KATY, Texas (1/31/12)--Two pro sports women's associations are collaborating to form a credit union that has an educational wealth empowerment program for pro athletes and their families.
Professional Sports Wives Association (PSWA), a not-for-profit association that provides resources to peers in more than 16 professional sports leagues, and Leagues of Their Own Inc. (LOTO), a not-for-profit wealth empowerment and financial literacy institute, will form the new credit union (PRNewswire Jan. 27).
"We're sick and tired of seeing pro players and wives go broke, divorce and suffer after playing pro sports," said Gena Pitts, PSWA founder.
"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," said Stacey August, LOTO founder and mother of Prince Fielder, 2011 major league all-star MVP and newly signed Detroit Tigers first baseman. "We believe that a family's human capital is just as important as financial capital.
"The sudden success of the athlete marks a turning point in the athlete's life that can sometimes be overwhelming," she added. "It is through research and personal experience that we understand the complex issues of our community and are here to transform it with the implementation of systems that focus on all aspects of one's wealth, to include the human capital as well as the financial capital for a more balanced life. Our programs are two-fold, offering wealth empowerment coaching and financial literacy programs."
The credit union will help fill a void [in providing] "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% of pro athletes are divorced and a quarter of a million dollars in debt when they retire," Pitts explained.