Building Family Financial Strength: The Athlete’s Guide for Parents and Teens

Building Family Financial Strength: A Playbook for Athletes and Their Parents

When it comes to money, most families talk about what they don’t have or what they wish they knew sooner. For today’s student-athletes and their parents, financial strength isn’t just about earning more—it’s about building habits, systems, and confidence that last through college, the NIL era, and far beyond.

As a coach and advisor, I’ve seen that the most successful athletes aren’t the ones who just sign the biggest deals—they’re the ones whose families work together to plan, save, and build wealth with discipline. Here’s your playbook for building family financial strength—starting now.

1. Make Family Finance a Team Sport

Athletes know the power of teamwork. Your family’s money journey should be the same.

Start with open, honest conversations. Set a regular time (even 15 minutes every other week) for family “money talks.”
Share goals and dreams—whether it’s buying a first car, paying for college, or saving for a vacation.
Make sure everyone understands the basics: where money comes from, how it’s spent, and how to track it.

Pro tip:
Use a whiteboard, spreadsheet, or even a simple notebook to list family goals and keep everyone accountable.

2. Budgeting: Your Family’s Game Plan

Every great team has a playbook. Your budget is yours.

Track income and expenses. For student-athletes, include NIL money, part-time jobs, or summer gigs.
Set spending categories: essentials (housing, food, gas), “wants” (eating out, shopping), and “savings.”
Use apps or tools that the whole family can access—many banks offer free tools, or try apps like Mint, YNAB, or a shared Google Sheet.

Action step:
Have everyone pick one “spending trap” (like eating out or random Amazon buys) to watch for a month.

3. Saving for the Big Plays

Big wins come from small, consistent savings—not just windfalls.

Start an emergency fund: Even $10 a week adds up.
Save for short-term goals (gear, travel, a new laptop) and long-term goals (college, first apartment, investing).
If NIL money is coming in, set aside a percentage (start with 10–20%) before spending anything.

Family challenge:
Match each other’s savings for a month—if the athlete saves $25, parents match it.

4. Smart Spending: The “Protect the Rock” Mindset

Student-athletes are targeted by marketers—and so are their families.

Before any big purchase: Ask, “Do I need this? Will this still matter in six months?”
Watch out for subscription creep: Little monthly charges add up fast.
Don’t try to “keep up” with social media: Most people’s real finances aren’t what they post online.

5. The NIL Factor: Planning for Taxes and the Unexpected

NIL money is great, but it comes with new challenges.

Every NIL dollar is taxable. Set aside 25–30% for taxes (even on small deals or freebies).
Track every payment and expense. Use a separate bank account for NIL if possible.
Don’t count on every deal: NIL is unpredictable—budget for your basics and treat NIL as bonus money, not your main income.

Tip for parents:
Help your athlete file taxes, track deals, and understand what counts as “income.”

6. Invest in the Future—Together

Learn the basics of investing as a family. Start with a joint reading, a YouTube video, or a meeting with a financial advisor.
Set up a Roth IRA or a savings account for long-term goals, even if the initial amount is small.
Talk about the power of compounding: Small, regular investments grow the fastest over time.

7. Practice Gratitude and Generosity

List what you’re grateful for every month—money mindset isn’t just about “more,” it’s about appreciating what you have.
Set aside a small portion for giving—helping others as a family builds perspective and community.

8. Review and Adjust Your Game Plan

Life changes fast—so should your money strategy.

Review your budget and goals every few months.
Celebrate wins together, adjust for new challenges, and keep learning as a family.

Final Thoughts

Family finance doesn’t have to be stressful or mysterious. The families who talk, plan, and grow together create lasting wealth—not just money, but skills, habits, and confidence. Whether you’re navigating NIL, college costs, or the ups and downs of sports life, a strong financial foundation is the ultimate advantage.