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

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 1 May 2025

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 ...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.3	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.1	making them the leading tax and legal experts in the nation. Together, they'll unpack the most
0:17.0	complex tax, legal, and financial strategies, crucial for saving more, stressing less,
0:22.5	and building generational wealth. Today, they're your personal advisors, ready to break it down
0:28.5	for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.2	I'm sorry, it might be upsetting someone, but an athlete, they know how to get up in the morning,
0:38.8	eat healthy, work their butt off, and be the best at their skill set.
0:43.4	And it takes self-discipline to do that.
0:45.3	Well, an entrepreneur, you just nailed 90% of what an entrepreneur has to deal with.
0:50.1	Athletes that are college athletes, it's a high number of those athletes that go on and
0:54.8	become entrepreneurs that own business. NIL athletes out there, you are not going to make money
1:00.2	forever. This is a window. You want to go into this, assuming that this is maybe the last check
1:05.6	you get. Set it and forget it. 12% ROI. You will have two and a half million.
1:19.0	Welcome everybody to the Main Street Business Podcast. My name is Mark Kohler. I'm here with the illustrious Max Merritt, another attorney in our office. And we're talking about the
1:22.7	NIL income issue. There are so many athletes out there making money that they didn't expect,
1:30.0	and there are a lot of pitfalls. Today's episode of our podcast is going to help you and the parents
1:36.3	with a lot of these issues. Max, what do you feel about this issue? Yes, I'm meeting with clients
1:41.7	every single day in my practice who are coming in, who have tax burdens that they never expected, and we need to talk about this.
1:49.0	Okay, so let's jump into it, and I'm going to be interviewing Max, who really is dealing with this on a day-to-day basis, meeting with families in our law firm.
1:59.7	And let's first talk about who the parents are relying on, and maybe it's not the right
2:07.2	people to rely on.
	...

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