{"id":1970,"date":"2025-07-03T14:59:28","date_gmt":"2025-07-03T14:59:28","guid":{"rendered":"https:\/\/financialliteracyfornil.com\/?p=1970"},"modified":"2025-07-03T15:09:33","modified_gmt":"2025-07-03T15:09:33","slug":"elementor-1970","status":"publish","type":"post","link":"https:\/\/financialliteracyfornil.com\/?p=1970","title":{"rendered":"What Should a Student-Athlete Do After Meeting With a Wealth Manager?"},"content":{"rendered":"\t\t
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Action Steps to Take Your NIL Planning from Conversation to Execution<\/em><\/p>

Meeting with a wealth manager for the first time is a big step\u2014especially 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<\/strong> the meeting.<\/p>

Whether you\u2019re a freshman just starting to monetize your brand, or a senior preparing for the next chapter, here\u2019s a clear list of action steps to take after your meeting to turn advice into real results.<\/p>

1. Review Your Notes and Summarize Key Takeaways<\/strong><\/h3>

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\u2014this helps you retain the information and create your personal roadmap.<\/p>

2. Organize Your Documents<\/strong><\/h3>

Your wealth manager might have asked you for some or all of the following:<\/p>

  1. NIL deal contracts<\/p><\/li>

  2. Bank account information<\/p><\/li>

  3. Pay stubs or 1099s<\/p><\/li>

  4. Scholarship award letters<\/p><\/li>

  5. Budget details or spending habits<\/p><\/li>

  6. Past tax returns (if applicable)<\/p><\/li><\/ol>

    Gather everything and upload it to a secure folder. Keep digital backups and share only through secure portals or encrypted email if requested.<\/p>

    3. Open (or Separate) Financial Accounts<\/strong><\/h3>

    If you don\u2019t already have them, now\u2019s the time to open:<\/p>

    1. A student checking account<\/strong> for day-to-day spending<\/p><\/li>

    2. A high-yield savings account<\/strong> for emergency funds<\/p><\/li>

    3. A Roth IRA<\/strong> (if you have earned income) to start investing<\/p><\/li>

    4. A business checking account<\/strong> if you\u2019re running NIL deals as a business<\/p><\/li>

    5. A brokerage account<\/strong> for long-term investments<\/p><\/li><\/ol>

      If you already have accounts but everything\u2019s mixed together, your advisor likely told you to separate personal from business<\/strong> finances. Do this immediately\u2014clean records make tax time easier and help you think like a CEO.<\/p>

      4. Implement Your Budget<\/strong><\/h3>

      If you created or reviewed a budget together, don\u2019t just file it away. Take action:<\/p>

      1. Set up auto-transfers from checking to savings<\/p><\/li>

      2. Use a budgeting app like Mint, YNAB, or Monarch to track spending<\/p><\/li>

      3. Cancel any subscriptions or expenses that don\u2019t align with your financial goals<\/p><\/li>

      4. Identify how much you can invest monthly\u2014then automate it<\/p><\/li><\/ol>

        A written budget is only a plan. A working budget is a tool.<\/p>

        5. Schedule Your Professional Appointments<\/strong><\/h3>

        Your wealth manager might have recommended that you speak with:<\/p>

        1. A CPA<\/strong> to file taxes or plan for quarterly payments<\/p><\/li>

        2. An attorney<\/strong> to review contracts or set up an LLC<\/p><\/li>

        3. An insurance agent<\/strong> to protect your income or possessions<\/p><\/li><\/ol>

          Take the initiative. Don\u2019t wait for someone to do it for you. If your advisor offered referrals, contact those professionals within a week. You\u2019ll save money and avoid mistakes the sooner they\u2019re looped in.<\/p>

          6. Start or Finish Your Entity Formation<\/strong><\/h3>

          If your income is consistent or sizable, your advisor may have encouraged you to form:<\/p>

          1. An LLC<\/strong> to separate your NIL business from your personal life<\/p><\/li>

          2. An S-Corp<\/strong> (if applicable) to save on self-employment taxes<\/p><\/li>

          3. A Solo 401(k)<\/strong> for retirement contributions as a business owner<\/p><\/li><\/ol>

            If you already filed but haven\u2019t funded the accounts, do that next. If you haven\u2019t started, get with your advisor or attorney to draft and file the paperwork. Entity formation has timing and tax deadlines\u2014don\u2019t put this off.<\/p>

            7. Track Income and Expenses<\/strong><\/h3>

            If you\u2019re earning NIL money, you\u2019re a business now. That means:<\/p>

            1. Track every dollar that comes in<\/p><\/li>

            2. Categorize your spending (gear, training, travel, software)<\/p><\/li>

            3. Keep receipts (digitally or physically)<\/p><\/li>

            4. Use a spreadsheet or small-business bookkeeping software like QuickBooks or Wave<\/p><\/li><\/ol>

              It might feel tedious, but clean records protect you and allow you to claim legal deductions. Your future self (and CPA) will thank you.<\/p>

              8. Protect Yourself with Insurance<\/strong><\/h3>

              Did your advisor ask about coverage? If so, take these steps:<\/p>

              1. Make sure you\u2019re enrolled in health insurance (through school or a parent)<\/li>
              2. Purchase renters insurance<\/strong> if you live off-campus<\/li>
              3. Verify your car insurance<\/strong> is active and properly covers NIL-sponsored vehicles<\/li>
              4. If your NIL earnings are large, consider disability insurance<\/strong> or liability coverage<\/strong><\/li><\/ol>

                This isn\u2019t just about being responsible\u2014it\u2019s about protecting your ability to earn.<\/p>

                9. Follow Through on Giving Plans<\/strong><\/h3>

                If you support your family or donate to a cause, your advisor may have encouraged you to:<\/p>

                1. Create a giving budget<\/strong> or cap<\/p><\/li>

                2. Open a separate account to manage these contributions<\/p><\/li>

                3. Set boundaries around how much you\u2019ll give, when, and to whom<\/p><\/li><\/ol>

                  Following through here isn\u2019t about being stingy\u2014it\u2019s about giving sustainably. Saying no or setting limits isn\u2019t selfish. It\u2019s mature.<\/p>

                  10. Keep the Conversation Going<\/strong><\/h3>

                  Don\u2019t treat your wealth manager like a one-time meeting. This is a relationship.<\/p>

                  1. Set a follow-up meeting\u2014ideally once per quarter or at key milestones<\/p><\/li>

                  2. Email questions as they arise<\/p><\/li>

                  3. Keep them updated on new income sources, contracts, or major changes<\/p><\/li><\/ol>

                    They\u2019re on your team\u2014but they can\u2019t help if you don\u2019t keep them in the loop.<\/p>

                    Bonus: Write Down What You Don\u2019t Understand<\/h3>

                    Sometimes the first meeting reveals just how much you didn\u2019t know. That\u2019s okay. Write down what still confuses you\u2014tax terms, retirement accounts, business strategy\u2014and ask about it next time. The goal is progress, not perfection.<\/p>

                    Final Thought<\/h3>

                    Meeting with a wealth manager is like meeting with a coach\u2014you get a game plan, but it\u2019s your job to execute. By taking these next steps seriously, you\u2019ll position yourself to grow your income, avoid financial pitfalls, and build lasting wealth far beyond your playing days.<\/p>

                    Success doesn\u2019t come from having money\u2014it comes from knowing what to do with it. Now it\u2019s time to do the work.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

                    Action Steps to Take Your NIL Planning from Conversation to Execution Meeting with a wealth manager for the first time is a big step\u2014especially 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 … <\/p>\n

                    Read more “What Should a Student-Athlete Do After Meeting With a Wealth Manager?”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-1970","post","type-post","status-publish","format-standard","hentry","category-budgeting-money-management"],"yoast_head":"\nWhat Should a Student-Athlete Do After Meeting With a Wealth Manager? - Financial Literacy For NIL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialliteracyfornil.com\/?p=1970\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Should a Student-Athlete Do After Meeting With a Wealth Manager? - Financial Literacy For NIL\" \/>\n<meta property=\"og:description\" content=\"Action Steps to Take Your NIL Planning from Conversation to Execution Meeting with a wealth manager for the first time is a big step\u2014especially for student-athletes navigating new income from NIL (Name, Image, and Likeness) deals. 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