Even before attending a single class, many college athletes need a game plan in money management. The world of college athletics has changed dramatically with the introduction of Name, Image, and Likeness (NIL) compensation. While these payments reward athletes for their hard work, they also present new financial challenges—ones that have turned college sports into a whole new ball game.
Balancing academics and athletics is already a full-time commitment. Adding financial management to the mix makes it even more important for student-athletes to develop sound money habits early. Without proper planning, what seems like a windfall today can quickly disappear, leaving athletes in financial trouble down the road.
NIL is a game changer that is providing welcome compensation for the hard work and performance of athletes. At the same time, it brings an entirely new set of challenges. Greg Knox, Director of Career & Professional Development, Mississippi State Football, said the need for financial education is urgent. Knox is a veteran in the coaching world, with years as a position coach and even serving two separate stints as interim head coach at Mississippi State University (MSU).
One of the biggest pitfalls of NIL earnings is taxes. Unlike traditional wages, NIL income is classified as 1099 income, meaning no taxes are withheld. If athletes aren’t saving appropriately, they may face a significant financial burden when tax season arrives. Additionally, the temptation to spend quickly can be strong, but without budgeting and saving, athletes miss the opportunity to use NIL money to build long-term financial security.
Recognizing these challenges, Regions Bank has stepped up to provide guidance. Regions associates recently addressed the MSU Bulldogs football squad, underscoring the importance of sound fiscal management. Coaching students on Regions Greenprint, a plan designated for specific financial goals, topics such as budgeting, investing, and tax planning were key areas of focus, ensuring NIL money provides lasting benefits rather than fleeting luxuries.
The visit to Mississippi State was part of Regions’ ongoing initiative to help student athletes navigate a unique set of challenges. Mark Senter, Vice President, Experiential and Sponsorship Marketing, has helped create an NIL program consistent with the bank’s priority of financial education. It includes a team of 22 handpicked wealth advisors and another 21 financial advisors, designated individuals building relationships with institutions within a particular state – without distinction between elite athletic universities and smaller institutions.
For most, NIL earnings represent a rare chance to build a financial foundation—whether by saving, investing, or even planning for their families’ futures. By providing trusted guidance and personalized strategies, Regions Bank is ensuring that today’s student-athletes are prepared not just for game day, but for every financial play that lies ahead.
At Regions Bank, financial education is a key priority. When it comes to the unique financial needs of student athletes, we have a wealth of resources and advice. To learn more visit https://www.regions.com-/promo/ncaa-student-athletes today.
