After landing a new NIL deal, you are probably thinking about how much money you are going to get and how much easier life will be financially. Luckily for college athletes, this all could be true if you make the correct financial decisions! A lot of people at this age, regardless of how much they make, will spend all their money, and leave themselves with nothing. Professional athletes do this too, so don't make this mistake! Here are three financial planning essentials for all NIL earners.

Check Your Credit Score and Settle Your Debts

There are many good first steps to take as you receive your NIL money but the best first step is to know your credit score and pay back any debt you have. This will set you up for a much better future and allow you to purchase almost anything you want. You can check your credit score for free at sites like Experian or Equifax.

Related: Rate your Coaches, Facilities, and Campus Visits

Set a Budget

Once you know where you stand financially, you should set up a budget, so you don't go through all your money at once. Being able to limit your spending on unnecessary items will save you a lot. This can be as simple as setting up a spreadsheet or downloading an app like Mint or Rocket Money to track your bills and spending. It's not glamorous, but budgeting now can save you massive headaches down the road (not to mention money!(

Start Saving!

Later on, you should make an emergency fund and start a retirement fund. These will give you some backup if anything tragic happens. The retirement fund is something you don't want to dip into until you are retired because then you get taxed on it and end up losing money, but the emergency fund is free to use whenever. These types of accounts will keep you in a good situation if you ever go down an unexpected path. 
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* Originally published on September 13, 2022, by Chris Russo