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Joe Gibbs Helping To Educate Players On Smart Money Management

Joe Gibbs is partnering with Strayer University to educate Redskins players on the fundamentals of smart money management. Players and their significant others can take part in a three-day seminar with Strayer professors. Hogs Haven has the transcript of an interview Gibbs recently did on the Mike Wise show on 106.7, The Fan about the program. Here's Gibbs on the program itself:

We probably had 18-20 guys and some of their wives. I thought it was something I could do to give back to the Redskins organization. We'll probably take it to the League in some way. It was over nine days. It fit right into their schedule. Three 3-hour sessions. The professors were great. They took questions. There was a lot of interest in it.

This program is a fantastic idea by Gibbs. As mike Wise pointed out during the interview, 78 percent of all NFL players are bankrupt within three years out of the league. That's waaaaaay too high. Hopefully the NFL will green-light this program league wide, and that number can start to work its way down.

More quotes from Gibbs after the jump.

On why he created the program:

I saw it a lot. It's not good for the teams because the player is upset and concentrating on something else - not football.  I said, ‘Gosh, wouldn't this be great if we could create a business seminar for young guys.' We worked with Strayer that it'd be a pilot study and we'd do it for nothing. So, for the players, we said we're not asking you anything. The Redskins are not any part of this other than letting us use a room. Mike [Shanahan] and Dan [Snyder] were great. They thought it was a great idea. So, it was a gift back to them.

On their approach:

I had times where players came in and told me they were upset with their contract and wanted to renogtiate. Of course, I'm not the person they do that with, but they were voicing being upset. As more questions came, I asked if they were in financial problems, and they'd say, "Yea, I made a bad investment." Of course that carries over in their relationship with their contracts. Picture yourself, would it affect your job?

[Regarding the 3-day seminar] It wasn't anything about investments. Where to invest. This was a gift of knowledge in the financial world.