Action Steps to Take Your NIL Planning from Conversation to Execution
Meeting with a wealth manager for the first time is a big step—especially for student-athletes navigating new income from NIL (Name, Image, and Likeness) deals. That first conversation may leave you feeling empowered, overwhelmed, or both. But what really matters is what you do after the meeting.
Whether you’re a freshman just starting to monetize your brand, or a senior preparing for the next chapter, here’s a clear list of action steps to take after your meeting to turn advice into real results.
1. Review Your Notes and Summarize Key Takeaways
As soon as possible, write down the most important insights from your meeting. What stood out? What was confusing? What did your wealth manager say you should prioritize? Summarize it in your own words—this helps you retain the information and create your personal roadmap.
2. Organize Your Documents
Your wealth manager might have asked you for some or all of the following:
NIL deal contracts
Bank account information
Pay stubs or 1099s
Scholarship award letters
Budget details or spending habits
Past tax returns (if applicable)
Gather everything and upload it to a secure folder. Keep digital backups and share only through secure portals or encrypted email if requested.
3. Open (or Separate) Financial Accounts
If you don’t already have them, now’s the time to open:
A student checking account for day-to-day spending
A high-yield savings account for emergency funds
A Roth IRA (if you have earned income) to start investing
A business checking account if you’re running NIL deals as a business
A brokerage account for long-term investments
If you already have accounts but everything’s mixed together, your advisor likely told you to separate personal from business finances. Do this immediately—clean records make tax time easier and help you think like a CEO.
4. Implement Your Budget
If you created or reviewed a budget together, don’t just file it away. Take action:
Set up auto-transfers from checking to savings
Use a budgeting app like Mint, YNAB, or Monarch to track spending
Cancel any subscriptions or expenses that don’t align with your financial goals
Identify how much you can invest monthly—then automate it
A written budget is only a plan. A working budget is a tool.
5. Schedule Your Professional Appointments
Your wealth manager might have recommended that you speak with:
A CPA to file taxes or plan for quarterly payments
An attorney to review contracts or set up an LLC
An insurance agent to protect your income or possessions
Take the initiative. Don’t wait for someone to do it for you. If your advisor offered referrals, contact those professionals within a week. You’ll save money and avoid mistakes the sooner they’re looped in.
6. Start or Finish Your Entity Formation
If your income is consistent or sizable, your advisor may have encouraged you to form:
An LLC to separate your NIL business from your personal life
An S-Corp (if applicable) to save on self-employment taxes
A Solo 401(k) for retirement contributions as a business owner
If you already filed but haven’t funded the accounts, do that next. If you haven’t started, get with your advisor or attorney to draft and file the paperwork. Entity formation has timing and tax deadlines—don’t put this off.
7. Track Income and Expenses
If you’re earning NIL money, you’re a business now. That means:
Track every dollar that comes in
Categorize your spending (gear, training, travel, software)
Keep receipts (digitally or physically)
Use a spreadsheet or small-business bookkeeping software like QuickBooks or Wave
It might feel tedious, but clean records protect you and allow you to claim legal deductions. Your future self (and CPA) will thank you.
8. Protect Yourself with Insurance
Did your advisor ask about coverage? If so, take these steps:
- Make sure you’re enrolled in health insurance (through school or a parent)
- Purchase renters insurance if you live off-campus
- Verify your car insurance is active and properly covers NIL-sponsored vehicles
- If your NIL earnings are large, consider disability insurance or liability coverage
This isn’t just about being responsible—it’s about protecting your ability to earn.
9. Follow Through on Giving Plans
If you support your family or donate to a cause, your advisor may have encouraged you to:
Create a giving budget or cap
Open a separate account to manage these contributions
Set boundaries around how much you’ll give, when, and to whom
Following through here isn’t about being stingy—it’s about giving sustainably. Saying no or setting limits isn’t selfish. It’s mature.
10. Keep the Conversation Going
Don’t treat your wealth manager like a one-time meeting. This is a relationship.
Set a follow-up meeting—ideally once per quarter or at key milestones
Email questions as they arise
Keep them updated on new income sources, contracts, or major changes
They’re on your team—but they can’t help if you don’t keep them in the loop.
Bonus: Write Down What You Don’t Understand
Sometimes the first meeting reveals just how much you didn’t know. That’s okay. Write down what still confuses you—tax terms, retirement accounts, business strategy—and ask about it next time. The goal is progress, not perfection.
Final Thought
Meeting with a wealth manager is like meeting with a coach—you get a game plan, but it’s your job to execute. By taking these next steps seriously, you’ll position yourself to grow your income, avoid financial pitfalls, and build lasting wealth far beyond your playing days.
Success doesn’t come from having money—it comes from knowing what to do with it. Now it’s time to do the work.