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Can we stay competitive in the NIL era?
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<blockquote data-quote="RonJohn" data-source="post: 874241" data-attributes="member: 2426"><p>I remember that GT athletics has a tax planning series for student athletes and that TStan said attendance to those sessions was up significantly when the NIL was on the horizon.</p><p></p><p>I am pretty certain that many of the athletes who make money professionally will still squander their money and retire broke. In the past and agent could wave an envelope of $20k in front of a student athlete and that might be the most money that the athlete had ever had access to in his life. If every scholarship OL player gets a contract for $50k per year, $20k would still be a lot of money. However, the $20k won't be the most that the athlete has had access to every. The $20k won't be the difference between the athlete's parents having food to eat or not. Poor student athletes won't be as easy a target to manipulate if the already have access to some money.</p><p></p><p>As to overall athletes being foolish with their money, it probably won't change drastically. However, in the general populations, the reports I have seen say that around 65% of all Americans live paycheck to paycheck. It isn't just athletes. More than half of Americans spend every dime they have every paycheck. Many if not most of those believe that people who have savings are just lucky, and don't believe there is any correlation between their lack of financial planning and their lack of wealth. I have actually talked to people who were jealous of people with lower incomes who were able to save money. For superstar professional athlete, student athlete with NIL income, or common workers it takes financial planning and discipline to not lose everything you make. Unfortunately, none of those groups are particularly good at it.</p></blockquote><p></p>
[QUOTE="RonJohn, post: 874241, member: 2426"] I remember that GT athletics has a tax planning series for student athletes and that TStan said attendance to those sessions was up significantly when the NIL was on the horizon. I am pretty certain that many of the athletes who make money professionally will still squander their money and retire broke. In the past and agent could wave an envelope of $20k in front of a student athlete and that might be the most money that the athlete had ever had access to in his life. If every scholarship OL player gets a contract for $50k per year, $20k would still be a lot of money. However, the $20k won't be the most that the athlete has had access to every. The $20k won't be the difference between the athlete's parents having food to eat or not. Poor student athletes won't be as easy a target to manipulate if the already have access to some money. As to overall athletes being foolish with their money, it probably won't change drastically. However, in the general populations, the reports I have seen say that around 65% of all Americans live paycheck to paycheck. It isn't just athletes. More than half of Americans spend every dime they have every paycheck. Many if not most of those believe that people who have savings are just lucky, and don't believe there is any correlation between their lack of financial planning and their lack of wealth. I have actually talked to people who were jealous of people with lower incomes who were able to save money. For superstar professional athlete, student athlete with NIL income, or common workers it takes financial planning and discipline to not lose everything you make. Unfortunately, none of those groups are particularly good at it. [/QUOTE]
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