With NIL (Name, Image, and Likeness) deals exploding across college sports, athletes now have a powerful opportunity to earn money, build wealth, and launch businesses — all while still in school.
But here’s the catch:
Making NIL money is just the beginning. Keeping it — and growing it — is the real game.
Whether you’re earning a few hundred dollars per month or closing five-figure brand deals, managing your NIL money the right way can set you up for long-term freedom and success.
Let’s dive into the most practical and powerful NIL money management tips every athlete needs to know.
1. Treat Your NIL Like a Business (Because It Is)
You’re not just an athlete anymore — you’re a brand and a business.
That means you need to:
✅ Track your income and expenses
✅ Set up a separate bank account
✅ Keep records of every deal
Pro Tip: Form an LLC to separate your personal and business income. It adds protection, tax benefits, and professionalism when working with brands.
2. Understand Your Taxes (Before the IRS Finds You)
NIL income is not free money. You owe taxes on every dollar you make — even if it’s paid through Venmo or in merch.
What to know:
- Set aside 25–30% of every NIL check for taxes
- You may need to make quarterly estimated payments
- Keep receipts for all business expenses (travel, gear, content tools, etc.)
Bonus Tip: Work with a CPA who understands NIL, athletes, and creator income.
3. Create a Basic Budget
Don’t let NIL money burn a hole in your pocket. Plan for:
- Living expenses (food, rent, gas)
- Taxes (mentioned above)
- Savings/investments
- Business expenses (camera gear, training tools, etc.)
- Fun money (you earned it — just don’t blow it)
Use budgeting tools like Mint, YNAB, or even a Google Sheet.
4. Save First, Not Last
Build the habit now:
- Save at least 10–20% of every NIL paycheck
- Create a 3-month emergency fund
- Consider opening a Roth IRA for tax-free retirement growth
The earlier you start saving, the faster your money can work for you.
5. Invest in Yourself and Your Brand
Use part of your NIL income to grow your influence:
- Better equipment for content creation
- Courses on business, branding, or public speaking
- A website or merch store
- Coaching or mentorship from trusted leaders
Every dollar you invest in yourself multiplies your future impact and income.
6. Avoid Lifestyle Inflation
Just because you’re earning more doesn’t mean you need to spend more.
🚫 Don’t fall into the trap of flexing for clout.
✅ Do focus on building assets, not just acquiring stuff.
Buy investments. Not liabilities.
Your future self will thank you.
7. Know Who You’re Working With
Not all agents, advisors, or brands have your best interests in mind.
Always ask:
- What are the terms of this deal?
- How much control am I giving up?
- Is this aligned with my values and long-term goals?
Trust is earned. Read every contract. Get advice before signing.
8. Think Long-Term, Not Just One Deal at a Time
Today’s $1,000 post is great. But what if you could turn that into:
- A long-term brand partnership?
- A business opportunity after graduation?
- A platform to inspire and serve others?
Build a strategy, not just a highlight reel.
Final Thoughts: Don’t Just Make Money — Master It
NIL is changing the game — but the real winners are the athletes who know how to use their money, not just spend it.
With the right plan, your NIL income can fund your dreams, launch your business, and create financial freedom — long after the final whistle blows.
Play smart. Think big. Steward your money like a pro.