Financial Tips for Student Athlete Entrepreneurs
Imagine being a student athlete, hitting the court or field with all your energy, and suddenly, you’re also juggling contracts, taxes, and social media posts. That’s the new world for many young athletes since they started earning money through their name, image, and likeness (NIL) deals. But with these opportunities come responsibilities, and it’s crucial for student athletes to handle their finances wisely. Here are five simple tips to keep in mind:
Read Before You Sign
Before putting your signature on any deal, take a good look at the contract. Ask questions, involve your parents, and make sure you understand every detail. If something seems too good to be true or confusing, it’s okay to seek advice from a professional.
Budget Your Earnings
Getting paid for your talent is exciting, but it’s essential to plan for the future. Create a budget to manage your money wisely. Start with setting aside some savings for emergencies.
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Don’t Forget Taxes
Unlike regular jobs where taxes are deducted automatically, you might be responsible for handling taxes on your NIL earnings. Keep track of what you earn and set aside money for taxes. It’s better to be prepared than face a big tax bill later on.
Time Is Money
Social media might seem like an easy way to make extra cash, but it can be more time-consuming than you think. Posting sponsored content requires planning and effort.
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Financial literacy is key to making smart decisions with your money. Take the time to learn about budgeting, saving, and investing. Look for resources online or consider specialized programs like AdvanceNIL.com designed to educate athletes and their families about financial matters.