The world of college athletics changed dramatically over the summer.
The reason: NIL, which stands for Name, Image and Likeness. A seismic change, the new standard allows student-athletes to accept compensation for the first time in history.
You’ve seen the changes already, with your favorite college stars endorsing products.
Regions is launching a free new platform, NIL Solutions, to ensure a secure financial future for these student-athletes.
Regions partnered with the University of Mississippi this week to provide Next Step advice and guidance for Ole Miss student-athletes. In an hour-long virtual session, Regions bankers provided tips ranging from tracking spending and creating budgets to building savings and credit.
But what took this education session a step beyond were lessons provided by Regions on making the most of new revenue streams offered by NIL opportunities.
“We are pleased with the elevation of our financial literacy program through our partnership with Regions,” said Ravin Gilbert, Social Responsibility and Engagement director for Ole Miss athletics. “With their help, we are able to educate our student-athletes throughout the school year of the short-term and long-term impacts of their current financial decisions.”
We are pleased with the elevation of our financial literacy program through our partnership with Regions. With their help, we are able to educate our student-athletes throughout the school year of the short-term and long-term impacts of their current financial decisions.
Ravin Gilbert, Social Responsibility and Engagement director for Ole Miss athletics
Financial Wellness Relationship managers Donna Medina and Gayla Land prepared a Next Step overview of money management basics. Land noted that she could relate to the circumstances facing athletes as her son is a college freshman.
Step one to success: account for every penny.
“Track your spending, beginning with your income and following through with all your expenses,” Land said. “To be in control of your money, you must be in command of your spending.”
Andrew George, a Regions Wealth Advisor with offices in Starkville and Oxford, noted that the new income opportunities for the Ole Miss athletes – as well as long-term earning potential – had a limited lifespan in the athletic arena.
“Athletes have shorter windows,” George said. “We all have to be honest with ourselves and face the reality that future income isn’t guaranteed.”
George pointed out that even superstar pro athletes often struggle managing their money, quoting studies that show four of five NFL players and three of five NBA athletes end up in financial distress or go bankrupt.
To avoid that fate, whether you are looking at future million-dollar contracts or simply trying to build on what you have, George advised the student-athletes to seek out the right kind of help.
The NIL is a revolutionary change to how student-athletes are compensated and something unthinkable when I was playing football.
Mark Senter, experiential and sponsorship marketing strategist, Regions Bank
“When you come into a lot of money, don’t go to friends and family for help. While you may trust them, this is a job for professionals,” George said.
Those professionals include a tax specialist, attorney, business manager, portfolio manager and wealth advisor by building on your existing banking relationship because “an advisor can help you align goals with the strategy that fits you best.”
The official bank of the SEC, Regions offers financial education to numerous schools and companies throughout its 15-state footprint.
But the NIL Solutions effort kicked off at Ole Miss will soon be available nationwide.
“The NIL is a revolutionary change to how student-athletes are compensated and something unthinkable when I was playing football,” said Mark Senter, experiential and sponsorship marketing strategist at Regions and a former place-kicker at the University of Southern California. “We have been focused on helping college students learn to manage their money. But this new format will provide student-athletes the tools, resources and solutions to not only capitalize on NIL, but to begin building for a more stable economic future for themselves and their families.”