Building a Financial Plan for NIL Athletes: Mapping Out Your Goals | Jimmy Bisharat

Building a Financial Plan for NIL Athletes: Mapping Out Your Goals

By: Jimmy Bisharat

Earning money through NIL? deals is an exciting opportunity for student-athletes. However, managing this new income wisely is crucial for those looking to secure their future. The key to financial success lies in setting clear goals and creating a solid plan to achieve them. No matter how big or small your goals may be, here are five key steps on how you can build a financial plan to achieve them.

1. Write Down Your Goals

The first step is simple: identify your financial goals. These can range from short-term desires like buying a piece of jewelry or taking a vacation; to long-term ambitions like owning a car, buying a home, or investing for your future. Write down your goals and categorize them as short-term (within a year), medium-term (1-5 years), and long-term (5+ years).

2. Prioritize Your Goals

Once you've listed your goals, prioritize them based on importance and urgency. This will help you focus on what matters most and allocate your resources accordingly. Create short-term goals that will lead to your long-term success. Remember, it's okay to adjust your priorities as your circumstances and goals evolve.?

3. Create a Plan

With your goals in mind, create a plan to achieve them. Here's how to get started:

• Short-Term Goals: Determine how much money you need and set a deadline. Break down the amount into manageable monthly savings targets.
• Medium-Term Goals: Calculate the total cost and consider factors like down payments and financing options. Set a realistic timeline and save a fixed amount each month to reach your target.
• Long-Term Goals: Work with a financial advisor to develop a comprehensive plan. Consider factors like market conditions, investment options, and your overall financial strategy.

4. Work with a Financial Advisor

Collaborating with a financial advisor can be immensely beneficial. A professional can help you:

• Run the Numbers: Assess your current financial situation and see how on track you are to achieve your goals.
• Develop a Strategy: Create a systematic savings plan that aligns with your goals and maximizes your assets.
• Adjust and Monitor: Continuously track your progress and make necessary adjustments to stay on course.

5. Implement a Systematic Savings Plan

A systematic savings plan ensures that you are strategically setting aside money to build up your assets. Here are some tips:

• Automate Savings: Set up automatic transfers to your savings or investment accounts to ensure consistent contributions.
• Budget Wisely: Track your income and expenses to avoid overspending and identify areas where you can save more.
• Review Regularly: Regularly review your savings plan and adjust as needed to stay aligned with your goals.

Achieving your financial goals, whether they’re small purchases or significant investments, starts with a specific plan. By defining, prioritizing, and systematically working towards your goals, you can make the most of your NIL earnings and reach your dreams faster. As a financial advisor specializing in working with NIL and professional athletes, I will personally sit down with you to help put together a customized financial plan. My program, specifically tailored to NIL athletes, focuses on educating you on different investment options and strategies. Together, we will map out your goals and create a strategic plan to achieve them. My mission is to help you make the most of your NIL opportunity and build a secure financial future.

Gerber Kawasaki Wealth & Investment Management is an investment advisor located in California. Gerber Kawasaki Wealth & Investment Management is registered with the Securities and Exchange Commission (SEC). Registration of an investment advisor does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Gerber Kawasaki only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Gerber Kawasaki Wealth & Investment Management 's current written disclosure brochure filed with the SEC which discusses, among other things, Gerber Kawasaki Wealth & Investment Management's business practices, services and fees, is available through the SEC's website at: https://www.adviserinfo.sec.gov .?

Jimmy Bisharat is a Financial Advisor of Santa Monica, California-based Gerber Kawasaki Inc., an SEC-registered investment firm with approximately ~$2.6B billion in assets under management as of 12/31/23. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss. Readers shouldn't buy any investment without doing their research to determine if the investments are suitable for their situation. “All investments involve risk and one should consult a financial advisor before making any investments. Past performance is not indicative of future results."?