It is widely known that professional athletes often struggle with managing their money. Consequently, many end up losing all of their wealth just as fast as they’ve earned it. Fortunately, there is help out there for them.
The National Credit Union Administration recently gave preliminary approval for proposed membership for Players Choice Federal Credit Union, reports the Credit Union Times.
The Players Choice Federal Credit Union asserts that it is the first to serve the professional sports industry. Both professional and amateur sports organizations are invited to participate.
Players Choice Federal Credit Union was founded by Stacey Fielder August, the ex-wife of former major league baseball player Cecil Fielder. August is also the mother of Prince Fielder, a first baseman for the Texas Rangers.
August says she started the credit union as a result of her personal experiences as the former wife of an athlete. Fielder is alleged to have lost all of his earnings due to a gambling addiction and poor financial management.
August is president of Leagues of Their Own, which has a goal of assisting women with wealth empowerment. The organization specifically focuses on wives, mothers, and daughters of professional athletes and their families.