Summary
This guide provides a comprehensive financial checklist specifically designed for student athletes, addressing the unique financial opportunities and challenges they face. It outlines essential financial basics, including banking and credit management, emphasizing the importance of separating personal and business finances, creating a budget, and responsibly using credit cards to build credit. The guide also details how to manage credit scores and suggests monitoring them regularly. Additionally, it introduces investing essentials, recommending the opening of a brokerage account and the importance of diversification in investments. The document further discusses tax obligations, highlighting the differences between 1099 and W-2 income tax forms and the necessity of maintaining accurate records. It encourages student athletes to consult tax professionals for guidance on managing their tax responsibilities. Lastly, the guide emphasizes the importance of building a reliable financial team, including accountants, lawyers, and financial advisors, to support their financial journey.
