Name, Image, and Likeness has created endless opportunities for college athletes to build their brands and make some quick money. But like anything with money involved, some people have used NIL as an opportunity to take advantage of and scam college athletes. With this in mind, it is important to know how to spot a scam and know ways of preventing being taken advantage of. Here are two ways to guard your finances and stay safe.

Hire Objective Eyes

Since there's more money in sports than ever, athletes are at a high risk for being a victim to fraud. Many people will try to get close with college athletes to gain their trust, and then can create unfair contracts without the athlete knowing. In order to prevent this, college athletes that want to sign big NIL deals need to hire financial managers from big and reputable companies. 

Related: Rate your Coaches, Facilities, and Campus Visits

Read the Details

One of the most important things to do when offered an NIL deal is to look over the contract details. Since many college athletes have not yet learned how to look over a contract, some schools will provide assistance in doing so. They should be looking to make sure that you are getting a fair market value for your name, image, and likeness and should also make sure that the contract follows the Fair Trade Commission rules and regulations.

Related: Not-So-Fast-Cash: 5 Tax Tips for Your NIL Money

As more instances of NIL scams arise, schools across the nation will start to make NIL departments to help their college athletes prevent fraud. Many schools have started making their athletes take financial literacy classes and I believe more will follow as it will give athletes the tools to prevent fraud for themselves.

Have an idea for a story or a question you need answered? Want to set up an interview with us? Email us at [email protected]

* Originally published on September 16, 2022, by Royce Linder