nil finance
You got paid. Now what?
8 min · beginner
Your first NIL payment — now what?
Congrats. Your first NIL deal just paid out. Maybe it's $50 for a social post, maybe it's $5,000 for a summer tournament. Either way, the money is not "free." The IRS considers NIL income self-employment income, which means you owe taxes on it — even if you're 15.
What to do in the first 48 hours
1. Don't spend it yet. Park the money somewhere safe (a custodial checking account or a high-yield savings) until you've read modules 2 and 3.
2. Save the paperwork. Every deal letter, every payment stub, every contract goes in one folder (digital or paper).
3. Tell your parent or guardian. If you're under 18, they're legally on the hook with you — loop them in early.
The 3-bucket rule (starter version)
Split every payment into three mental buckets right away:
- 40% Taxes — set this aside, don't touch it
- 30% Save / invest — this is your long-term pile
- 30% Spend — this is guilt-free money
The next module shows you which kind of account to put each bucket in.