Financial Literacy Workshop

WORKSHOP OVERVIEW

Title: Money & NIL — A Student-Athlete’s Guide Duration: 60 minutes

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MODULE 1: NIL INCOME BASICS (15 min)

• Cash payments, product value, royalties — all taxable
• Payment flow: Brand → NILEMS → Athlete (net of commission)
• 1099-NEC issued for earnings $600+

MODULE 2: TAXES & NIL (15 min)

Tax Type	Approximate Rate
Federal income tax	10-22%
Ohio state income tax	2.75-3.5%
Self-employment tax	15.3%
Total burden	25-35%

Rule #1: Set aside 25-30% of every payment for taxes.

Quarterly estimated taxes (if you expect to owe $1,000+):

Quarter	Due Date
Q1	April 15
Q2	June 15
Q3	September 15
Q4	January 15

Common deductible expenses: Professional photos/videos, content creation equipment, NIL travel, agent commission, business subscriptions.

MODULE 3: BUDGETING (15 min)

The 50/30/20 Rule:

Category	%	Examples
Needs	50%	Rent, food, gas, phone
Wants	20%	Entertainment, dining, shopping
Savings & Taxes	30%	Tax savings (25%), emergency fund (5%)

Smart habits: Automate savings, track spending, avoid lifestyle inflation, build emergency fund ($500 → $1,000 → 3 months).

MODULE 4: PROTECTING YOUR FUTURE (15 min)

• Your brand IS your business — one bad post can cost deals
• Never sign without reading; your agent reviews all contracts
• Watch for scams: upfront fees, unlimited usage rights, no end dates
• Consider a Roth IRA for long-term wealth building
• Education is still your most valuable asset

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RESOURCES

• IRS Free File: irs.gov/filing/free-file
• FDIC Money Smart: fdic.gov/resources/consumers/money-smart
• Budgeting: Mint, YNAB, PocketGuard (free tiers)
• NILEMS: Financial literacy resources and CPA referrals available

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Workshops offered quarterly. Contact your NILEMS agent for one-on-one budget planning.