As a parent, my priority is to protect my child at all times. Athletically,this includes protecting her as she gets older and ensuring she obtains the best opportunities, especially if that means capitalizing off of her NIL.
But as a former athlete and now a current parent, what should I know about NIL? How can I support her? What can I do to ensure she avoids as many NIL ‘missteps’ as possible?
My little one has a long way to go before she learns about NIL. Until then, here are a few suggestions on how parents can support athletes when they are seeking NIL opportunities and ways to help athletes avoid missteps.
8 Ways Parents Can Support Their Athletes in Navigating NIL
Educate Yourself. As a parent it’s so important that you understand as much as you can about your child’s situation. This means understanding the types of scholarships your athlete qualifies (full athletic scholarship, partial athletic scholarship, academic scholarship, etc. ). Understanding how much, if any, financial support your athlete will receive from their school is step one. This will help you map out their next steps with a clear head.
Next, familiarizing yourself with the newest NIL regulations for their school, state and more can help remove uncertainties regarding the NIL opportunities they can peruse. If you’re not sure, ask the person who manages NIL at your athlete’s campus. This is really important because you want to make sure your athlete is within compliance, partnering with brands that don’t conflict with his or her program or the schools’ code of conduct. The more you know, the better you’ll be able to guide your athlete towards valuable NIL opportunities that work for them, moves that can positively influence their career and their ability to earn, save and invest their earnings.
Be Supportive. Be there for your athlete- but from a comfortable distance! Your athletes’ NIL opportunities are linked to their name image and likeness… not yours. Do your best to support him or her on their journey as they build their brand. Also, be mindful of how much you’re trying to influence their decision to work with a particular business. I can only imagine the feeling of pride and excitement that comes with supporting your athlete, just make sure that the opportunities and partnerships are ones that they want.
Research the Industry. It’s good practice to have general understanding recent NIL deals, types of partnerships, and more, especially for the level of competition your athlete competes at. Knowing the types of companies, promotions, partnerships, payments, etc. that your athlete can qualify for will give your athlete a good pulse on the NIL market and what their earning potential is.
Don’t Let Money Drive You. If an NIL deal looks too good to be true, make sure your athlete understands the full scope of the contract. Would they be locked in to this agreement and prevented from partnering with other sponsors? Will a contract ask too much of a commitment from your athlete? Make sure the offer your athlete is receiving makes sense and feels right, regardless of how much money they get paid.
Be Patient and Listen. Sometimes deals don’t work out, and that can be really hard for an athlete who is (on a good day) overworked and tired. Be ready to have an open ear and support them when things don’t work out- even if you advised against a deal. If my parents told me “I told you so’ every time something didn’t work out, I would be less likely to share things with them now.
Utilize University Resources. Once your athlete has committed to a high school, college or university, find out what resources they can use to navigate all things NIL. Many schools provide resources to help keep students within compliance and help students with items such as networking, tax preparation, financial literacy, and more.
File Taxes. All athletes have to fill out tax returns and pay self-employment taxes if their NIL activities are $400 or more. Parents can fill out taxes on behalf of their athlete if they claim your athlete, or the athlete can file their taxes independently.
Enjoy the Journey. If you are lucky enough to have a healthy, athletic child who represents their school on the court or playing field, make sure you both take a moment to pause and enjoy the ride. Your athlete has worked so hard to achieve this special milestone, and I can say from experience that my high school and collegiate playing days went by so fast. These will one day be the ‘good ‘ol days’, so enjoy them!