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It’s no secret that college athletes are finally getting paid, and in some cases, the checks are huge. We’re talking six figures, brand deals, and even houses being bought straight out of NIL money. Sounds like a dream, right?
But here’s the catch—most of these athletes don’t know how to manage that kind of cash. They go from broke college kid to local celebrity overnight, and no one’s really showing them how to handle it.
Schools aren’t teaching taxes. Agents are pushing contracts. And friends? Well, they’re hyping up the lifestyle. The truth is, a lot of these student athletes are walking into financial chaos with no roadmap.
That’s why real financial support isn’t just helpful—it’s necessary. Because one wrong move with NIL money can mess up way more than just a bank account.
So, what even is NIL? It stands for Name, Image, and Likeness, and it basically gives student athletes the right to make money off who they are. That could mean a sponsored Instagram post, signing autographs, doing local commercials, or even partnering with big brands. For some athletes, it's a couple hundred bucks here and there. For others, it's life-changing money.
The thing is, this isn't just extra side cash anymore. Some athletes are pulling in more than their coaches. A few are hitting a million or more before they even go pro. But while the money’s real, the guidance around it is seriously lacking. Athletes are getting dropped into big-money situations with zero prep. No one's breaking down how taxes work, how to read a contract, or what happens if they sign something sketchy. And that’s where a lot of the problems start.
Getting paid sounds amazing until it flips your whole world upside down. One minute you're trying to stretch a meal plan through the weekend, and the next you're getting wired five figures for a brand deal. That kind of shift hits hard, especially when nobody's taught you how to handle it.
Some athletes jump straight into spending. New cars, designer clothes, trips, even real estate. And it’s not always reckless—sometimes it's just excitement. But the pressure’s real too. Teammates, family, hometown friends... everyone starts expecting you to "come up" and bring them with you. So now, along with classes and practice, you're trying to be a financial advisor and breadwinner.
What makes it worse is that the money feels endless until it’s not. NIL deals can dry up fast. You get injured, lose playing time, or just stop trending—and those checks stop coming. Without a plan, that "easy money" turns into debt, taxes you didn't pay, or contracts you can’t get out of. And no one warns you until it’s already messy.
Here’s where things start to unravel for a lot of athletes. It’s not just about spending too much—it's about not knowing what you're walking into. Most of the problems come down to one thing: no one ever taught them how money actually works.
A lot of NIL money isn’t taxed when you get it. You’re supposed to set some aside and pay the IRS later, but that part gets skipped more than you’d think. Then tax season rolls around, and athletes get hit with a number they can’t cover.
When the money starts rolling in, it feels like it’ll never run out. So athletes spend like that’s true. Rent goes up, spending goes wild, and pretty soon, they’re stuck living paycheck to paycheck even with NIL cash coming in.
Some athletes are signing deals with no lawyer, no agent, just vibes. Brands take advantage, agents overpromise, and it’s way too easy to get locked into something that looks good on paper but ends up costing way more than it’s worth.
And yeah, there’s also the pressure. When everyone around you is hyping you up to “get the bag,” it’s hard to slow down and think long-term. But if nobody’s helping these athletes learn how to protect that bag, they’re set up to lose it.
Here’s the thing—making money is one skill, keeping it is another. And most student athletes? They’re only being taught the first part. NIL opened the door for athletes to earn, but no one made sure they knew what to do after the money hit their account.
Financial literacy isn’t about being an expert. It’s about knowing the basics—how to budget, how to save, how to not get wrecked by taxes or bad deals. And let’s be real: most students, athlete or not, never learn that in school. But when you’re an athlete bringing in real money, the stakes are way higher.
This isn’t just about the now. NIL earnings could set someone up for life if they handle it right. But without guidance, that money disappears just as fast as it came. A few wrong moves and they’re not only broke—they’re stuck paying off debt from money they already spent.
So yeah, learning how to manage money might not sound flashy, but it’s way more valuable than a short-term deal. The right advice early on could be the difference between a student athlete thriving or struggling once the lights go off.
You’d think with all this money flying around, schools and the NCAA would be all over helping athletes figure it out. But in reality? It’s hit or miss.
Some schools are stepping up. They’ve got NIL education programs, they bring in financial advisors, and they’re actually trying to prep their athletes for what’s coming. But a lot of places? They’re just checking the box. Maybe a quick info session or a slideshow during orientation, and that’s it.
The NCAA talks a lot about protecting student athletes, but when it comes to money, they’ve mostly stayed hands-off. They set the rules that allow NIL deals, but they don’t do much to make sure athletes understand what they’re signing or how to manage the fallout if it goes wrong.
And then there are the collectives—those outside groups helping athletes land deals. Some are legit. Others are just out here making moves without giving any real financial education. So now you’ve got 19-year-olds signing five-figure deals with zero support and a bunch of people getting a cut.
It’s like giving someone the keys to a Ferrari without teaching them how to drive. Just because the system finally lets athletes get paid doesn’t mean it’s actually setting them up to win.
Alright, so it’s not all bad. There are some solid programs and tools out there trying to give athletes the support they need. The problem is, most athletes don’t know where to find them—or even that they exist.
Some schools are teaming up with companies like INFLCR and Opendorse, which offer platforms that track NIL deals, provide contract templates, and even drop in financial education content. It’s not perfect, but it’s a step in the right direction.
There are also workshops like the NIL Summit, where athletes can hear directly from other players, agents, lawyers, and money experts who actually understand the game. These events go beyond hype and start breaking down the real stuff—taxes, budgeting, saving, building your brand long-term.
A few universities are even hiring dedicated NIL advisors, kinda like a coach but for money. They help athletes review deals, avoid scams, and start thinking bigger than just the next check. These advisors are rare, but honestly? Every program should have one to help students set financial goals, budget,
Bottom line: the help is out there. It’s just not everywhere yet. The athletes who tap into it early? They’re the ones who’ll still have money when the headlines fade.
Let’s be real—NIL isn’t some trend that’s gonna fade. It’s the new normal. And if schools are going to profit off these athletes' names on game day, they should also be making sure those same athletes know how to protect what they’re earning off the field.
First off, financial literacy shouldn’t be optional. It should be required, just like team meetings or GPA minimums. Give athletes a real breakdown of taxes, budgeting, contracts, and credit. Not some boring slideshow—actual, useful info that connects to what they’re living through.
Schools should be hiring legit NIL advisors, not just outsourcing it to outside firms or dumping it on compliance officers who already have 10 jobs. These athletes are signing deals worth more than some professors make. They deserve experts in their corner who aren’t taking a cut.
The NCAA? It needs to stop pretending that this is all outside its control. Sure, NIL deals are third-party, but the athletes are still under the NCAA umbrella. There should be baseline education standards across every school in every division. No more “figure it out on your own.”
Also, transparency matters. If a school brings in a collective or a brand partner, athletes should know exactly who’s involved, what they’re promising, and what strings are attached. No more sketchy contracts hidden in fine print.
Bottom line:if you’re gonna let college athletes be treated like professionals in the business world, then give them the tools professionals have. Anything less is just setting them up to fail.
The NIL era has flipped the game for student athletes. The money’s real, the opportunities are huge, and the pressure to figure it all out is heavier than ever. But the truth is, talent on the field doesn’t automatically translate to smart decisions off of it. And without the right financial support, even the biggest NIL deal can turn into a long-term problem.
This isn’t about telling athletes not to enjoy the money—they earned it. It’s about making sure they know how to keep it, grow it, and use it to build something that lasts beyond game day. That takes guidance, not guesses.
That’s exactly where Hillary Seiler and Financial Footwork come in. Hillary’s not just another advisor tossing out generic advice—she speaks athlete. She’s worked with pros, student athletes, and entire programs to break down money in a way that actually makes sense. No fluff, no lectures, just real strategies that meet athletes where they are.
If you’re an athlete trying to navigate NIL money or a coach looking to get your team on solid financial ground, don’t wait until it’s a mess. Hit up Financial Footwork and start building the playbook for long-term success. Check out Hillary Seiler’s NIL financial coaching at Financial Footwork and give your athletes the tools to win off the field too.
