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

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

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