Mental Fortitude: The Power of Delayed Gratification in The Time of NIL

NIL (name, image, and likeness) has drastically changed the landscape of college athletics. Today’s college athletes have opportunities that those before only dreamt of. Some players may never play at the professional level. However, with smart decision-making, they can leave college debt-free and with a financial nest egg that will allow them to become first-generation legacy builders.

I recently had the opportunity to speak to an SEC football program, and I found that players had many questions about successfully managing money. While several college programs require student-athletes to take at least one financial literacy course, many players were not exposed to sound financial practices before college. As a result, they are left to figure it out on their own. So the message is clear and direct anytime I have an opportunity to speak with college football players (any athletes, really) - don’t trade future blessings for temporary pleasures.

Companies have learned to market to our desires for the newest and next best thing. Making quick decisions based on emotional triggers hardly yields positive long-term results.

In many ways, football players are conditioned to react quickly to what they see on the field. Unfortunately, this quick-to-action strategy does not necessarily promote good decision-making off the field. Learning to control our emotions and wait for the benefits that accompany delayed gratification can be a lifelong challenge. A challenge that does not get any easier with the passage of time or age.

Some researchers suggest that almost all our decision-making is influenced by three things: history, sociology, and psychology. Using this framework, the question should not necessarily be what’s the right thing to do but rather what’s the wise decision to make.

Three preliminary questions should be resolved to help inform our decision-making process:

1.       Considering my past experiences, what is the wise thing to do?

2.       In light of my current circumstances, what is the wise thing to do?

3.       Factoring in my future hopes and dreams, what is the wise thing to do?

Question number one is related to personal history: the type of environment one grew up in, the quality of relationships one was exposed to and developed, and how those around you managed money. We often adopt patterns, habits, and behaviors without recognizing that many of them were conditioned by our experiences growing up. A lack of awareness of how our history influences our decision-making can result in poor long-term outcomes.

Question two references one’s sociology: the types of individuals one surrounds themselves with, their social circle, and community. It is easy to become what we see, and if our circle of friends is toxic or shares incongruent values, it is easy to make decisions that are problematic to our well-being.  Not only can our social circles affect how we see the world, but they can also influence our day-to-day behaviors. For example, if those I surround myself with make poor relationships and financial decisions, the likelihood of my success in either area is limited at best. If the goal is a successful outcome or mastery, we need mentors and friends to help us stay accountable to our long-term wants, needs, and desires.

Question three involves our psychology: our mindset and thought process. Our mindsets are a product of our education, exposure, and experiences. We might carry destructive mindsets that work against our goals, hopes, and dreams for our future. This can play out in each domain-- relationally, financially, emotionally, and vocationally—negative thought patterns adopted due to previous exposure in relationships or through our entertainment choices and social media scrolling. It is essential to consistently examine our thoughts, explore their origin, and evaluate their level of helpfulness.

The struggle to delay gratification is not limited to college student-athletes with NIL deals—we all wrestle with it. Challenging ourselves to reflect on the wise thing to do, particularly considering our history, sociology, and psychology, is one way to increase the likelihood that our decisions allow us to maximize whatever comes tomorrow.