Understanding the Rights of Student-Athletes: Can Parents Control NIL Money?

The relationship between athletes and their parents can be amazing…and sometimes complicated. As an athlete, my parents were a huge part of my success- they were encouraging, instilled in me self-confidence, prepared me for games, traveled to tournaments, and so much more. Luckily, we got along pretty well so we didnt disagree on much when came to sports. As I got older, I became more independent and oversaw my own tasks like buying my own books and school supplies, organizing my personal calendar, budgeting funds I made working at summer camp, and more.

So what happens when you’re in high school or college and land an NIL deal? If you’re not yet financially independent from your parents, you might ask: “I’m more independent now, can my parents control my NIL earnings?” Well, the answer depends:

• If you’re in high school and live in a state where high school athletes can secure NIL deals, you may still be under your parents’ discretion. This gives them the right to make financial decisions on your behalf.
• If you’re in college and are 18 years or older, this means you are legally an adult who can freely enter into NIL contracts. Your ability to directly earn compensation makes this your money- not your parents.

If you’re at an age when you’re in control of your NIL earnings, how can you make sure both parties are on the same page when it comes to NIL? What can you do to make sure your parents don’t overstep by acting on your behalf regarding your partnerships?

Here are a few suggestions for athletes when speaking with parents, especially when they are growing their brand personally and professionally.

Communicate. As you become more independent, it’s important to communicate with your parents. How much you share is up to you, but it’s important to at least share your expectations and their level of involvement (if any) from the jump. By communicating your wishes early on, parents will understand what their role is within your world as a student-athlete and as an NIL earner.

Ask for help. A wise man once told me: “don’t be a hero”. Just because you can figure this out on your own, doesn’t mean you have to. If you don’t need much from your parents, maybe they can help in other areas. Researching lawyers, finding financial planners, contacting tax professionals and more on your behalf could be a great way for them to be involved while not interfering with your creative process.

Be flexible. Sometimes your plans don’t work out as you expect, meaning you may need more or less help from your parents than you thought. Don’t be afraid to change course and let your parents know your new action plan. Just like in business, sometimes your pan might change so it’s important to be flexible and communicate what those changes are.

One thing to note, remember that your parents want the best for you. Watching your journey as an athlete, and now seeing you reap the rewards can make them excited and wanting to be a part of the fun By communicating and setting expectations early on, you won’t have many awkward conversations when it comes to your NIL and your money.