#575 How To Turn NIL Deals Into Long-Term Wealth Main Street Business podcast

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Main Street Business »
#575 How to Turn NIL Deals Into Long-Term Wealth

2d ago 31:21

MP3•Episode home

In this episode of the Main Street Business Podcast, Mark J. Kohler and Max Merritt reveal how NIL athletes can turn short-term earnings into long-term wealth. From forming an LLC to electing S corp status and leveraging mega Roth strategies, they lay out the playbook every young athlete—and their advisors—should follow.

Here are some of the highlights:

Mark emphasizes the similarities between athletes and entrepreneurs, highlighting the self-discipline required in both fields.
Max notes that many college athletes become entrepreneurs, often owning their own businesses.
The importance of treating NIL income as a business transaction, suggesting the formation of an LLC and potential S corporation election.
Mark warns against signing NIL contracts in the athlete's name, suggesting the use of the LLC to protect the athlete's interests.
Mark and Max explain the concept of the mega backdoor Roth IRA, allowing athletes to save up to $70,000 annually in a tax-advantaged account.
The potential for athletes to save significant amounts in retirement accounts like the solo 401(k).
Mark encourages athletes to seek professional advice from tax lawyers and financial advisors to make informed decisions about their income and investments

Grab my FREE Ultimate Tax Strategy Guide HERE!
Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
Looking to connect with a rock star law firm? KKOS is only a click away!
Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
Craving more content? Check out my Instagram!

Chapters

1. Athletes as Future Entrepreneurs (00:00:00)

2. Building the Right Advisory Team (00:01:19)

3. Creating a Business Structure (00:05:37)

4. Timing Is Everything (00:08:53)

5. Financial Planning for the Future (00:11:12)

6. Tax-Free Wealth Building Strategies (00:13:59)

7. Final Steps and Recommendations (00:16:15)

689 episodes

#Taxation #Business #Estate Planning #MBA #Entrepreneur #Mark J Kohler #Mat Sorensen #Mark J Kohler And Mat Sorensen #Tax Strategy #Legal Compliance #Business Structure #Tax Tip #Accounting #Irs Updates #Financial Reporting #Tax Prep #Tax Reform

#575 How to Turn NIL Deals Into Long-Term Wealth

Main Street Business

104 subscribers

published 2d ago

MP3•Episode home

Here are some of the highlights:

Mark emphasizes the similarities between athletes and entrepreneurs, highlighting the self-discipline required in both fields.
Max notes that many college athletes become entrepreneurs, often owning their own businesses.
The importance of treating NIL income as a business transaction, suggesting the formation of an LLC and potential S corporation election.
Mark warns against signing NIL contracts in the athlete's name, suggesting the use of the LLC to protect the athlete's interests.
Mark and Max explain the concept of the mega backdoor Roth IRA, allowing athletes to save up to $70,000 annually in a tax-advantaged account.
The potential for athletes to save significant amounts in retirement accounts like the solo 401(k).
Mark encourages athletes to seek professional advice from tax lawyers and financial advisors to make informed decisions about their income and investments

Grab my FREE Ultimate Tax Strategy Guide HERE!
Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
Looking to connect with a rock star law firm? KKOS is only a click away!
Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
Craving more content? Check out my Instagram!

Chapters

1. Athletes as Future Entrepreneurs (00:00:00)

2. Building the Right Advisory Team (00:01:19)

3. Creating a Business Structure (00:05:37)

4. Timing Is Everything (00:08:53)

5. Financial Planning for the Future (00:11:12)

6. Tax-Free Wealth Building Strategies (00:13:59)

7. Final Steps and Recommendations (00:16:15)

689 episodes

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Main Street Business » #575 How to Turn NIL Deals Into Long-Term Wealth

Chapters

1. Athletes as Future Entrepreneurs (00:00:00)

2. Building the Right Advisory Team (00:01:19)

3. Creating a Business Structure (00:05:37)

4. Timing Is Everything (00:08:53)

5. Financial Planning for the Future (00:11:12)

6. Tax-Free Wealth Building Strategies (00:13:59)

7. Final Steps and Recommendations (00:16:15)

#575 How to Turn NIL Deals Into Long-Term Wealth

Chapters

1. Athletes as Future Entrepreneurs (00:00:00)

2. Building the Right Advisory Team (00:01:19)

3. Creating a Business Structure (00:05:37)

4. Timing Is Everything (00:08:53)

5. Financial Planning for the Future (00:11:12)

6. Tax-Free Wealth Building Strategies (00:13:59)

7. Final Steps and Recommendations (00:16:15)

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Main Street Business »
#575 How to Turn NIL Deals Into Long-Term Wealth