Former NFL linebacker Bart Scott is teaming up with Morgan Stanley (MS) - Get Reportto help educate young athletes on how to manage their money.

"If you're not informed, you could make some bad decisions," Scott said, adding that mismanaged finances can lead to poor performance on the football team.

That's where Morgan Stanley comes in - to act as the adult in the room and guide players on how to save and invest. Perhaps the most important financial lesson is how to say "no," as friends and family members rush to ask the player for money once they land a lucrative contract. 

"At times [players] are going to want to provide some help," said Drew Hawkins, head of Morgan Stanley Global Sports and Entertainments, adding that it's crucial for players to develop a certain level of discipline.

Scott stressed the importance of starting early, as the average player in the NFL only has a career of a few years. 

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