How to Hook Your Athletes in Personal Finance Class
My Classroom is a short NGPF podcast series devoted to supporting the efforts of teachers. This summer the NCAA allowed student athletes to begin profiting from their own Name, Image, and Likeness (NIL) -- sending shockwaves throughout the world of amateur athletics. Your high school student athletes probably already know this and are interested.
Our expert guests today will share all you need to know about NILs and how to use them to hook your athletes to learn personal finance.
Joe Petsick is the Executive In Residence at the University of Nebraska College of Business. Prior to this role, Joe co-founded Proxibid in 2001, an Omaha based online platform and marketplace for high priced surplus assets. Proxibid’s marketplace grew to $7 billion in annual inventory before the company was acquired in 2020.
Micah Bender is the Personal Financial Literacy Coordinator with the New Jersey Department of Education, and before that was a teacher and coach. In addition to his work with the New Jersey Department of Education, Micah teaches college student-athletes how to manage their money.
During the podcast, Micah suggested using a Role Play to introduce students to this concept of profiting from one's Name, Image and Likeness (NIL). You can do this by using NGPF's CREATE: A Monthly College Budget and have the students select from the actual NIL scenarios (click on slide above) for the activity. This opens the door to the possibility of additional reflection or classroom discussion questions such as:
- What are the tax implications of athletes receiving NIL dollars?
- Since NIL Is so new these tax issues are still be ironed out, however as this article notes, that check you receive for endorsement likely won't have taxes taken out but that doesn't mean you won't eventually have to pay taxes (Forbes)
- How would the income received from NIL endorsement deals impact their spending choices?
- Only about 2% of high school athletes receive athletic scholarships (NCAA data). Many experts believe that only a small percentage of college athletes will ever receive income from their Name, Image, and Likeness (NIL). Given these two factors, what percentage of high school athletes do you believe will eventually receive NIL income?
My Classroom Podcast:
- MOVE: Brainstorming the Perfect Scholarship Essay
- NGPF Question of the Day: What fraction of US millionaires are professional athletes?
- NGPF Podcasts In The Classroom: Professional Athletes' and Money
- Video: Graphic Organizer For ESPN's Documentary, "Broke”
Resources to Learn More About the Impact of NIL on H.S. Students
- Forget Friday Night Lights: High School Stars Seek a Better Deal via the New York Times (Paywall)
- Can high school recruits make money off their NIL? It's complicated via 247 Sports
About the Author
Making a difference in the lives of students through financial capability is Brian’s greatest passion. He comes to NGPF after fifteen years of public school teaching where he was the ‘11 Ohio Department of Education recipient of a Milken National Educator Award, the CEE Forbes Award winner, and a Money Magazine/CNN "Money Hero". He served on the working group for President Obama's Advisory Council on Financial Capability. He has private school experience as a Trustee for the Cincinnati Country Day School and was a past Ohio Jump$tart President. Brian holds a BBA and M.Ed. When Brian isn’t working alongside his NGPF teammates he is likely spending time with his wife, three children, and dog; hiking, or watching Ohio State football.
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