Wealth advisor urges college athletes to treat NIL earnings like student budgets
Financial adviser Gordon Whittaker recommends that student athletes receiving six-figure NIL deals should keep modest living expenses and invest the rest for long-term growth.
The rollout of NIL and revenue-sharing deals means that top college football and basketball players can now earn six- or seven-figure incomes, especially at Power-Four schools. Gordon Whittaker, a wealth-management advisor at Merrill Lynch, said young athletes should adopt frugal college spending habits and channel excess money into savings and investments to benefit from compound interest over decades. He highlighted the need for tax planning, noting that many athletes previously overlooked 1099 obligations.
Whittaker also warned that players must consider the trade-off between staying in school for additional NIL income and entering professional leagues, and that personal branding decisions directly affect earnings. Ultimately, he encourages an ownership mindset, treating earnings as assets rather than mere salary.
Why it matters
College athletes' new earnings can shape lifelong financial habits, affecting both their personal wealth and the broader sports economy.
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