarter of a million dollars in debt when they retire."
There’s no word on when the credit union will open or where it will be headquartered. August’s organization is based in the Houston area.