Building Athlete Financial Well-Being: How PFR and Universities Empower Student-Athletes

Equipping student-athletes with the tools to manage money, plan for life after sports, and turn NIL opportunities into lasting wealth.

Student-Athletes and the Wealth of Tomorrow

College athletics is about more than competition. For student-athletes, it is preparation for life after sports—a future requiring confidence, clarity, and skill in financial decision-making. Whether playing in front of 100,000 fans or competing quietly in Division III, every athlete shares one thing: the need for financial literacy and long-term wealth strategies.

Too often, financial well-being is overlooked. Athletes balance demanding schedules, scholarships, and living expenses with little time to budget, save, or plan. This is where Personal Finance Reimagined (PFR) partners with universities and athletic departments—helping athletes build decision-making skills, form habits, and sustain long-term wealth. This foundation prepares student-athletes for a seamless transition from campus to career.

NIL—Name, Image, and Likeness—is an exciting new opportunity layered on top of this foundation. But without the bedrock of financial education, NIL earnings risk being short-lived windfalls rather than life-changing resources.

1. The Core Partnership: Universities, Athletic Departments, and PFR

PFR’s model emphasizes collaboration with universities and athletic departments to integrate financial education into the athlete experience. This partnership ensures:

• All student-athletes benefit from financial literacy, regardless of NIL status.

• Universities demonstrate commitment to holistic athlete well-being, reinforcing recruiting and retention.

• Athletic departments gain a trusted partner to deliver workshops, curriculum, and family engagement.

• Student-athletes develop decision frameworks preparing them not only for NIL income, but also for scholarships, stipends, job offers, and post-collegiate life.

PFR goes beyond one-time workshops. We provide a structured, repeatable decision-making framework, supported by curriculum, technology (like the Definitive Choice app), and faculty expertise, ensuring financial education becomes a lasting skillset.

2. Building Long-Term Wealth for All Athletes

Our emphasis is on lifelong financial well-being, not just managing short-term money. Key areas include:

• Budgeting and cash flow: Understanding how to manage scholarships, stipends, and living expenses.

• Credit and debt: Avoiding pitfalls with loans, credit cards, or predatory lenders.

• Saving and investing: Learning how compounding creates wealth, even from modest beginnings.

• Career and life planning: Helping athletes evaluate job opportunities and align decisions with long-term goals.

This foundation empowers athletes to view money not as a short-term stressor, but as a resource to intentionally manage and create opportunity.

3. When NIL Meets Financial Readiness

NIL adds a new dimension to the athlete experience—but it works best when layered onto strong financial literacy. For student-athletes with the skills and desire to pursue it, three distinct NIL channels are emerging:

• Direct Pay / Revenue Sharing (Division I schools that opt in): Following the House v. NCAA settlement, schools that choose to participate may distribute capped revenue directly to athletes (currently about $20 million per school annually, rising over time). PFR helps athletes manage this income responsibly and assists universities in reducing compliance risks.

• Donor-Driven NIL (Collectives and Booster Support): Collectives remain active, but payments must now meet valid business purpose and fair market value standards. While high-profile football and basketball programs often see the largest activity, collectives exist across Division I. Increasingly, schools may also integrate donor contributions into their internal revenue-sharing pools, blending or even supplanting purely external collective models. PFR equips athletes and families to navigate these arrangements while helping universities protect against compliance risk.

• Content-Driven NIL (Entrepreneurial & Athlete-Led Opportunities): Athletes across all divisions and sports—whether building personal brands, launching ventures, or finding unique ways to deliver business value—can generate income through content creation, sponsorships, and community influence. PFR provides coaching in entrepreneurship, business management, and deal evaluation—while teaching athletes to manage profits within a structured wealth-building system.

NIL is exciting, but it is not universal. For many athletes, financial well-being will be built through education, discipline, and opportunity. PFR ensures universities provide that support across the entire athlete population, while helping those with NIL opportunities maximize their earnings responsibly.

Case Study: Christopher Newport University and the First Test of NIL

Sometimes timing is everything. The Content-Driven NIL channel—where athletes use creativity, entrepreneurship, and influence to generate value—emerged quickly after NIL reform.

In 2021, Daniel Hulett, captain of the Christopher Newport University men’s soccer team, launched a content creation business with his brother, David. What began as a pandemic project grew into the Hulett Brothers—a trick-shot brand with millions of followers.

At the time, Daniel’s creativity nearly cost him his eligibility, since it overlapped with NCAA rules. Two weeks of uncertainty followed before NIL reforms cleared the way. What started as a compliance risk became one of the earliest real-world NIL test cases.

Today, the Hulett Brothers remain a thriving business. PFR has guided them from the start, reinforcing a larger truth: NIL can create tremendous opportunities, but only when paired with strong financial frameworks and responsible guidance.

Since 2020, the Hulett Brothers have been part of PFR’s athlete and content creation–focused fractional CFO portfolio. PFR has guided Daniel and David through critical financial and business decisions, demonstrating a larger truth: NIL can create tremendous opportunities, but only when paired with strong financial frameworks and responsible guidance.

4. Strategic Benefits of PFR’s Model

• For Universities: Demonstrates a commitment to holistic student-athlete development and strengthens recruiting narratives.

• For Athletic Departments: Reduces compliance risks and supports athletes with tools to navigate NIL and direct-pay income.

• For Student-Athletes: Builds confidence in managing money today while preparing for careers and life after sports.

• For Families: Offers trusted guidance for handling scholarships, stipends, and NIL responsibly.

5. The PFR Framework in Action

• Financial Literacy Curriculum: Delivered through workshops, classroom modules, and choice-architecture tools.

• Decision-Making Tools: Including the Definitive Choice app and supporting materials from Making Choices, Making Money.

• Athlete-Centric Programs: Tailored to the unique challenges of balancing academics, athletics, and financial independence.

• NIL-Specific Add-Ons: Stewardship programs for direct-pay and donor-driven athletes, plus entrepreneurial accelerators for brand-focused athletes.

Summary:

The NIL era has transformed college athletics, but the deeper need is clear: student-athletes require a strong foundation in financial education to thrive in college and beyond. PFR positions itself as the bridge between universities, athletic departments, and athletes—turning NIL income and direct-pay opportunities into long-term wealth and life readiness.

Learn more: Build Wealth Beyond the Game. 

About the PFR team:

Jeff Hulett is the founder and president of Personal Finance Reimagined (PFR). He brings a unique blend of academic, professional, and real-world experience to the NIL era:

→ College Professor & Behavioral Economist: Jeff teaches personal finance at James Madison University, equipping students with structured decision-making frameworks that connect neuroscience, economics, and life choices.

→ 30 Years of Banking Experience: A seasoned executive with three decades in financial services, Jeff understands capital markets, credit, and the systems that shape financial opportunity.

→ NIL & Content Creator Experience: For more than five years, Jeff has worked directly with student-athletes and content creators navigating NIL, including guiding the Hulett Brothers from startup to a thriving brand with millions of followers.

Jeff leads a deeply experienced PFR team of educators, financial professionals, and advisors. Together, they partner with universities, athletic departments, and families to ensure that student-athletes not only manage today’s opportunities but also build the habits and confidence needed for lifelong financial success.