What Happens After Being a Student-Athlete?

Written by: Haley (she/her)

3 min read | Published: September 24, 2024

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Have you ever thought about what you might do if you were no longer a student-athlete? Do you want to become a professional athlete or go into another field after graduation? Many student-athletes don’t go on to play professionally, so now is a wonderful time to consider what your other interests are. In addition, if you have any money coming in through NIL deals, it’s important to consider how you’ll make the most of that money, especially if you plan to go into a field outside of athletics. Read on to learn about ways to prepare for life after being a student-athlete.

Whether you choose to play your sport professionally or pursue another career, investing is a critical tool for building wealth and pursuing financial goals. Taking advantage of compound interest as early as possible can make a significant difference in the amount you have for retirement and other long-term financial goals.

In a 2023 Yahoo Finance article, Delvin Joyce, a former NFL athlete and financial planner at Prudential Financial, said that over his three seasons in the NFL, he contributed about $50,000 to his 401(k) plan — including the employer match. Today, that account is worth almost $200,000, and he hasn’t contributed anything since 2004. He went on to say that NIL is providing college athletes the opportunity to start saving and take advantage of compound growth four years sooner. This really emphasizes the importance of student-athletes investing.

If you move away from being an athlete after completing your degree, you’ll likely be making less than a professional athlete — and you may make less than you’re used to due to no longer having access to NIL deals. It’s vital to consider how to utilize your income now to build emergency savings, pay off debt, build retirement savings, invest and more.

Life can be unpredictable, and few college students have the ability to earn an income and financially prepare for the unexpected as student-athletes do. Saving consistently, investing wisely, and planning for income variations will help ensure long-term financial stability.

To begin saving early, try setting aside a portion of your income for savings goals like periodic savings, nest egg savings and long-term investments. Periodic savings can be used to help pay for unforeseen costs and lower your dependency on credit cards. Nest egg savings can also be considered emergency savings and can be used when you have reduced income or when a large, unexpected expense occurs. Long-term investments can be used for future goals such as retirement.

As a student-athlete, it may be helpful to speak with a professional to ensure you’re making decisions now that support your long-term goals. Working with someone may help you better determine where to start and how to make the most of your current financial situation with your intended career in mind. For example, a financial adviser or planner may be able to help you use scholarship funds effectively, so you have more money to set aside for savings and investments. Using scholarships will also reduce the amount of student loans you will need, which means less debt to pay off. An adviser may also help you manage NIL deals so you’re making the most you can while in school. Be sure to pick a professional with experience helping student-athletes so they can also ensure you remain in compliance with NIL contracts and NCAA guidelines.

Finally, no matter what career you pursue after graduation, be sure to prepare. Think about how income may change and what you can do now to plan accordingly. Be sure to save and invest while in school, if possible, especially if you’re earning income through NIL deals, and seek the help of a professional if needed. Building a plan now will help you confidently transition into the next phase of your life knowing what will happen after being a student-athlete.