As the Name, Image, and Likeness (NIL) era continues to reshape college athletics, student-athletes across the country have new opportunities to monetize their personal brand. These opportunities present important financial and legal responsibilities.
I’ve been involved in and have loved sports my entire life. This passion has driven me to get more involved in this space and assist other athletes doing great things. At North Lakes Financial Group, we can help Minnesota’s student-athletes and their families make informed, strategic financial decisions that help support long-term success.
What is NIL, and What Does It Mean in Minnesota?
NIL allows college athletes to receive compensation for endorsements, social media promotions, personal appearances, autographs, and other ventures using their name, image, and likeness.
In Minnesota:
- The Minnesota State High School League (MSHSL) currently allows high school athletes to profit from their name, image, and likeness.
- College athletes can fully engage in NIL deals, including those at schools like the University of Minnesota, St. Thomas, and other NCAA institutions across the state.
- While there’s no specific NIL state law in Minnesota as of now, student-athletes must adhere to their institution’s policies and NCAA guidelines.
The Challenges Student-Athletes Face
NIL can introduce complex financial, legal, and tax issues. Some of the most common challenges include:
- Tax liabilities on income from sponsorships or brand deals
- Budgeting and saving for unpredictable cash flows
- Understanding contracts and intellectual property rights
- Avoiding bad actors who may try to exploit inexperienced athletes
How We Help
We can offer financial guidance to student-athletes, their families, and support teams. Our approach is designed to help protect, grow, and sustain the athlete’s financial well-being.
Here’s how we support athletes:
- Financial Guidance & Planning: We provide personalized advice on budgeting, saving, and investing. We help athletes plan for taxes and understand their financial obligations.
- NIL Income Management: From inconsistent income streams to building long-term financial strategies, we help to ensure athletes can stay financially healthy throughout their college careers and beyond.
- Working Together with Legal & Tax Professionals: We can work closely with attorneys and CPAs who specialize in NIL to help ensure athletes understand contracts and stay compliant with tax regulations.
- Investment Guidance: Athletes are entrepreneurs now. We help them think like one.
Whether you’re a student-athlete, a parent, coach, or athletic department staff member, we’d be more than happy to help you navigate NIL with more confidence. Reach out with any questions!
Read more articles by Ryan Johnson