NIL Tips & Tricks: Athlete and Administrator Advice from Industry Professionals

At the 2024 NIL Summit, Teamworks Senior Account Executive Sean Kelly spoke to the following industry leaders in athlete education:

Danielle Davison, Assistant AD for NIL, University of Michigan

Mercedes Sapp, Director of NIL Engagements, University of South Florida

Kat Reekmans, Enrolled Agent, TurboTax

Key topics include financial advice for collegiate athletes, guidance on exploring new resources, and strategies for administrators to effectively educate athletes on emerging business concepts.

Tips For Athletes

1. Treat your personal brand like a business.
2. Keep receipts from business expenses to lower your tax bill.
3. Use Teamworks Influencer for financial guidance and resources.
4. Set aside 20% for end-of-year taxes.
5. Try to save at least three months’ worth of expenses for emergencies.

Tips For Administrators

1. Recognize that many athletes have never had a job or reliable source of income before coming to college.
2. Implement accessible financial education that covers a variety of topics, such as budgeting, taxes, and contracts.
3. Ensure resources are accessible to athletes year-round, including while traveling for competition.