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Budget and financial planning concept. Calculate company income and expenses. Corporate finance and annual strategic plan. invest money, business and finance, capital fundraising, loan credit.
FINANCIAL LITERACY

Build Wealth Beyond Sports

Learn how to manage, save, and grow your NIL income—so you're set for life, not just college.

Growing
NIL Market
Expanding opportunities
Plan
Smart Taxes
With proper planning
Build
Your Budget
Start managing wisely
Budgeting 101 Tax Strategy Saving & Investing Credit Basics Avoid Mistakes

Financial education designed specifically for NIL athletes

Tax Strategy for NIL Athletes

Taxes are your biggest expense as a self-employed athlete. Plan smart and keep thousands more in your pocket.

Common Tax Deductions

These business expenses LOWER your taxable income (save receipts!):

  • Content Creation: Camera, phone, editing software, lighting, props
  • Professional Services: Agent fees, CPA, lawyer, marketing
  • Travel: Mileage to brand events, hotels, flights (work-related)
  • Tech & Software: Website, social media tools, design apps
  • Training Gear: Equipment for content (if not provided by school)
  • Meals: 50% deductible if business-related

NOT Deductible

These DON'T count—don't try to write them off:

  • Personal expenses: Clothes you wear daily, personal travel
  • Team gear: Provided by school/team
  • Gym membership: Unless exclusively for content creation
  • Groceries: Unless specifically for content (food reviews)
  • Fines/penalties: Speeding tickets, late fees

IRS audits happen! Only deduct legitimate business expenses with proof.

When to Hire a CPA (Tax Professional)

You CAN Do It Yourself If:

  • • You earned under $5K in NIL
  • • You have simple income (one or two deals)
  • • You kept good records all year
  • • You're comfortable using TurboTax or similar

Hire a CPA If:

  • • You earned $5K+ in NIL
  • • You have multiple income streams
  • • You want to maximize deductions
  • • You're confused or overwhelmed
  • • You can afford it ($300-1,000 typically)

Cost of CPA ($500) vs. Cost of tax mistakes ($2,000+ in penalties) = Worth it at high earnings

Credit Basics: Build It Right

Your credit score determines if you can rent an apartment, buy a car, or get a business loan. Build it early, protect it fiercely.

How to Build Credit (Step-by-Step)

  1. 1

    Get a Student or Secured Credit Card

    Discover Student, Capital One Quicksilver Student, or secured card with $200-500 deposit

  2. 2

    Use It for Small, Regular Purchases

    Gas, groceries, Netflix—things you'd buy anyway. Charge $50-200/month max.

  3. 3

    Pay the FULL Balance Every Month

    Set up autopay. Never carry a balance. Treat it like a debit card.

  4. 4

    Keep Utilization Under 30%

    If your limit is $1,000, never have more than $300 owed at once

  5. 5

    Be Patient—It Takes Time

    6 months to get a score, 12-24 months to build good credit

Credit Card Rules for Athletes

DO:

  • • Use it for cash back/rewards on things you'd buy anyway
  • • Pay off FULL balance every month (no interest!)
  • • Track spending in budgeting app
  • • Request credit limit increases after 6-12 months
  • • Keep old cards open (even if unused) for history

DON'T:

  • • Carry a balance to "build credit" (myth—just costs $)
  • • Apply for multiple cards at once (hurts score)
  • • Max out your card (tanks utilization score)
  • • Miss payments—even once tanks your score
  • • Close old cards (shortens credit history)

How to Check Your Credit (Free)

Free Credit Score:

  • • Credit Karma: Free score + monitoring
  • • Your bank/credit card: Many provide free FICO scores
  • • Discover Credit Scorecard: Free for everyone (no account needed)

Full Credit Report:

  • • AnnualCreditReport.com: Official site—1 free report/year from each bureau
  • • Check all 3 bureaus: Experian, Equifax, TransUnion
  • • Look for errors (30% of reports have mistakes!)

Pro Tip: Check your credit report every 4 months (rotate the 3 bureaus) to catch fraud early