Confessions of an Athlete Advisor
- Brendan Fraleigh
- Apr 30
- 7 min read
I have spent years sitting across the table from athletes and their families.
And if I am being honest with you, that seat has taught me more than any textbook, certification, or financial model ever could.
I have seen athletes make life-changing money. I have also seen that money disappear faster than it came in.
Not because athletes were careless or unintelligent. But because nobody sat them down early enough and told them the truth.
So today, I am going to do exactly that.
In this blog, I am going to outline the mistakes I have watched athletes and their families make over and over again and what I wish I could have told them before it was too late.
These are my confessions as an athlete advisor.
Confession #1: You Spent the Number on the Contract, Not the Number in your Account
This is the most common mistake I see. And I see it constantly.
You sign a deal, NIL, revenue sharing, a professional contract, and you see the number.
A big, exciting, life-changing number.
And naturally, you start spending to match it.
New car. New clothes. Taking care of everyone around you. Living in a way that finally feels proportionate to all the work you have put in.
I get it. I really do.
But here is what nobody told you.
That number on the contract is not what hits your bank account.
By the time federal taxes, state taxes, and self-employment taxes are taken out, that headline figure can be cut nearly in half. Sometimes more.
I have sat with athletes and their families who had already committed to a lifestyle they genuinely could not afford on their actual take-home pay.
If you take nothing else from this blog, take this:
The first conversation you should have with any advisor is simple.
Here is what you are making.
Here is what you are actually keeping.
Everything else comes after that.
Confession #2: The People Around You Are Not Always The Right People
This one is harder to say.
But if you are a parent or family member reading this, I especially want you to hear it.
Athletes are loyal.
You want to bring the people who believed in you before the money along for the ride.
That is one of the things I respect most about the athletes I work with.
But loyalty and financial expertise are not the same thing.
I have watched athletes take financial cues from family members who loved them deeply but had no idea what they were doing.
I have seen friends encourage spending that never should have happened.
I have seen agents, talented at negotiating contracts, give financial advice that was completely outside their lane.
None of those people had bad intentions.
But intentions do not protect your financial future.
The people in your corner need to be qualified to be there.
Your mom loves you. Your best friend has your back. Your agent got you a great deal.
None of that means they should be guiding your financial life.
Building the right team...a financial advisor, a CPA, an attorney is not a betrayal of the people who love you.
It is the most responsible thing you can do for yourself and for them.
Confession #3: You Ignored Taxes Until It Was Too Late
Tax season does not need to be a time of panic. Quite frankly, it has become one of the least stressful times of year for the athletes we serve on. Why? Because we are driving the bus forward all year, not just April 15th.
Here is what most athletes do not realize until it is too late.
NIL income, revenue sharing, and most forms of athlete compensation come in as 1099 income.
Nothing is withheld.
No automatic deductions.
The government is not quietly setting aside their portion behind the scenes.
That responsibility is entirely yours.
So what happens?
You spend what hits your account.
All of it feels like your money.
And then March comes around and you are staring at a tax bill that feels impossible.
I have seen athletes have genuinely great financial years, real, meaningful income, and still end up in a hole because of a tax situation that was completely preventable.
The solution is not complicated.
Set aside a percentage of every payment before you spend a dollar.
Make quarterly estimated tax payments.
Work with a CPA who actually understands how athlete income is structured.
But none of that happens if nobody sits down with you and has this conversation before the money starts coming in.
These are table stakes and one of the most important things your NIL advisor should do for you.
Confession #4: You Treated a Window Like a Salary
This might be the most expensive mindset mistake I see in this business.
Your earning window as an athlete is real.
It is also finite.
The average college career lasts four years.
Professional careers end faster than most athletes expect.
NIL deals shift.
Revenue-sharing agreements evolve.
Contracts expire.
The income you are earning right now is not guaranteed forever.
It is a window.
And I have watched athletes spend through that window like it was a salary that would never stop coming.
Lifestyle inflation. Zero savings. No investments.
Just spending at whatever level felt comfortable in the moment, without any plan for what comes next.
Then the window closes.
The athletes I have seen come out of their careers in a strong financial position share one thing in common.
They understood from day one that they were in a sprint, not a marathon.
They treated every dollar they earned as an opportunity to build something that would last long after their playing days were over.
You have an advantage that most people your age do not have right now.
Time.
And if you start investing early, Roth IRAs, retirement accounts, long-term investments, that time will do more work for you than almost anything else.
Use the window.
Do not just spend through it.
If you don't believe me, we put together a video of how to turn an NIL deal into forever wealth.
Confession #5: You Thought Your Agent Handled Everything
Your agent is an important part of your team.
A great agent fights for you at the negotiating table, knows the market, and pushes to get you the best deal possible.
But I need you to understand what your agent does not do.
They are not tracking your cash flow.
They are not making sure your quarterly taxes are paid.
They are not setting up your business entity, coordinating with your CPA, or mapping out your investment strategy.
They are not sitting down with you to think through what the next 30 years of your financial life looks like.
That is not a criticism of agents.
That is just not their job.
But here is the problem.
I have seen athletes assume that because someone was working hard on their behalf, everything financial was being handled.
They get to the end of a contract and realize there is nothing to show for it.
No business structure.
No tax plan.
No investments.
Just years of high income with no foundation underneath it.
Your agent gets you to the table.
Your wealth advisor makes sure what you earn at that table actually builds your future.
Those are two very different jobs.
And you need both.
Final Thought
I am sharing these confessions because knowledge is the greatest advantage I can give you.
I have watched too many athletes, and their families, leave money on the table, or lose money they had already earned, simply because they did not have the right information at the right time.
You have put in the work on the field. You have earned what is coming to you.
Now it is time to make sure the financial side matches that same level of effort and intention.
The athletes who get this right are not always the ones who earn the most.
They are the ones who had the right people around them early, asked the hard questions, and made decisions based on reality, not just the number on a contract.
You have worked too hard to let this be an afterthought.
Get in Touch With An Advisor
Frequently Asked Questions
Here are some answers to questions I received frequently about this topic.
How does Moment Private Wealth help college athletes?
Moment works to help athletes ensure they have the proper professional on their team first. The second step is helping educate athletes about what they should be considering. The third step is helping athlete implement the necessary strategies, planning, and investment to maximize their NIL earnings.
How does Moment Private Wealth make money?
We are only paid in one transparent way, by our clients. We receive no kickbacks or participate in any profit-sharing arrangements. Our fees are simple, transparent, and clear for our clients.
How are you different than other financial advisors?
We are specialists in working with professional athletes and entrepreneurs. We limit the number of new clients we take on. This allows us to provide unparalleled value and highly personalized service to professional athletes. We work as a team to service our clients. We believe in building a team of “A” players. This ensures our clients receive world-class tax, estate, insurance, and investment strategies. We focus on educating first, then executing.
How do you work with other members of my team?
We believe in the power of the team. For most of our clients, their team consists of Moment Private Wealth, an accountant, an attorney, a banker, and an insurance specialist. We help our clients build out their team of individuals or work with existing partners that clients have. Our goal is to ensure every family has a team of experts to protect their interests.
Why should I consider hiring Moment Private Wealth?
Great question! But first, let us explain why you shouldn’t hire us. If you’re looking for an advisor who will pitch shiny object investments or be a “yes man” you are in the wrong place. Why? Because we believe in being truth tellers and only giving advice that we take ourselves. The investments, strategies, and planning we do are all things our advisors do with their own money. If you are an athlete or entrepreneur interested in things like lowering your tax bill, investing smarter, and finding a trusted partner, we might be a good fit.
*Moment Private Wealth offers information on tax and estate planning that is general in nature. Tax and Legal advice are not provided by Moment Private Wealth. Consult an attorney or tax professional regarding your specific legal or tax situation.
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