Your Money Should Work as Hard as You Do: A Financial Game Plan for Young Athletes with New Wealth
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A judgment-free, first-contract money game plan for young athletes (and entrepreneurs) that shows how to put their money to work—not just spend it.
TODAY'S PLAYBOOK:
Your Money Should Work As Hard As You Do: A Financial Game Plan for Young Athletes With New Wealth
If you’re a young athlete or entrepreneur, there’s nothing like that first moment when money starts to show up because of your own name, image, and likeness—or because your business is finally taking off.
It feels like a win. And it is.
But here’s the part nobody really prepares you for: getting paid is the starting line, not the finish line.
I’m Jessica McDonald, a CERTIFIED FINANCIAL PLANNER™ professional and founder of Southern Wealth Builders. I also hold the SE-AWMA® (Sports & Entertainment Accredited Wealth Management Advisor) designation, which means I specialize in working with athletes and entertainers. I grew up around football and athletes. I’ve seen the pressure, the short earning windows, the big wins—and the tough money stories that follow when no one ever taught you how this side of the game works.
That’s why I’m so protective of young athletes and new entrepreneurs today, and why I’m passionate about financial education that feels like coaching, not lecturing.
Recently, I sat down with Dawn Gagye on The Entrepreneurial Edge podcast to talk about exactly this—how we can help young athletes and entrepreneurs make smart decisions with new wealth and NIL money. If you’d rather listen than read, you can watch the full conversation here:
In this blog, I want to turn that conversation into a simple, judgment-free game plan you can actually use. My philosophy is pretty straightforward:
> Your money should work as hard as you do.
Let’s talk about what that really means.
Why Do I Care So Much About Protecting Young Athletes?
Growing up around sports, I learned early that athletic careers don’t always follow a smooth, predictable path. There’s excitement, pressure, sudden opportunities, and sometimes sudden endings.
What I see today with NIL and new wealth is a new version of the same story:
- Opportunities arrive quickly.
- Money shows up before education.
- Everyone has an opinion about what you “should” do. And too often, the people who are loudest aren’t the ones who are responsible if things go wrong later.
I work with athletes and small business owners who are talented, hardworking, and driven. They’re not reckless or irresponsible—they’re just walking into a brand-new world:
- Contracts and NIL deals
- Taxes they’ve never had to think about
- Friends and family asking for help
- Social media telling them what “successful” should look like
No one hands you a playbook for that.
That’s why I show up as a coach and a guide, not a judge. My job isn’t to tell you what you did wrong. My job is to help you understand what’s actually happening with your money, and to build a plan that supports both the life you’re living now and the one you want in the future.
What Do Most Young Athletes Get Wrong About Their First Big Check?
When I sit down with athletes and entrepreneurs, I see the same patterns over and over again. And to be clear: these are normal, human reactions, not character flaws.
Here are a few of the big ones:
1. Treating new money like “extra” money
NIL or business income often feels like a bonus. It doesn’t feel like a paycheck from a job, so it’s easy to tell yourself, “It’s just extra—I can spend it how I want.”
The problem is that this “extra” money is actually business income. It has responsibilities attached.
2. Forgetting that not every dollar is truly “yours”
If $1,000 comes in from a brand deal or a camp, it’s natural to think, “I have $1,000 to spend.” In reality, that $1,000 has multiple jobs:
- Part of it belongs to today you (living, enjoying some of what you worked for).
- Part of it belongs to future you (school after sports, starting a business, life after the game).
- And part of it belongs to taxes and obligations.
When you treat every incoming dollar as “spendable,” you’re unintentionally spending tax money and future money, not just today money.
3. Letting social media and other people set your “normal”
You see peers posting cars, trips, and designer everything. You see entrepreneurs talking about “$10K months” as if that’s the baseline. It creates pressure to match a lifestyle that may not actually line up with your numbers or your goals.
Again, no judgment. This is a lot to navigate at any age—let alone while you’re balancing school, training, games, or building a business.
That’s exactly why a simple, clear framework can make such a difference.
What Does It Mean To “Know What’s Really Yours” From NIL or New Income?
Let’s keep this very simple and very high-level. I’m not giving tax advice here—that’s something you’ll want to work through with a professional—but I do want you to understand the basic idea.
When you earn money from NIL, brand deals, camps, or your own business, you’re usually not getting a paycheck with taxes already taken out. You’re getting paid like a business.
So instead of thinking:
> “I got $1,000, so I have $1,000 to spend.”
I want you to start thinking:
> “I got $1,000. Some of that is for today, some is for later, and some is already spoken for.”
A simple way to frame it:
- Today money – what supports your current life and a reasonable lifestyle
- Future money – what supports your next chapter (school, moving, starting a business, family)
- Obligation money – what goes toward taxes and any legal/contractual responsibilities
You don’t have to know all the rules yourself. You just need to know there are rules, and that part of being a professional—whether you’re an athlete or an entrepreneur—is respecting them.
That’s where a game plan comes in.
How Can You Build a First-Contract Game Plan: Spend, Save, Protect?
When I work with clients, we don’t start with complicated charts. We start with three simple buckets and give every dollar a job.
You can think of it like a training program for your money:
1. Take Care of Today
You are allowed to enjoy some of what you’ve worked for. In fact, I want you to.
This might look like:
- Covering basic living costs
- Upgrading a few things that genuinely matter to you
- Allowing a realistic amount for “fun” spending, based on what’s actually coming in The key is that “today money” is defined on purpose, not accidentally. When we walk through your numbers together, we get clear on what “comfortable but sustainable” looks like for you.
2. Protect Tomorrow
This is where future you enters the picture.
Again, we stay high-level here. We’re not picking specific investments in this blog. We’re simply talking about the idea that some portion of your income should be:
Set aside for when athletics end Reserved for big goals (like launching a business, going back to school, buying a home, or taking care of family) Positioned to work for you over time instead of just sitting or getting spent The exact percentage or dollar amount depends on your situation, but the habit is universal: a portion of what comes in should automatically be directed to “tomorrow.”
That’s part of what it means for your money to work as hard as you do—it’s put in motion for your future, not just your present.
3. Respect What You Owe
Even at a high level, I don’t want to ignore this piece. When you’re earning through NIL or as a business owner, the government still expects its share.
We won’t go into deep tax strategies here, but you can think in terms of:
- Keeping a separate space—mentally or in a dedicated account—for tax money
- Understanding that even if you don’t plan for it, it doesn’t go away
Part of my work with clients is helping them understand this without fear or shame. You don’t need to know formulas. You just need a plan and a habit that keeps you out of surprise territory.
Why Do You Need a Financial Coach, Not Just a Product?
A lot of people hear “financial planning” and picture someone showing up with a product sheet and a sales pitch.
That’s not what I do.
When I say I coach athletes and entrepreneurs, I mean:
- I teach basics in plain language—how money flows in and out, what “business income” really means, and how to think about contracts at a high level.
- We set up habits together—automatic transfers, simple tracking, and check-ins that keep you from drifting off course.
- I give you a safe space to ask questions you might feel embarrassed to ask anywhere else, with zero judgment.
Think about your physical training:
- A trainer doesn’t just hand you a dumbbell and walk away.
- They show you form, explain why you’re doing what you’re doing, watch your reps, and adjust as you grow.
I approach money the same way:
- Form – the fundamentals of cash flow, saving, and obligations
- Reps – the habits you repeat month after month
- Mindset – shifting from “fast money” to “long-term stability and legacy”
You’re not supposed to be an expert on day one. That’s why having a coach on your side makes such a difference.
What Does It Actually Look Like To Work With Me?
One thing that surprises people is where and how I work with clients.
Sometimes we’re in a traditional meeting space, but other times I’m literally training with clients in the gym. We talk between sets. We connect over the work they’re already doing with their bodies and their sport.
Why? Because I want this to feel real and accessible, not like you’re being called into the principal’s office.
Here’s what working together typically looks like:
We start with your real numbers. What’s coming in from NIL, brand deals, camps, or business? What’s going out? No judgment, just reality.
We define what “today,” “tomorrow,” and “obligations” mean for you. This isn’t a generic formula—it’s your life, your goals, your family.
We build a simple, repeatable system. Automatic moves where possible, clear expectations around spending, and regular check-ins so you’re not alone when things change.
I’m not here to tell you, “Don’t spend.” I’m here to help you spend with intention, save with purpose, and protect yourself from surprises.
Why Does This Matter Long After the Last Whistle?
At some point, the checks will slow down or stop. For athletes, that might be when your eligibility ends, your body changes, or you decide to move on. For entrepreneurs, that might be a pivot, a sale, or just a new direction.
When that day comes, the question is:
- Will this season of income be a fun story about a year you made good money, and then it disappeared?
- OR will it be the foundation of a life, a family, and a legacy you’re proud of?
The difference isn’t usually how talented you were. It’s the habits and choices you made with the money you earned.
That’s why I keep coming back to this:
Your money should work as hard as you do—and that starts now, not later.
How Can You Take the Next Step Without Feeling Overwhelmed?
If you’re feeling a little overwhelmed after reading this, that’s okay. It’s a lot. You were never supposed to figure all of this out on your own.
Here are a few simple steps you can take right now:
1. Write down your numbers. List your current income sources (NIL, deals, business revenue, part-time jobs) and your main monthly expenses. Don’t stress about perfection; just get a clear picture.
2. Have one honest conversation. Talk with a parent, coach, mentor, or trusted adult about what you want this money to do—not just this month, but over the next few years.
3. Consider bringing in a financial coach who understands your world. Look for fee-only, education-focused support from someone who understands NIL, small business income, and the emotional side of money. If you want that kind of relationship, that’s exactly why I built Southern Wealth Builders.
If you’d like to keep learning in a low-pressure way, you can start by watching my conversation with Dawn on The Entrepreneurial Edge:
Watch the full YouTube episode here
And if you’re ready for a more personal conversation, you can reach out and schedule time with me. We’ll walk through your situation together, in plain language, and start building a plan that aligns with your goals, your values, and your future.
Your talent is already working hard.
It’s time for your money to start doing the same.
References
Name, Image and Likeness (NIL) Policy Guidance – NCAA https://www.ncaa.org/sports/2021/7/9/name-image-likeness.aspx
NIL Income and Tax Considerations for College Athletes – CLA (CliftonLarsonAllen) https://www.claconnect.com/en/resources/articles/26/nil-income-jock-tax-college-athletes
ABOUT THE AUTHOR
Jessica McDonald, CFP® & SE-AWMA®
As a Certified Financial Planner professional and a Sports and Entertainment
Accredited Wealth Management Advisor, I've devoted my life to mastering the art of
financial planning.
I'm here to empower you with the financial knowledge and strategies you need to turn
your dreams into reality.
So, if you want to build your wealth, accomplish your life goals, and create a financial
future that exceeds your expectations, book your free consultation today.
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