One thing that has been on my mind lately is who is going to make sure these NIL babies learn how to manage their money? Essentially, they are getting salaries and do not have to pay bills (lodging, food, education is all paid for), so they have a ridiculous amount of disposable income. Most will leave college and immediately have to pay bills and their disposable income will shrink significantly. Are programs making an effort to educate/prepare them for this imminent reality? Is that part of the role of the NIL coordinator? Anyone have any insight?
What happens now.....
- Thread starter Ladeeeeda
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Not really sure, but I've heard of programs providing access to resources regarding financial planning well before NIL came into existence. Don't forget athletes that receive cost of attendance funding as part of their scholarship have to deal with things like taxes.
Dealing with taxes has to be considered too. I'm not familiar with US tax laws, but I've always heard you don't want to mess with the IRS.
KnightBridgeAZ
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I know this sounds good. But that varies. I was an only child from a stable, loving home. My wife's family was a bit less loving, but 6 kids went out in the world prepared to cope.
OTH, and I have known folks, whose fathers and mothers couldn't manage money or themselves. They certainly won't be teaching those life skills to their children. Some would view their children as a cash cow, I'm sorry to say.
So I think that isn't a complete answer.
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Agreed. And we're all aware of situations where parents profited off their children and kept them in the dark. Brings to mind that NHL hockey player who got fleeced by his parents, including having him deemed incompetent so they could control his money. Unfortunately you never know.
Angel said in the breakfast club interview that LSU has been really good at helping with all of that. Mulkey has an NIL coach on her staff.
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Does that mean they're a certified financial professional? The term "NIL coach" is too vague a description in my opinion?
Well she said LSU provides the resources on how to navigate all the financial aspects like paying taxes and investments. They also have classes.
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Thanks for expanding on that comment.
bballnut90
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Not sure but I hope programs provide resources to help players manage their money. It's mind boggling to me that our education system doesn't teach money management or more life skills, especially since younger people are most vulnerable to falling into signing bad loans and accumulating credit card debt that can take a lifetime to get out of. Even for wealthy NBA players, money management is a major problem and they make more in annually than most of us normal folk will make in a lifetime.
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Great question. Many programs have set up an NIL department to not only help educate students about the financial side of these NIL deals but also help with NIL request and offer guidance on budgeting and management of finances. I know here in Minnesota; the Gophers have set up a department which helps the students on these matters. It is open to the players if they want to take part or need additional information. In this way the players are informed and can bounce ideas off the staff members.