Lucky Thirteen

Keep your eye on number 13.  That’s the spot in which Christian Wilkins was taken in last month’s NFL draft, during the first round, the thirteenth pick overall, by the Miami Dolphins. 

 

I don’t expect him to wear the #13 jersey when he takes the field, but he should.  It’s certainly not his unlucky number.  In fact, he should buck convention and make it his lucky number.  Wilkins does have a history of going against the norm—and never so much as when he is handling money.

 

According to Wilkins, his teammates at Clemson know him as “the cheapest guy in the world”.  He’s the one in the restaurant that asks for a glass of water, six slices of lemon, then uses those plus a few sugar packets to make lemonade.  Do you know any college kids that live like that?  Actually, I did.   He did some pretty amazing stunts to live on a limited budget.  But living frugally is definitely not in vogue with today’s college crowd.  They have their own cars to go anywhere they wish.  Wilkins only had a bike.  They spend freely with their own or their parents’ credit card(s).  Wilkins did not use credit cards.  The average education-related debt of a college student at graduation now is nearly $40,000.  Wilkins leaves Clemson with $15,000 in savings.  He did attend on a scholarship, but even scholarship students typically run up debt by living beyond the financial allowance for room and board and by spending on things the scholarship money doesn’t cover.  And who comes out of college with thousands in his savings account?

 

I was intrigued to read in the Wall Street Journal about Wilkins’s budgeting plan.  It was a version of the old “envelope system”.  He divided his monthly allowance into four bank accounts, each one devoted to covering certain defined expenses.  If the money ran out in one account before the end of the month, he simply stopped spending on the expenses that account covered.  He didn’t borrow between accounts.  If there wasn’t enough money for it—whatever “it” was—he didn’t buy it.

 

I will be most interested to see if he can maintain that kind of financial integrity in the face of all the temptations of a rich life in the NFL.  Veteran players on some teams like to have a lavish welcoming dinner for team newcomers and stick the new guy with the tab, which is often tens of thousands of dollars.  Let’s see if that works with Wilkins.  I suspect he’ll have the budget lemonade flowing freely.  Let’s see if he can avoid the get-rich-quick schemes that unscrupulous “advisors” try to foist on these newly rich kids in professional sports.  Let’s see if he can avoid bankruptcy, which even the richest players have often not evaded.  I’ll be rooting for him, if not on the field then certainly off.  Keep your eye on that young man.

 

Until next time,

Roger

“Seest thou a man diligent in his business?  He shall stand before kings; he shall not stand before mean men.” Proverbs 22:29 (King James Version).