On CBS Sunday Morning, reporter Lee Cowan reported on what happens when young athletes experience what is sometimes referred to as the "lottery effect." Oftentimes, when getting drafted at a young age and signing a multi-million dollar contract, athletes and those around them will spend wantonly, and it can lead to going bankrupt.
The report, "Going For Broke," examined the issue and showed a place that's attempting to change the trend of reckless spending among young athletes: Michigan University. While attending Michigan, Pacers newcomer Glenn Robinson III took part in a financial literacy class for aspiring athletes at the Ross School of Business taught by Len Middleton.