ProPath Financial Management Checklist

List all sources of NIL income, such as sponsorships, appearances, endorsements, social media, and merchandise, as part of your financial planning for athletes. Keep contracts and payment terms organized and saved to help with budgeting for athletes. Additionally, consider opening a separate bank account specifically for managing NIL income.

To effectively manage your finances, start by creating a monthly budget that includes both fixed and variable expenses. This is essential in the realm of budgeting for athletes, especially when considering NIL income management. Set clear limits for discretionary spending, such as clothes and travel, to ensure you maintain financial stability. Utilizing budgeting apps like Mint, YNAB, or Rocket Money, or even a simple spreadsheet, can significantly aid in your financial planning for athletes. Additionally, make it a habit to track your cash flow on a weekly and monthly basis.

When budgeting for athletes, it's essential to set up automatic transfers to a savings account, aiming for 20% of your income. This practice is a key component of effective financial planning for athletes. Additionally, building a 3–6 month emergency fund is crucial for financial stability. Don't forget to save for big upcoming expenses, such as a car, tuition gap, or off-season travel, especially as you navigate NIL income management.

Open a Roth IRA or traditional IRA (if you have earned income) as part of your financial planning for athletes. Consider an Advisory account for long-term investments to help with budgeting for athletes. Learn the basics of investing, including stocks, ETFs, and index funds, while being mindful of NIL income management. Invest with a long-term mindset—avoid hype or crypto fads unless well-informed.

When budgeting for athletes, it's essential to set aside 20–30% of your NIL income for taxes. Be diligent in tracking all income, expenses, and receipts to ensure accurate financial planning for athletes. Understanding your self-employment tax obligations is crucial, and you might want to consider making quarterly tax payments to avoid any penalties. Additionally, hiring or consulting a tax advisor familiar with NIL income management can provide valuable guidance.

Consider forming an LLC to professionally manage your NIL income and ensure effective budgeting for athletes. Obtain an EIN (Employer Identification Number) to streamline your financial planning for athletes. Additionally, set up a basic accounting system (e.g., QuickBooks, Wave) to keep track of your earnings. Lastly, consult with a legal advisor before signing any long-term deals to protect your interests.

Enroll in an NIL-specific financial literacy course, such as ProPath Academy, to enhance your understanding of budgeting for athletes. Additionally, take advantage of school- or team-sponsored NIL financial workshops that focus on financial planning for athletes. Follow reputable financial education accounts on social media to stay informed about NIL income management. Lastly, be sure to familiarize yourself with your school's rules and the state/NCAA regulations regarding NIL.

Consider disability insurance as part of your financial planning for athletes to protect against career-impacting injuries. Additionally, be aware of what you are liable for in deals, such as product claims and social posts, while budgeting for athletes and managing your NIL income.

Identify a financial advisor with experience in budgeting for athletes and NIL income management. Work with an agent or marketing representative who is NCAA-compliant. Involve family or a mentor in key decisions related to financial planning for athletes. Avoid advisors who are pushy or vague on fees.

Set short- and long-term financial goals, such as graduating debt-free, investing $5K, and budgeting for athletes to buy a car. Reevaluate these goals each semester while considering financial planning for athletes. Additionally, plan for life after college or pro soccer, focusing on career, business, or grad school, and incorporate NIL income management into your strategy.