Name, Image, and Likeness
NIL
Name, Image, and Likeness
Building Credit
Budgeting & Reducing DebT
Saving & Investing
Reducing Taxes
Building Credit
Building
Credit
- 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
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
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
Reducing Taxes
Reducing
Taxes
- 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.
NIL
READ THIS, COLLEGE ATHLETES: WHAT TO DO WITH YOUR NEW NIL MONEY
The NCAA will no longer prohibit its athletes from making money off their name, image
and likeness (NIL), and some are already cashing in. For example, incoming Tennessee
State freshman basketball player Hercy Miller signed a deal with web design and coding
company Web Apps America for $2 million over four years. It has long been a problem
that college athletes — in fact almost all college students — aren’t offered enough
personal finance education in school. And now with NIL it’s even more important than
ever for college athletes to take control of their personal finances.
For those looking to
take advantage of this newfound sponsorship money, here are seven steps to focus on.
