Merrill Advisor Urges 6- and 7-Figure NIL Athletes to Save, Not Spend

2 articles · Updated · Fox Business · Sep 4

College athletes pulling in six- or seven-figure NIL and revenue-sharing income should keep spending low and use the money to build long-term financial habits, Merrill Lynch advisor Gordon Whittaker said.
Whittaker said most players still have limited living costs in school, so much of that income should go to savings and asset ownership, with compound growth starting years earlier than it once could.
1099 tax bills remain a key risk because NIL income is not withheld like W-2 pay, though he said many college programs now help athletes set aside money and tax planning has improved since NIL began in 2021.
New revenue-sharing money is also changing career decisions, forcing draft-eligible athletes to compare pro earnings with another year in college while treating their off-field behavior as part of a monetizable personal brand.

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Fox Business4d ago

Merrill Lynch Advisor Gordon Whittaker Urges College Athletes with NIL Deals to Build Financial Habits

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College athletes earning NIL income need to build good financial habits, advisor says | Fox Business Video

Could reinvesting NIL wealth into personal branding actually yield a higher return for athletes than the traditional savings advice experts push?

Are universities setting up their millionaire student-athletes for massive IRS penalties by classifying revenue-sharing payments as contractor income?

With college athletes earning millions, could a single tax mistake bankrupt tomorrow's biggest sports stars before they even go pro?