Caitlin Clark of the Iowa Hawkeyes waves to the crowd during senior day festivities after the match-up against the Ohio State Buckeyes at Carver-Hawkeye Arena on March 3, 2024 in Iowa City, Iowa.
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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.
Athletes like Louisiana State University gymnast Olivia Dunne and University of Iowa women’s basketball star Caitlin Clark have NIL valuations over $3 million, according to college sports site On3, which combines an athlete’s projected value to his or her roster and their licensing and sponsorship prospects to estimate an overall annual value.
The NIL regulations have resulted in athletes younger than ever cashing in and saving up, creating a need for financial literacy specifically tailored to them.
UCLA quarterback Chase Griffin has used the experience of securing NIL deals to learn valuable lessons about money.
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.Â
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He says his framework around money has come a long way since his freshman year of college, back when he received stipend money from the university.
“With my stipend, that was the first time I had that much money in my bank account….
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