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.
Unexpected or not, it can be tempting to start spending more when you earn more. But before you do, take pause. “You have to ask yourself if you want to be drinking expensive wine now or buying a vineyard later on,” said Jonathan Drubner, certified financial planner and wealth advisor at Intersect Capital.