Walt Williams Provides Knowledge and Guidance Through Financial Literacy Seminar
Matt Gilpin, Maryland Athletics Staff Writer
11/30/2021
The collegiate landscape is changing rapidly with the introduction of Name, Image, and Likeness legislation and the rule changes to the transfer portal.
College athletes have never had more power than they do right now, but one area that is still developing -- as it is for many college students -- is an understanding of financial literacy skills. The kind of skills that can benefit student-athletes for years beyond their playing careers.
Former Maryland basketball legend Walt Williams is passionate about financial literacy. He uses his status and platform as a Terp star to give back to the current generation of stars. That’s why in early November, Williams held a financial literacy seminar for Maryland student-athletes, helping them be more fiscally responsible.
“It is very important to educate the students on financial literacy,” Williams said, who is a Financial Advisor for UBS Bank. “The earlier you learn the basics, the higher probability of those skills becoming commonplace. Learning fundamentals like identifying monthly expenses can go a long way to determine successful financial outcomes.”
Williams, nicknamed ‘The Wizard,’ starred for Maryland in the late 1980s and early 1990s as a 6-foot, 8-inch forward with guard skills. After a stellar career that included an All-American selection and All-ACC First Team honors. Williams was drafted in the first-round of the 1992 NBA Draft.
Recently, the 11-year NBA veteran has dedicated his time and energy to College Park by becoming a radio analyst, a mentor, and an advisor to student-athletes across all sports teams.
“I realize how blessed my life has been, and it’s so important to share experiences that could possibly help someone else,” Williams said. “Giving scholarships or education opportunities is huge for me. I would not have been able to attend college without a scholarship, so I understand the importance of giving back and helping. Giving back has been an awesome experience.”
Many Maryland student-athletes took part in the seminar, and all were able to take away different key points from the Terp legend.
Women’s golfer Karla Elena Vázquez Setzer was one of the athletes to heed Williams’s advice, and his messaging of being fiscally responsible really stuck out to her.
“One of the biggest things I learned is the importance of having a budget and how to differentiate a need and a want,” said Vázquez Setzer, a sophomore. “I've been applying that since [the seminar]. It was very interesting to hear about the perspective of him being the head of the house, of him and his family. He has to keep those habits, and that’s something that you want to consider when you have a family. Determining whether that's a want and not a need.”
Williams has always been a person who wants to help. His playing days at College Park coincided with a tumultuous time as Maryland superstar Len Bias tragically passed away just before Williams’ tenure began.
“My connection to the program has been since I saw Len Bias,” said Williams. “He was the biggest influence on my decision to attend Maryland. Since graduating, I have established a scholarship in my father’s name that’s been in place since the 1990s. I am an analyst for the Terp basketball team, which I love. It gives me a chance to talk to the players and give them advice at times.”
Being a former NBA player means that Williams’ voice is much more valuable, especially to young athletes aiming to reach the same heights. This kind of message from someone who was once in their shoes connects to the athletes on a deeper, more meaningful level.
“I think this is very valuable [information], especially because one day we might be a professional,” she said. “We need to take care of our financials and how we think about the financial aspect of our life.”
The University of Maryland athletic department provides a variety of different resources for its student-athletes, and Vázquez Setzer is looking forward to taking advantage of every opportunity given to her and all of her fellow student-athletes.
Coming from Mexico and transferring to Maryland from UNC Charlotte, she sees the value in having seemingly endless resources and opportunities to learn from alums and experts who are willing and eager to give back.
Vázquez Setzer is imploring all of her fellow student-athletes not to take these opportunities for granted as not many people in the country have access or the alumni involvement to hold such an exclusive event for Maryland athletes.
“I think we need to take advantage of the opportunities that we have here,” she said. “Not many people get to go to a great institution like Maryland, and not many departments [provide these kinds of resources]. Talking from a transfer perspective, the opportunities that I find at Maryland are better than other schools from my personal experience.”
