Gone are the days when athletes cannot make money from their school. Reggie Bush would thrive in this world and should be allowed his Heisman back (but that is for a conversation another day). No longer are the coaches, administrators and support staff the only people making money in college. With Name, Image, and Likeness (NIL) athletes can make more than their coaches. We dive into this topic with former NCAA champion Ali Kershner.

Athletes need business education.

In today’s world, athletes need more than just physical training to be successful. With the rise of the NIL and the transfer portal, athletes now have the ability to move freely between teams for better opportunities. This has changed the game for major sports, making it more fluid and chaotic. Not only do athletes need to be aware of the business side of the sport, but coaches must also adjust their strategies to accommodate the new reality.

For athletes, the NIL has opened up a world of possibilities. They can now make more money, switch teams for better opportunities, and even speak on behalf of billion dollar brands. To be successful in this new reality, athletes must have a good understanding of the business side of the sport, such as communication, branding, and negotiation. This knowledge will help them make informed decisions about their career and ensure that they get the most out of their opportunities.

Coaches must also adjust their strategies to accommodate the new reality. With athletes able to move freely between teams, coaches must now focus more on recruiting and retaining players. They must also be aware of the regulations surrounding the NIL and ensure that they are following them. Additionally, coaches must learn how to manage athletes’ needs and wants to keep them on the team.

Athletes and coaches must be aware of the business side of the sport in order to be successful. Athletes need to understand communication, branding, and negotiation, while coaches must focus on recruiting and retaining players. With the rise of the NLI and the transfer portal, athletes and coaches need to be prepared for the changing landscape of sports.

Help athletes become financially literate.

Financial literacy is an important skill for athletes to have, and it is the responsibility of coaches to help them become financially literate. Financial literacy is the ability to understand and manage finances. This includes budgeting, saving, investing, and understanding credit. Financial literacy is especially important for athletes because they are often faced with difficult financial decisions that can have a lasting impact on their future.

Coaches can help athletes become financially literate by teaching them about budgeting, saving, and investing. Coaches can also help athletes understand the importance of having a financial plan and how to create one. Additionally, coaches can teach athletes about the different types of investments and how to make smart decisions when investing.

Furthermore, coaches can help athletes understand the importance of building credit. Building credit is essential for athletes as it can help them secure loans or obtain better interest rates on loans. Coaches can help athletes understand the importance of paying bills on time, avoiding debt, and understanding how to use credit responsibly.

Finally, coaches can help athletes understand the business side of their sport. This includes understanding the NIL, the transfer portal, and the importance of communication, branding, and negotiation. Coaches can help athletes understand the different options available to them, such as scholarships, sponsorships, and endorsements.

Financial literacy is an important skill for athletes to have, and it is the responsibility of coaches to help them become financially literate. Coaches can help athletes become financially literate by teaching them about budgeting, saving, and investing. Furthermore, coaches can help athletes understand the importance of building credit and the business side of their sport. With the right guidance, athletes can make informed decisions about their finances and be successful in their sport.