How To Make Money As A Student Athlete

How to make money as a student-athlete. I'm going to break it down and give you a lot of ideas. So get a pen and paper. All of you student-athletes, in addition to your scholarship, could be making thousands of dollars a month you just haven't been taught. So I'm going to talk about three things. The ways you can make money, and of course the big one that's out for over a year now, NIL, your name, image, and likeness. One huge way for any student-athlete to make money. Number two, I'm going to talk about a Supreme Court ruling. And then number three, I'm going to talk about why student-athletes are not paid by the NCAA. The big why. All right, so again, get a pen and paper. We have a lot to talk about. And if you're a parent out there, and even if your kid's in high school, and you think that that student might go on to be a collegiate or a pro-athlete, I mean, they can get NIL money right now. Name, image, and likeness is coming in as low as juniors and seniors in high school. So how can you make money if you don't get NIL money? And how do you make money if you don't have a scholarship? Because there are a lot of student-athletes that are walk-ons. You got to start a side hustle. Now, we've been talking about this over and over and over in my videos. So go up to my search bar and put in side hustle. We're really becoming the hustle. My definition of a side hustle and a hustle is the difference between under six figures and six figures. And if you're going to go for it in business, and I'm not talking to student-athletes, but really you parents, go for $100,000. You're going to need the money to hire the team to do all the things. But for what are you student-athletes, what could you do? I call it the 21st century lemonade stand. Do what you already know how to do. When I was in school, I was a personal trainer, and then I taught swimming lessons, and then I got certified in aerobics, and I did aerobics instruction. And then I moved into corporate, and I would do large corporate contracts. I did that all in school. So all of you can do this. I have a lot of men. We just did a whole series at Georgia Southern with the football team, and we're going to continue this series of education now across any student-athlete in the world if you want to join. So stay tuned for that link coming soon. My point though is we've had woodworkers. We've got guys who cut hair. Zion, a little shout out to him. He did a pressure washing business, which was really cool. He went to Costco, bought a pressure washer, and then we helped coach him through how to get up and get running. My son tutors, helps all the time in tutoring. I mean, what are you good at, right? I have one guy, he does window tinting. Another one does car wraps. Another changes oil. These are just little side hustles. This is stuff to get extra money so you can have more fun in college or better, put it away, put it in your Roth IRA. And the reason I like Roth IRAs for students and actually your kids, when you read my Make Your Kids Millionaires book, you can get it at makeyourkidsmillionaires.com. I actually talk about employing your kids from the beginning. So if you're a parent, employ your kids, get them a Roth IRA. It's 500 a month, 6,000 a year. That's the max you can put in. If just do a simple math equation, get a compounding calculator out. If you put $6,000 a year from zero to 20 years old, invested between call it 10 and 20%. I mean, you have that kid so far underway, underway becoming a millionaire. And yes, they can't touch their money till later. It drives them crazy. I love when one of the football players call me and say, Laurel, I got $500. And I said, you can have 250, put the other 250 in your Roth. They're like, yeah, but I don't get it till I'm old. They said, that's the point. See, most pro athletes are broke. There's only about 3% that make it. So I want to solve that problem. And you're going to hear more and more about a solving that problem of athletes. I don't care which sport they're in, starting to work with a boxer, starting to work with a tennis athlete, a track athlete. It doesn't matter what it is. If you don't have good money, foundational skills, you're usually broke and you spend it all. And then, you know, it goes faster if you get injured because then it's gone. So the thing that's happening in the NIL space, which is interesting is they used to pay some of these kids in an annual advance. Then they would either get cut from the team, they would get injured, something would happen. So now they're starting to pay NIL in a more of a monthly fashion. So that's just still an interesting, I'm going to call it the wild, wild west in how athletes can get paid and student athletes can get paid. But it's a legit thing. And a lot of kids are making a lot of money, but they're making a lot of mistakes because they're putting that money in their personal bank account. There's no tax strategy to that. You need to call our office. You got to talk to me. I'll tell you where you put your first NIL check and it is not in your personal bank account. So parents, let's go. So before I talk about the Supreme Court ruling, a few more things on the NIL. Name, image, and likeness. You could all have a database. Now here's what's interesting. I have met many, many players, men and women that have huge social followings, over a hundred thousand on TikTok or Instagram or Snapchat or whatever, you know, social platform they're using. The challenge is that just because you have those followers, if you do not put them in a proper database, the minute you are no longer an athlete or no longer an influencer or no longer have a great story to tell all those followers are moving somewhere else. And you missed the monetization of a database. So I want to help you figure out how to get an initial offer. So you meet people from social into your database. So what can you do with your database? You can offer them all sorts of stuff. You become an affiliate of mine, become affiliate of other people's. And if you represent certain sports lines, you actually get some good sponsorships. You can put like their information up on the site. There are so many ways that you're doing it wrong. I see it all the time as I go from different schools and different athletic departments and watching you get your kids. It's great to have followers, but take the followers into a database that you can have for the rest of your life. When I was 21 years old, I started tracking a database. What is that? Every name, every phone number, every email. Now that we just launched the book, I have thousands, I mean, tens of thousands of addresses that now I can send out gifts, cards, postcards. Stay tuned. You're going to get a lot more of that going on because all of this online marketing is getting lost in the volume of messaging that's out there. So for a lot of you, your brand is so critical. The other thing I would just tell you young athletes is your resume is your social media profile. And if you do not think that scouts, that talent agencies, athletic agencies aren't watching all the way back to the character of who you were, when you were, you've got a huge history and you cannot delete the internet. So parents pay attention, athletes pay attention to what you're posting. And usually your athletic department or your coaching staff will have some restrictions around what you can and can't post just to protect the school. So lots of interesting stuff in that category. I love it. Stay tuned for more. There are so many student athletes that are going to make a lot of money in NIL and they're going to blow it. So what was the point? Just like again, a big lottery ticket, same statistic, two to 3% keep lottery tickets. Why? They don't have a good financial foundation. That's what I want to help you get. So you know what bank account to put the money in. So let me tell you what the Supreme court ruling, it was August, 2020. It allows the NCAA changed the rules and allows the school to pay each of their athletes up to $5,980 per year as a reward for academic performance. Now, some are in an academic and an athletic situation. Some are in a walk-on situation. So this would help them academically. It's essentially a scholarship, whether the school provides it or not, that's up to the school to do. Now, why the NCAA doesn't pay athletes. So before I talk about why the NCAA doesn't pay, and a lot of times the schools don't pay enough, let me do this. I want you to subscribe to my channel, click the notification button, please like just commit, set your little alarm. Actually, if you have the notification, you're going to see it. So every morning on your walk or your drive, on your workout, just listen 10 to 15 minutes a day, max. That's all I'm asking. And get a new lesson, learn something different, unlearn, get challenged by how you think about money. And then what I'm telling you about money, which is the truth. I'm telling you all the things that most people never tell you and helping you glue it together. So you actually have a plan and have some real knowledge about it. Also. So share it with your friends, because you are some of a lot of those people you hang out with. And a lot of you have not fired or atrophied those people who are super negative in your life. I don't know why you tolerate it or tolerate them. Time for them to go. Also just share it with a lot of folks. And if there's a topic that you want, that's not out here right now, put it in the comment section and we'll be right back next month on a recording of our whole next series. We'll handle your topics. Why student athletes are not paid by the NCAA. The big why is most schools can't afford it. So as colleges, universities have anywhere between 12, sometimes 16, 17 sports, right? So you take that times how many people, like the football team, usually is about an average around 120 men. Basketball teams, 15 to 20, right? Women's basketball teams, 15 to 20. So if you're looking across the board and saying how many student athletes, how many hundreds, if not thousands there are in the school, they're going to give it to them as scholarships. Now the NIL is a little interesting because some of the kids and their parents have got out and got really aggressive, set up a website, got out on social and did a bunch of followers. Big mistake they're making, they're not making followers into monetized database. Cannot wait to teach you that. Call our office. We'll put our office number below. Say, I want to learn what Laurel's talking about on a monetized database or go in my search bar. I got a whole bunch of content about it and why it's just absolutely pivotal for you to do that. So you have to think about, you know, the NCAA in a sporting event and where the revenue is. There's a lot of revenue. I mean, teams inviting other teams for games, especially if they get televised, those that's hundreds of thousands of dollars. And again, I talk a lot of football because that's where my son is. If they go to a bowl game, I mean, the amount of sponsorships that they can get, the amount of money they get, the better they are, obviously the better they get in TV appearances. So they get some of the ad revenue. If they are actually sponsored by, you know, soda companies, but more critically alcohol companies and they serve alcohol at the games, the margins on those are huge. So there is a lot of money that actually cycles through the NCAA, the schools, each of the universities. They have big booster clubs. My gosh, some of them are, you know, tens of millions, if not hundreds of millions of dollars. You say, well, then why doesn't the student-athlete get paid? In a lot of ways they do with the scholarships, right? The scholarship is the way that the school, not the NCAA, pays them. So it's interesting. It's just my opinion. Curious to see what you think. Should student-athletes be paid or not? And now that they have NIL abilities, that's even more interesting. And for me, what I love and why I'm out talking to a lot of schools is I know this financial education. This year, Georgia Southern was the only one that had our education. As we move out and get more and more schools involved, we'll be teaching more and more student-athletes business and financial literacy. So it'll be interesting to see how this all rolls out, how the NIL gets course corrected or adjusted because of the equity of the players and the equity to the school. There's only so much money to go around. Who should get it? Curious. Put it in the comments below. You ever have a question, I want you to go to asklaurel.com. Asklaurel.com is a website. You can put in any three questions, make any requests. And if you want to have a membership and then you can text me 24-7 and then we're really in touch. Let's get these conversations going and get the right information. What I teach is not difficult. It's just different. We'll talk tomorrow.