Bag Talk: Know What's Coming In

1st: Track Every Deal

• Open a separate bank account for NIL income only.

  Real talk: Mixing personal and NIL money is how things get messy fast. Keep them apart from day one.

• Build a deal tracker in Excel: deal name, total payment, upfront amount, remaining amount, payment status, dates.

  Real talk: You already have the skills. You've used Excel before. No excuses.

• Know the difference: Guaranteed income vs. Conditional income.

  Guaranteed = upfront

  Conditional = after you deliver

• Calculate your income per deliverable.

  Divide total payment by number of posts/appearances.

• Track time to payment.

  Which brands actually pay on time?

  What happens if I transfer?

2nd: Know the Risks

• Identify who is in your corner and verify they're qualified.

  Real talk: Bad actors reach out cold. Unqualified advisors are often people you love. Non-licensed consultants look legit but aren't. Agents may prioritize their cut over your future.

• Ask every advisor:

  Are you licensed? By whom?

  How are they looking to be compensated? What is their cut?

• Google and background check everyone who touches your money.

Protect Your Paper: Secure the Bag

3rd: Savings Vehicles

• Open a High-Yield Savings Account (HYSA).

  Earns more than a standard savings account.

• Confirm any bank you use is FDIC insured up to $250k.

  Real talk: Regardless of what people tell you, always verify FDIC insurance.

• Set aside 20–30% of every NIL payment immediately for taxes.

  Real talk: NIL income has NO taxes withheld. The money hits looking whole. It is not whole.

4th: Start Investing (When Ready)

• Robinhood — best interface for beginners learning the basics of investing
• Fidelity — best for long-term, serious money
• Coinbase — if you're doing crypto, this is the safest mainstream option

Real talk: WARNING: Crypto is volatile. Only invest what you're comfortable losing.

Diversify. Don't put everything in one place.

Pro Example: Kevin Garnett

Lost over $70M to a financial advisor he fully trusted. He had no idea it was happening. Without awareness, the wrong person can cost you everything.

Taxes Don't Redshirt: NIL & the IRS

5th: Understand What You Owe

• NIL income = self-employment income. You are the business.

  Real talk: If you are truly in the business of "you" then you need to protect yourself from avoidable issues.

• File a tax return if you made $400+ in NIL income.

• Receive a Form 1099 (not W-2) if paid $600+ from one source.

• File Schedule C (Profit or Loss from Business) with Form 1040.

• Know that gifts, gift cards, and merch count as taxable income too.

• Understand your NIL income must be reported on FAFSA — it can impact financial aid.

6th: Best Practices

• Make quarterly estimated tax payments (Jan 15, Apr 15, Jul 15, Oct 15).

• Document every legitimate business expense: equipment, travel, agent fees, branding costs.

• Keep all 1099s, contracts, bank statements, and receipts.

• Work with a qualified CPA or enrolled agent.

  Real talk: Understanding the basics keeps you in control even when you hire a pro.

Pro Example: Allen Iverson

Earned over $200M. His inner circle spent it all. The people closest to you aren't always the most qualified to guide your money.

Numbers That Follow You: Credit & Team

7th: Build Credit Now

• Open a credit card. Use it. Pay it off in full every month.

  Real talk: A lot of people like to say: "Don't worry, you are young, you have time." That is utter bullsh*t.

• Monitor your credit score regularly.

• Freeze your credit with TransUnion, Equifax, and Experian to block fraudulent inquiries.

• Keep credit utilization low. Pay bills on time. Every time.

8th: Starter Cards (If You're Building From Zero)

• Chase Freedom Unlimited® — $0 fee, 1.5%–5% cash back, $300 bonus
• Bank of America® Customized Cash Rewards — $0 fee, up to 6% back
• Amex Gold — only once you've built solid credit. $325/yr fee

9th: Choose Your Team Wisely

• Accountant (CPA) — licensed, verifiable experience
• Lawyer — reviews every NIL contract before you sign
• Financial Advisor — fiduciary, meaning they're legally required to act in your interest
• Agent — understand exactly how they're compensated and what they take

Pro Example: Latrell Sprewell

Lost tens of millions after failed business deals and bad advice. Not everyone who sounds like an expert is qualified — and bad guidance can be just as costly as bad intent.

The goal of this checklist is NOT to act as a complete, holistic money management guide. It is a foundation that prepares you to ask the right questions, spot potential red flags, and take ownership of your financial future.