TAMPA, Fla. — Name, image and likeness, or NIL, is revolutionizing college sports, but many athletes lack the financial education to know what to do with the thousands of dollars within reach.
The NIL era is here, and it's bringing a tidal wave of cash to college athletes. But while the money flows, financial literacy often lags, which could lead to these athletes fumbling a golden opportunity. Taxes, safe spending and investments are a lot to tackle, and without proper guidance, this influx of money can quickly turn from a blessing to a burden.
The University of South Florida is spearheading a new initiative to educate its athletes on managing this newfound wealth.
USF has teamed up with Cogent Bank to arm student-athletes with the skills to manage their finances wisely. Workshops cover everything, from understanding tax obligations to making smart investment choices.
Former NFL player, Brandon Ghee said the stakes are high, and the financial pitfalls are many. Now, he’s working with these athletes to help them understand everything from the complexities of tax laws to learning the basics of budgeting and saving.
"As a former athlete, I’ve seen the highs and lows of financial management in sports. Our goal at Cogent Bank is to equip these young athletes with the tools they need to succeed off the field. We want them to build a legacy that lasts well beyond their playing days," Ghee said.
Brandon Ghee said the mission is clear: to ensure these athletes don't just score big on the field but also in life. With initiatives like these, the future looks bright for student-athletes navigating the NIL landscape.
