USF helping college athletes manage their NIL money [Video]

The university is trying to promote financial literacy among athletes who have the potential to make thousands.

TAMPA, Fla. — Name, image and likeness, or NIL, is revolutionizing college sports, but many athletes lack the financial education to know what to do with the thousands of dollars within reach.

The NIL era is here, and it’s bringing a tidal wave of cash to college athletes. But while the money flows, financial literacy often lags, which could lead to these athletes fumbling a golden opportunity. Taxes, safe spending and investments are a lot to tackle, and without proper guidance, this influx of money can quickly turn from a blessing to a burden.

The University of South Florida is spearheading a new initiative to educate its athletes on managing this newfound wealth.

USF has teamed up with Cogent Bank to arm student-athletes with the skills to manage their finances wisely. Workshops cover …