In this episode of FIN LYT by EWA, Matt Blocki and Ben Ruttenberg discuss the world of NIL (Name, Image, Likeness) in college athletics. Ben, a self-professed sports enthusiast, discusses the significant changes in the college athletic landscape due to NIL and its implications for student-athletes' financial literacy.
They explore the origins of NIL and why it was adopted by the NCAA in 2021 and emphasize the opportunities it provides for student-athletes to profit without jeopardizing their eligibility. The conversation explores the financial implications of NIL income, tax considerations, and strategies for managing newfound wealth. They stress the importance of setting aside money for taxes, using separate bank accounts, and considering retirement plans like 401(k)s. Lastly, they dig into how athletes can balance increased social pressures and responsible financial planning.
Tune in to gain valuable insights into the evolving world of NIL and financial literacy in college athletics
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