Basepath hosted a webinar on helping athletes start their own business with Cougar Collective Co-Chair, Money Vehicle Founder, Certified Financial Planner and Former NFL Player Jed Collins, CFP on April 4, 2024.
The webinar explored financial management principles tailored specifically for athletes, drawing parallels between mastering money and achieving success on the field. Jed began by discussing the nuances between being rich and being wealthy, emphasizing the importance of cultivating a mindset focused on long-term wealth accumulation rather than mere accumulation of cash.
University athletic department and collective staff attendees gained a deeper understanding of how to lead their athletes towards making their money work for them, transitioning from being spenders or savers to becoming investors who actively seek opportunities to grow their wealth.
8:30 – The 3 “Or’s” and Creating Habits
Athletes, renowned for their disciplined and process-oriented approach to training, were encouraged to apply the same rigor to their financial habits. Jed discussed the significance of habits in shaping financial outcomes and provided actionable steps for athletes to align their spending, saving, and investing behaviors with their long-term financial goals.
23:00 – LLCs and S Corps
A substantial portion of the webinar was dedicated to demystifying the complexities of taxes and legal structures such as Limited Liability Companies (LLCs) and S Corporations (S Corps). Attendees gained practical insights into tax optimization strategies and asset protection measures, empowering them to make informed decisions about their financial affairs.
32:00 – The “A Team”
One of the key highlights was the discussion on assembling a strong support team comprising agents, advisors, accountants, attorneys, and real estate agents. Jed underscored the importance of surrounding oneself with trusted professionals who can provide guidance and expertise in navigating the intricacies of financial planning and wealth management.
37:00 – Cash Flow Management
Jed outlined best practices for cash flow management, emphasizing the importance of allocating funds across different categories such as taxes, expenses, savings, and charitable contributions. Attendees received actionable advice on setting up various financial accounts, managing credit responsibly, and strategically investing for the future.
48:00 – The Creator Economy
Looking ahead, Jed explored the evolving landscape of collegiate athletics and the potential implications for athlete compensation structures. Attendees gained insights into the emerging opportunities within the creator economy on social media, where athletes can leverage their personal brand and message to build wealth beyond their playing careers.
For further engagement and support, connect with Jed through campus visits or via his website and email jed@yourmoneyvehicle.com.
Upcoming Webinars
All Basepath webinars are on Thursdays at 1 pm ET.
- April 18 – “The Latest Legal Cases in NIL” with Attorney, Business of College Sports Founder, Forbes Sports Money Reporter and Former ESPN Writer Kristi Dosh.
- April 25 – “Growing your Collective’s Memberships” with membership consultant Carlie Tarbell for Basepath powered collectives like The Grove (Ole Miss) and 502 Circle (Louisville).
- May 2 – “Empowering your Athletes in the NIL Age” with Athletes.org CEO and Former NFL Player Brandon Copeland.