Deion Sanders, head coach of the Colorado Buffaloes, is collaborating with the Colorado Buffaloes’ NIL collective, the 5430 Alliance, and Elevation Credit Union, to open bank accounts for the children of eight of his football team members.
A video shared on social media captures the moment Sanders called each of the eight players to the front of the team. Working alongside a representative from the NIL collective, Sanders revealed the surprise that bank accounts would be established for their children.
There has been no word on if the other members of the team are behind the NIL withdrawal as it would seemingly affect their payouts.
The Reason Behind Sanders’ Latest Play
“Travis J., Gant, Dog, Chidozzi, Aya, Zell, Gus, anyone else got anything on the way?” Coach Prime asked while rallying his players who are dads. “I want y’all to know it ain’t like you’re in trouble, you ain’t done nothing wrong. Matter of fact, you did something right, and a child is not a mistake. A child is an opportunity to mature you, grow you, advance you, and give you some skills that — you got something coming? Alright! — bring another chair.”
Here’s how it happened: On Aug. 22, Sanders tweeted a request seeking a banking partner in Boulder or Denver for himself and some Colorado Buffaloes players.
Just three days later, on August 25, Sanders announced on X that he had found a partner: Elevations Credit Union. This Boulder-based not-for-profit financial institution manages over $3 billion in assets with more than 170,000 members, according to the bank’s website.
According to Sports Illustrated, the newly created bank accounts are 529 savings plans, each starting with a $2,121 deposit — a nod to Sanders’ No. 21 from his playing career.
A 529 plan are tax-advantaged accounts that can be used to pay educational expenses from kindergarten through graduate school, according to Investopedia. 529 plans can be flexible, and some offer a variety of investment options, such as stocks, bonds, and mutual funds. There are two types of 529 plans: education savings plans and prepaid tuition plans. Most education savings plans are available to anyone, but some may have residency requirements. Prepaid tuition plans typically have residency requirements.
Sanders did not provide details on the type of 529 plan he is opening for the players’ children.
Sanders’ initiative highlights his belief that “a child is not a mistake” but a chance for personal growth.
Reinforcing this, Sanders stated that he only hires coaches who share his dedication to fatherhood.
“Y’all know how I am about fathering. You know I would not hire a coach unless he’s a great father. I don’t hire a coach who’s a deadbeat. I don’t hire coaches who aren’t taking care of their responsibilities,” Sanders said.
The cost of raising a child in Boulder, Colorado, averages $29,544 per year, which includes childcare, food, and housing, making it one of the priciest places in the U.S. to raise a child, according to K99 radio station. Denver is slightly less expensive, with an average annual cost of $26,838, ranking as the 23rd-most expensive city in the country for child-rearing.
As Finurah previously reported, Coach Prime, who authored the book “Elevate and Dominate: 21 Ways to Win On and Off the Field,” emphasizes self-improvement and is transparent about his parenting style.
