Name, Image, and Likeness
- Pay bills on time and avoid too many credit inquiries to raise your score.
- Establish an emergency fund of 6-12 months of expenses to cover unexpected costs. Ideally have 12-15 months of expenses.
- Pay down high interest debt like credit cards as soon as possible to save money on interest.
- Seeking professional advice is a wise investment in securing your financial future.
Budgeting & Reducing Debt
- Managing sponsorship money can bring about a new level of financial responsibility.
- Create a detailed budget that outlines your monthly income and anticipated expenses.
- Utilize personal finance apps or spreadsheets to monitor your spending habits and identify areas where you can cut back or make adjustments.
- Hiring an experienced advisor will assist you in making informed decisions regarding investments, taxes, and long-term financial planning.
Saving & Investing
- Let compound interest work for you by investing in stocks, mutual funds and ETFs for long-term growth.
- Make saving for retirement a priority by contributing to an IRA. Start small and increase contributions over time.
- Increase your financial literacy by taking classes, reading articles and attending seminars to gain financial knowledge and skills.
- Using an qualified financial advisor will provide you with unbiased advice on what might reduce your taxes while increasing your investment savings
- As a college athlete earning sponsorship money, it’s essential to understand your tax obligations.
- Familiarize yourself with the tax laws and regulations relevant to your income.
- Staying informed and compliant with tax requirements will protect you.
- Consider consulting with a tax professional who can help you navigate this aspect of your finances.