Erick Murray, Healy Wealth Management, on NIL Contracts and Financial Planning for Student Athletes (North Fulton Business Radio, Episode 971)
On this episode of North Fulton Business Radio, host John Ray welcomes Erick Murray, an advisor with Healy Wealth Management, to discuss NIL contracts and the financial planning challenges facing student athletes who suddenly find themselves with significant income.
Murray draws on his own background as a Buford High School athlete, with two younger brothers now playing college football at Alabama and baseball at Georgia Tech, to explain why he is drawn to this work. He and John talk through the numbers behind the opportunity and the risk, including how few college athletes ever turn pro and how many retired NFL players face serious financial trouble within a few years of leaving the game. The conversation covers what happens when NIL income arrives without any tax withheld, why NIL contracts should be reviewed before they are signed rather than after, and how to build a team of a tax preparer, an estate attorney, and a financial planner around a young athlete facing decisions they have never had to make before.
Murray also shares how Healy Wealth Management helped one client work through an in-plan Roth conversion and how he coaches clients to balance enjoying their money now with setting up long-term security.
John Ray is the host of North Fulton Business Radio. The show is produced by John Ray and North Fulton Business Radio, LLC, an affiliate of Business RadioX®, and is recorded inside Renasant Bank in Alpharetta.
Key Takeaways from This Episode
- NIL contracts should be reviewed by a professional before an athlete signs, since the terms can carry real financial and legal obligations.
- Fewer than 2 percent of college athletes turn pro, and a large share of retired NFL players face serious financial trouble within a few years of leaving the game, which makes early planning important regardless of what comes next.
- NIL income has no taxes withheld, so athletes need a plan for ordinary income tax and self-employment tax from the start, not after a bill arrives.
- A good financial team for a young athlete includes a CPA, an estate attorney, and a financial planner working together, not just one advisor working alone.
Topics Discussed in this Episode
00:20 John Ray introduces the show and guest Erick Murray
02:10 Erick Murray describes his role at Healy Wealth Management
03:30 Erick Murray’s connection to student athletes through Buford High School
05:00 How NIL creates a new opportunity for student athletes and their families
06:00 The odds of turning pro and the financial stakes involved
08:00 How generational wealth can be squandered without a plan
09:00 Financial statistics on retired professional athletes
10:00 The psychology of sudden wealth
13:00 Balancing short-term and long-term financial goals
16:00 Setting long-term goals when a career path is still unknown
18:00 Taxes and recordkeeping on NIL income
20:00 Self-employment tax and structuring NIL income as a business
21:00 Handling requests for money from family and friends
23:00 Building a financial planning team
24:00 Why athletes should have NIL contracts reviewed before signing
26:00 A client success story involving an in-plan Roth conversion
27:00 How to connect with Erick Murray and Healy Wealth Management
Erick Murray, Associate Advisor, Healy Wealth Management
Erick Murray is an emerging professional in the field of financial planning with hands-on experience helping individuals and families navigate their financial futures. He holds a BBA in Computer Information Systems from Georgia State University, where he graduated cum laude for his academic excellence. Erick combines his technical background with a growing knowledge of financial strategies to offer thoughtful, tech-savvy insights to clients looking to build sustainable financial plans.
Outside of his professional pursuits, Erick leads an active and well-rounded lifestyle. He enjoys lifting weights and playing pickleball in his spare time. His discipline, drive, and enthusiasm both in and out of the office reflect his commitment to continuous growth and connection with others.
Healy Wealth Management
Healy Wealth Management (previously Healy Capital Management) is a financial services and investment management firm serving the greater Atlanta area operating through LPL Financial. They have been in the industry for over 30 years and have been through many economic adversities. They understand the risks involved with market volatility and have decades of experience in how to prepare for the future to come.
Renasant Bank supports North Fulton Business Radio
Renasant Bank has humble roots, having started in 1904 as a $100,000 bank located in a Lee County, Mississippi, bakery. Since then, Renasant has grown into one of the Southeast’s strongest financial institutions, boasting over $26 billion in assets and more than 280 offices offering banking, lending, wealth management, and financial services throughout the region. All of Renasant’s success stems from the commitment of each banker to invest in the communities they serve, which in turn helps them better understand the people they serve. At Renasant Bank, their banking professionals understand you because they work and live alongside you every day.
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Beyond Computer Solutions supports North Fulton Business Radio
Whether you’re a law firm, medical practice, or manufacturer, there’s one headline you don’t want to make: “Local Business Pays Thousands in Ransom After Cyberattack.” That’s where Beyond Computer Solutions comes in. They help organizations like yours stay out of the news and in business with managed IT and cybersecurity services designed for industries where compliance and reputation matter most.
Whether they serve as your complete IT department or simply support your internal team, they are well-versed in HIPAA, secure document access, written security policies, and other essential aspects that ensure your safety and well-being. Best of all, it starts with a complimentary security assessment.
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About North Fulton Business Radio and host John Ray
Approaching 1,000 episodes and having featured over 1,400 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in our community like no one else. We are the undisputed “Voice of Business” in North Fulton!
The show invites a diverse range of business, non-profit, and community leaders to share their significant contributions to their respective markets, communities, and professions. There is no discrimination based on company size, and there is never any “pay to play.” North Fulton Business Radio supports and celebrates businesses by sharing positive stories that traditional media ignore. Some media lean left. Some media lean right. We lean business.
John Ray is the host of North Fulton Business Radio. John and the team at North Fulton Business Radio, LLC, an affiliate of Business RadioX®, produce the show, which is recorded inside Renasant Bank in Alpharetta.
The studio is located at 275 South Main Street, Alpharetta, GA 30009.
You can find the entire archive of shows by following this link. The show is accessible on all major podcast apps, such as Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, and many others.
John Ray also operates his own business advisory practice. John’s services include advising solopreneurs and small professional services firms on their value, their positioning and business development, and their pricing. His clients are professionals who are selling their expertise, such as consultants, coaches, attorneys, CPAs, accountants, bookkeepers, marketing professionals, and other professional services practitioners.
John is the author of the five-star-rated book The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices, praised by readers for its practical insights on raising confidence, value, and prices.
