Chase Johnson is the Wealth Director of Fiduciary Trust International, a wealth management firm founded with a singular focus on growing and protecting your wealth through generations.
In this podcast, Chase walks us through the changing landscape of college sports with the implementation of NIL (Name, Image, and Likeness) regulations, allowing athletes to profit from their image and endorsements.
They also discussed:
- The impact of NIL on athletes, including high-profile examples like Caleb Williams and Shedeur Sanders in commercial deals.
- The need for financial guidance in this new era for athletes.
- The nature of NIL activities, including endorsement deals, sponsorships, social media promotions, and appearances for college athletes.
- Tax implications for NIL income, with a focus on self-employment taxes and the importance of tracking expenses.
- The importance of partnering with the right advisors and setting up a financial plan for athletes and their families.
- The evolution of athletes into entities themselves, crossing over into business and corporate ventures.
- The importance of financial literacy for athletes and their education about building financial security.
- The uncertain regulatory landscape and challenges faced by athletes and the NCAA in navigating NIL deals.
Resources: Fiduciary Trust International