NIL-era college athletes navigate new realm of financial literacy

Name, image and likeness regulations are funneling more money into college athletes' bank accounts — and making financial literacy more important.

Three years after three little letters revolutionized collegiate sports, a billion-dollar industry is funneling more money into college athletes' bank accounts — and financial literacy has never been more important.In 2021, college athletes in the NCAA gained the opportunity to benefit financially from their name, image and likeness — known as NIL regulations. That meant that they could get paid for signing autographs or posting on social media as brand ambassadors, among other things.

Griffin is a two-time winner of the National NIL Male Athlete of the Year award and has inked nearly 40 NIL deals, each ranging from four figures to nearly six figures, he said.Quarterback Chase Griffin #11 of the UCLA Bruins looks to pass the ball in the game against the Arizona Wildcats at the Rose Bowl on November 28, 2020 in Pasadena, California.

The NIL era has allowed college athletes to save for the future and seek professional financial advice in a way many 18- to 22-year-olds can't.athletes hire agents and financial advisors to help them negotiate NIL deals, ushering in new financial responsibilities.Copeland is the CEO of Athletes.org, an organization that focuses on helping college athletes navigate this new world. Athletes.

I'm a certified financial planner and tax reporter at CNBC. How I tackle my own retirement tax planningNearly 1 in 5 eligible taxpayers don't claim this 'valuable credit,' IRS says

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