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As we step into the end of the first quarter of 2024, it’s essential to stay informed about the latest changes in IRS rules that impact your financial planning.

For the 2024 tax year, several key adjustments have been made to contribution limits for qualified retirement plans like 401(k) and 403(b), as well as income limits for Roth IRA contributions. Additionally, the Social Security wage cap and tax brackets have seen alterations compared to last year.

Here’s a rundown of everything you need to know to plan your financial year:

401(k) Contribution Limits

For 2024, the annual employee contribution limit for 401(k) plans has increased to $23,000, up from $22,500 in 2023.

For those aged 50 and older, the catch-up contribution limit remains the same at an additional $7,500, bringing the total employee contribution limit to $30,500.

Roth and Traditional IRA Limits

Individuals can make full Roth IRA contributions if their adjusted gross income (AGI) is below a certain threshold. Additionally, the amount you can directly contribute is phased out after a certain AGI level. There is no income limit for contributing to a traditional IRA. Below are the 2024 income thresholds:

For Single Filers and Heads of Household: The income limit to make full contributions to a Roth IRA in 2024 is $161,000, an increase from $146,000 in 2023.

For Married Couples Filing Jointly: The income limit for full Roth IRA contributions for couples in 2024 is $240,000, up from $230,000 last year.

The contribution limit for both Roth and traditional IRAs is $7,000 in 2024, up from $6,500. However, for those over 50 the limit is $8,000, up from $7,500 in 2023.  The extra $1,000 is called the “catch-up” provision.

There are special rules for who can contribute to a Roth IRA based on income.

Once a single filer’s modified gross income exceeds $146,000 and joint filers’ combined income exceeds $230,000, the amount they can contribute to a Roth IRA falls incrementally depending on their income. For example, if a single filer’s income exceeds $146,000, but is less than $147,500, the maximum they can contribute is $6,300 in 2024.

Social Security Wage Cap

The Social Security Administration has increased the wage cap for 2024 to $168,600, up from $160,200.

This means that individuals earning up to $168,600 will continue to pay Social Security taxes, while any income above this threshold will not be subject to Social Security taxation.

Income Tax Brackets

The IRS has also adjusted the income tax brackets for 2024 to adjust for inflation. The new tax brackets are as follows:

• 10% for individual taxable incomes of $11,600 or less, and $23,200 or less for married couples filing jointly.
• 12% for individual taxable incomes over $11,600, and over $23,200 for joint filers.
• 22% for individual taxable incomes over $47,150, and $94,300 for joint filers.
• 24% for individual taxable incomes over $100,525, and $201,050 for joint filers.
• 32% for individual taxable incomes over $191,950, and $383,900 for joint filers.
• 35% for individual taxable incomes over $243,725, and $487,450 for joint filers.
• 37% for individual taxable incomes over $609,350, and $731,200 for joint filers.

Standard Tax Deduction

The 2024 standard deduction has increased too. Single filers can claim $14,600 (up from $13,850) and those married, filing jointly can claim $29,200 (up from $27,700).

Since We Are IN 2023 Tax Time, See My 5 Online Tax Return Tips:

1. Consider Setting Up an Online Account: The IRS clearly wants Americans to set up online accounts at www.IRS.gov. The accounts are FREE!
2. Benefits to Setting Up an Online Account with the IRS: Account holders can quickly check balance dues, payment options, and filing history and one can file an income tax extension without speaking to a human.
3. Instead of Calling the IRS: The IRS has setup a new AI-powered online tax assistant that can interact with account holders and answer questions, such as, Do I qualify for tax credits or deductions?
4. New Online Tax Filing Service “Pilot Program” Launched by the IRS: In 12 states, (NOT NYS yet) the IRS has launched a program allowing account holders to file taxes directly with the IRS for no charge.  Should this program be rolled out nationally, it will be in direct competition with the “Turbo taxes” and “H&R Block’s” of the world.
5. Where’s My Refund Tool: The IRS projects refunds will average 10% more from 2023 (almost $3500 each) due to raised tax brackets (see above) due to inflation.  A faster way to obtain your refund would be by using this new tool!

Super Bowl LVIII, aka SB 58, set a record with a staggering 123.4 million viewers!  It was the most-watched American television broadcast in a generation and the most-watched Super Bowl in history!  The Kansas City Chiefs versus the San Francisco 49ers showdown in Las Vegas surpassed the record of 115 million viewers last year when the Chiefs defeated the Philadelphia Eagles.  It came close to the estimated 125-150 million viewers who watched the Apollo 11 moon landing in 1969.

The big game, which aired on CBS and the Paramount Plus streaming platform, was also simulcast in Spanish on Univision as well as telecasted on Nickelodeon.  Some are saying it was the “Taylor Swift Effect;” however, each year NFL games have made up the majority of “most watched” television programs per year.  This was way before Taylor Swift began dating Kansas City Chiefs tight end Travis Kelce. 

You might be asking yourself, what does this all mean?  It means it makes this event the most valuable to advertisers looking to reach the mass market.  In fact, companies shelled out approximately $7 million for each 30-second ad.  The ads have taken on a life of their own, as many non-football fans tune in just to see the new ads, many of which are now released ahead of time. 

Because of this tremendous exposure, both the NFL and CBS are in a powerful position.  In addition, Apple Music pays the NFL $50 million per year to sponsor the Super Bowl halftime show.  Did you know that Usher didn’t receive one penny of that money?

Many famous performing artists have graced the Super Bowl halftime stage, such as Prince, Michael Jackson, Beyonce, Rihanna, Justin Timberlake, Jennifer Lopez, and the Rolling Stones!  Instead of getting paid, they receive an opportunity to leverage the honor of performing in front of over 115+ million people.   This results in a significant increase in concert ticket sales, followers gained, and increases in their music streaming numbers!  When they accept the invitation, they are thinking long-term.

In my opinion, it is a fascinating system, and here’s how it works.  The artist receives a $15 million promotional budget to work with.  The budget covers the massive number of 2000-3000 part-time workers which includes set design, security, marketing and dancers, etc.  The artist cannot pocket the money!

Sometimes, the $15 million budget isn’t sufficient to cover all of the show’s expenses.  For example, three years ago at Super Bowl 55, The Weeknd spent $7 million extra of his own money to subsidize the show and Dr. Dre spent similar money the following year at Super Bowl 56 in 2022.  

The metrics data supports the theory that savvy marketing dollars spent yields big potential profits, meaning money makes money in the performing arts! 

Take a look at the following post-performance numbers that have played out:

1. Justin Timberlake saw a 534% increase in his music sales after Super Bowl 52.
2. Travis Scott’s performance fees doubled from $500,000 to $1 million each from Super Bowl 53.
3. Both Jennifer Lopez and Shakira gained 3 million Instagram followers each after their dual performance in Super Bowl 54.
4. Rihanna’s performance had more viewers (118 million) than the game averaged (115 million) which includes YouTube views.
5. The Weeknd sold 1 million concert tickets after his performance in Super Bowl 55.

This is why Usher was clever to accept the Super Bowl 58 invitation and he took it a step further by announcing his 24-city arena tour with tickets available as soon as he exited stage left!  He also appeared on several of the Good Morning America shows to promote his performance. 

StubHub claims that artists typically see a 50% increase in concert ticket searches after performing at the Super Bowl! 

I always say the best deals are when everybody wins!  If you think about it, the NFL gets the top performers to jam for free and the musicians get a deeply discounted 13-minute commercial for a small fraction of what corporations must pay. 

Let’s face it, we live in a litigious society!  In many ways, I miss the old days when people worked out their issues among themselves.  Today, many Americans will sue at the drop of a hat!

When you are deemed at fault for an accident, your liability coverage can protect you. But what if your liability coverage is not enough to cover the cost of damages or the cost of litigation?

If you don’t have an umbrella insurance policy, any damages above your policy’s liability limits will have to be paid by you out of pocket. If you do have umbrella insurance, you will need to know how to file a claim in case you are facing a large liability claim.

 What is Umbrella Insurance Coverage?

Your auto, homeowner’s or renter’s insurance all have standard liability caps built into them. You may even have a liability policy for your motorcycle, boat or RV.  An umbrella policy serves as a backstop. And like an open umbrella, it spreads out a second layer of protection for all your liability policies. When a claim on one of those policies exceeds the liability limits, the umbrella coverage steps in to cover the balance.

 Covered Claims.

If you or an immediate family member are held liable to pay damages, here are 5 potential situations where an umbrella insurance policy can kick in and avoid your paying big money out of pocket:

• You are at fault in a serious car crash that leaves three persons injured and a $150,000 BMW destroyed. You are sued for medical bills and the cost of replacing the vehicle.
• You throw a party, and someone is injured after falling down your stairs, suffering injuries that leave them unable to work for six months.
• While driving, a moment of inattention you read a text message on your phone results in an accident with a Sprinter Van carrying $450,000 worth of high-tech equipment, all of which is destroyed in the crash.
• Your teenager is driving a friend’s car and crashes, injuring the other passengers.
• You are accused of verbally assaulting someone and they sue for emotional duress.

Example of a Claim:

Your auto insurance and homeowner’s policies both have liability coverage in the amount of $400,000, and both policies have a deductible of $1,000. You also have an umbrella policy for $1 million with a deductible of $400,000.

You cause a serious car accident and get sued for $1 million.

• You pay your auto policy deductible of $1,000 and your auto liability pays the remaining $399,000.
• After that, since you have met your $400,000 deductible for your umbrella policy, it would pay the remaining balance of $600,000.

The Following are 4 tips to Filing an Umbrella Insurance Policy Claim:

1. To file an umbrella insurance claim, contact your umbrella insurance provider once you know that a liability insurance claim is going to exhaust the limits of your home or auto policy.
2. You can file an umbrella claim while a liability claim is still in progress, and the claim can be handled by the same adjuster.
3. Depending on the situation, you may need to provide your insurer with additional documentation, so be sure to contact your adjuster for more information.
4. You can only file an umbrella insurance claim if a home or auto liability claim has exceeded the limits of your policy.

For more information or to obtain an umbrella insurance policy quote, feel free to reach out to us at Rob@InsuranceDoctor.us.

As the new year is underway, now is a good time to review your home insurance and safety plans for the year.  The past few years we have seen a proliferation of weather-related catastrophes. 

Make sure in 2024 that you make your home safety a priority and that you get the most value from your insurance coverages.

Here are eight ways that you can reduce your risk as well as your insurance premium:

1. Obtain a Home Security System.

If you don’t have a home security system, you should seriously consider obtaining one to protect your investment.

The good news is that if you purchase one that is monitored by a central station or that is tied directly to a local police station, you don’t only protect your home, you may also receive a discount on your homeowner’s insurance premium.

2. Install Additional Smoke and Carbon Dioxide Detectors.

In addition to a home security system, you can also reduce your insurance premium by installing smoke alarms, not to mention potentially saving your life in case of a fire. Installing them in older homes can shave 10% or more from your homeowners’ premium.  Many insurance companies will also give further discounts if you install additional carbon dioxide detectors.

3. Raise Your Homeowners Insurance Deductible.

You can reduce your insurance premium by raising your deductible if you are confident you can absorb the cost of paying that out-of-pocket expense if you incur a claim.  Many homeowners’ policies currently have a $250 or $500 deductible.  It is rare to submit a small claim for under $1,000 because insureds know it will raise your rates the following year.  We suggest a $1000 deductible, which will reduce your premiums and keep more money in your pocket instead of the insurance company’s coffers.  A good way to determine if you should do this is to think back to how many claims you have submitted over the last 10-20 years.  If the answer is zero, raise your deductible!

4. Multiple-Policy Discounts.

Many insurance companies will extend a discount of 10% or more to policyholders that have multiple policies with the insurer (such as auto and homeowners) known as “Bundling.”  

5. Plan Wisely for Expansion.

If you plan to construct an addition to the home or build a structure adjacent to it, such as a gazebo or shed, know that you will pay more for your insurance, depending on how it is built. Wood-framed structures cost more to insure because they are flammable.  If you go with cement or steel-framing, you will pay less since they are less susceptible to damage from fire and inclement weather.

6. Costly Fun.

Swimming pools and trampolines can have a significant impact on your insurance costs and add 10% or more to your premium.  The pool may also eliminate many potential home buyers should you decide to sell your home.

7. Consider Coverage Options.

If you purchase “guaranteed replacement value” homeowner’s insurance, your policy will cover the entire cost of rebuilding your home after a covered calamity. If you don’t have a “guaranteed replacement cost,” in the event of a claim, you will only receive the depreciated “actual cash” value of what was lost and will be short thousands of dollars when replacing and/or rebuilding after a loss.

8. Make or Update a Home Inventory.

A comprehensive home inventory catalog allows your home and belongings to be recovered, rebuilt, and replaced after a loss. While this won’t help you save on your premiums, it will empower you in case you should have to file a claim.

With a detailed home inventory, you will know exactly what you have lost in a fire or flood, for example.  Having learned this the hard way during Superstorm Sandy, we recommend taking a video of every room in your house.  The video will be a valuable tool when making a detailed list of exactly what was in every room in the event of a partial or total loss. 

My family lost our Belle Harbor beach house in Super Storm Sandy and we learned this the hard way. 

Feel free to reach out and ask us for a review and competitive quote on your homeowners’ policy!

My favorite Albert Einstein quote is, “The definition of insanity is doing the same thing over and over again and expecting different results!”  This holds true for many aspects of life, including one’s finances.

I like to compare finances to team sports.  Most team sports (other than baseball) have some type of halftime break.  Coaches and managers utilize this time to analyze what happened in the first half and make adjustments to get an edge and increase the potential for second-half success.

There is no time like January of 2024 to make your adjustments, if needed to help ensure your financial success this year. 

Consider the following tips if applicable:

1. Consolidate Financial accounts: Consider closing 1 or 2 small financial accounts that you are not tracking or that don’t have significant monies.  This will save brain space, reduce statement clutter, and avoid the payment of unnecessary fees.
2. Increase your 401k/employer retirement contributions: If you are not currently enrolled, sign up for your company 401k and start by putting 1% in this year.  If enrolled, raise your contributions 1% per year.  You won’t feel the difference; however, over time, it can make a major impact when entering retirement.
3. Develop a budget and/or expense statement: Review credit cards and bank and checkbook statements to get a handle on your inflow and outflow of money.  Consider starting to use a program like QuickBooks, or if old school, draft a budget manually and hang it up where you can see it.
4. Set up a system to systematically save money:  If you are not saving, consider something informal such as putting $20 a week in a jar.  Consider formal ideas like buying a cash value life insurance policy, setting up an EFT (electronic funds transfer) through your bank account or systematic contribution to mutual funds. 
5. Protecting Your Health Saves Your Wealth: We all know about the escalating cost of health insurance and health care in general.  Renew that yoga studio or gym membership, and dust off that Peloton in the garage or basement. 
6. Bring balance to your life: Take that vacation you have been putting off.  Rest and rejuvenation can impact your health.  Statistics show that those who work 46 weeks per year will outproduce a 52-week per year worker. It will give you something to look forward to and forces one to be very productive before leaving and when returning home.  Use frequent flyer miles if possible.
7. Organize your paperwork: It’s hard to feel in control when you can’t find anything.  Gather all papers, shred duplicates, old statements, and place them all in a box or accordion file.
8. Go Paperless:  I know habits are hard to break.  Wherever possible create electronic files.  See if you can receive e-bills instead of paper.  Use a flash or thumb drive as a backup and keep duplicates off-premises.
9. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus.  Go to www.AnnualCreditReport.com
10. Put your finances on autopilot: Use EFT direct deposit for all checks, pension, and social security funds received.  Set up automatic payments for recurring bills.  It’s easy and will save time going forward.
11. Create your 2024 tax file: Most people have to scramble to pull together all tax forms etc.  Start now by setting up a 2024 file and stashing forms and receipts etc. as needed.
12. Review your insurance coverage:  Protect your nest egg and your family by regularly reviewing your life, health disability, and long-term care insurance.  If this is confusing to you, contact us for assistance.

One’s financial house needs regular upkeep.  Putting in a little time and organization will decrease clutter and help you focus on achieving your goals and objectives!

Prepaid gift cards have been around for over 20 years.  Originally, there were only physical cards available.  Now that we are in the Internet age, retailers offer digital and physical card options. 

There are 2 types of gift cards available:

1. Open Loop: Open Loop gift cards usually go through credit card companies like Visa or MasterCard.  These cards allow the cardholder to purchase various goods from numerous stores that accept that particular credit card. 
2. Closed Loop: Closed Loop cards usually are issued by a single retailer or restaurant and can only be used at that store.

Fraudsters usually attack closed-loop cards, which are easier to sell, and because Open Loop cards often have higher levels of security because they are linked to credit card companies. 

Before getting into some suggestions to maximize unused cards, the following are statistics from the National Retail Foundation and bankrate.com:

1. Americans spent $29.3 billion on gift cards this holiday season.
2. Millennials make up 37% of gift card buyers.
3. Almost 50% of all 2023 gift cards were purchased in December.
4. 17% of Americans surveyed said they would want to receive a gift card for the holidays.
5. 51% of U.S. adults forget to redeem their gift cards.
6. Gift card scams are by far the most common type of payment fraud in the United States.
7. The USA accounts for over 50% of the world’s gift cards.
8. By 2025 the physical gift card market is projected to grow by 9%, and digital gift cards are expected to grow at an annual rate of 26%. 
9. 56% of millennials have unused gift cards with an average value of $139.
10. The three biggest issuers of gift cards are Amazon, Japan’s Rakuten, and China’s Alibaba.

Although it hasn’t happened in years, I remember receiving a gift card, then forgetting about it, and by the time I remembered, I couldn’t find the card. 

The following are tips on the usage of your gift cards while they are fresh in your mind from the holiday season:

1. Keep the card in your wallet or purse that you use every day.
2. If you received an Amazon card, go onto the Amazon website, and enter the scratch-off code on the back of the card (in the gift code section) so it gets stored on Amazon for future use.  It will show up automatically in your cart the next time you make an Amazon purchase. 
3. Under the Federal Credit Card Act, an “Open Loop” card should be valid for up to 5 years.
4. Consider using the card within 12 months as some cards charge inactivity fees after one year.
5. Check your card to see if it can be loaded into Venmo or a “cash app.”
6. Some gift cards can be directly transferred to your bank account.
7. Unwanted gift cards can be sold or swapped using several websites.
8. Pennyhoarder.com lists the top 5 ranked websites to sell or swap cards as cardcash.com (they accept 1300 retailers, grocers, restaurants), clipkard.com (they accept physical cards from 100 retailers including fast food and department stores), gameflip.com (for gamers), giftcash.com (you can receive up to 93% of its value and get a quote before selling), and raise.com (they take a 15% fee).

Whatever you decide to do, do something, and enjoy your gift card that keeps on giving!

I went to a fun Rockaway New Year’s Eve house party, and at least 7 persons I was hoping to see stayed home because they had contracted COVID-19.  This got me thinking about how this column started. Originally, I had sent weekly COVID-19 briefing emails to clients, family, advisors, and loved ones in March and April of 2020. 

At the time, there was much fear of the unknown, so I felt the best way to help people was to compile and share critical COVID-19 information I was gleaning from the numerous news sources I had access to.  Someone shared my briefings with The Wave Editor and Chief, Mark C. Healey, and “The Financial Wave” debuted on Friday, May 1^st, 2020!

Covid-19 has coincided with pet ownership (particularly dogs) increasing over the past three decades.  As per Forbes.com, as of 2023, 66% of USA households own pets.  That is a 56% from 1988.  In 2022, Americans spent $136.8 billion on their pets, up 10.68% from $23.6 billion in 2021.  Americans spend an average of $735 per year on their dogs.  What was once an obscure type of insurance, pet insurance policies have more than doubled from 2018 to 2021!

During this Covid-19 era, Americans are spending more time at home, which makes it more conducive to owning pets.  Currently, there are 65.1 million households with dogs, 46.5 million households with cats, and 11.1 million households with freshwater fish across the nation.   Approximately 42% of dog owners and 43% of cat owners report having acquired their pets from animal shelters or rescues. 

It makes good sense to own a dog, especially during Covid-19 as there are many more benefits than companionship, such as:

1. Safety and Security: Dogs are another layer of security as barking dogs can keep burglars at bay.  Dogs have twice as good hearing as humans. 
2. More Exercise:  Unless left alone in a yard outside, dogs need to be walked 2-3 times per day.  Walking the dog can be good exercise and 30-45 minutes of walking per day can do wonders for one’s health.
3. Less Chances for Depression: Dog companionship has been known to help those diagnosed with depression and help positive thinking.
4. Less Stress: Numerous studies have shown that dog owners have lower stress levels than non-owners.  Engaging with your dog can lower stress.
5. Illness Detection: Dogs see the world through their keen sense of smell.  Some dogs can sense the onset of epileptic seizures and or the presence of certain types of cancer.
6. More Allergy Tolerance: Children raised in homes with pets such as dogs, have a reduced chance of having allergies.  Growing up with a dog can boost immunity to allergies later in life.
7. Boosted Brain Development:  Dogs boost brain development in children, along with emotional growth and connection to others. 
8. Stronger Heart:  studies have shown that getting a dog can lower your heart rate and male dog owners tend to have a reduced rate of heart disease. 
9. Lower Blood Pressure and Cholesterol:  The Cleveland Heart Lab found that dog owners overall have lower blood pressure and cholesterol levels. 

In summary, owning a pet, such as a dog, offers non-judgmental companionship, unconditional love, and a sense of purpose!  All of these and other factors contribute to easing symptoms of depression, anxiety, and stress-related disorders.  In addition, caring for a dog can provide a sense of routine and structure, which is particularly helpful for those struggling with mental health challenges. 

On June 30^th, 2021, the National Collegiate Athletic Association (NCAA) changed the rules and changed amateur sports forever as we know them, by ruling that college players can earn money by using their Name, Image, and Likeness (NIL) to earn money while remaining college!

My understanding is that the premise behind this rule change allows colleges to earn money from their student-athletes.  Therefore, why shouldn’t the athletes be able to share in the revenue that their NIL earns for their university?

Here is how this new arrangement works; players can earn money by signing autographs, striking endorsement deals profiting from their social media, etc.  They can market themselves or hire agents or consultants to find ways to maximize their earning potential.  Companies can sign college players to contracts for appearances or promote them, just like professional athletes do.  There are no current guidelines on how much compensation can be earned.

Additionally, donors can contribute money to “Collectives,” which are managed by third parties, often booster groups.  The “Collectives” can also enter into agreements with companies recruiting athletes, or the “Collectives” can distribute the money to athletes directly.

Currently, colleges and universities cannot be directly involved in distributing money BUT, the NCAA doesn’t seem to be enforcing that rule!  It is quite possible that coaches could be secretly directing the “Collectives” on how much money to distribute to specific players. 

Just like the Wild West!

Not only have the financial rules landscape changed, but athletes now may also enter “The Transfer Portal” without having to sit out and lose one year of eligibility!  This has created a record transfer frenzy where players are holding out for the best offer!  Nebraska football coach Matt Rhule told reporters last week that, “a good quarterback in the (transfer) portal costs $1 million to $2 million right now!”

There is also a proposal pending that would allow colleges to make NIL (Name, Image, and Likeness) deals directly with their athletes via a “Trust Fund.”  In this case, schools would use booster/donor monies put in the trust fund to pay athletes lump sums of income on top of athletic scholarships.  No matter what happens, amateur collegiate sports will NEVER be the same!

You may be asking yourself, “Self, what does this all mean?”  I will break this down into ripple effects and the results of those ripples.

Some of the ripple effects are:

1. Colleges are in a race to build their NIL infrastructures and fund them with millions of dollars ready for distribution.
2. A new cottage industry is born due to the necessity for marketing strategists and “NIL Collective” experts who now need funding and staffing.
3. ALL major Division 1 colleges must immediately change the way they do business with recruiting and the NIL to compete!
4. As the system continues to grow, so do the bank accounts of the top athletes.

Some interesting results I have seen over the past 2 years of NIL rule changes:

1. Student-athletes are now choosing schools based on how much money they can earn.  They are also “chasing paychecks” in the fertile transfer portal!
2. University of Texas sophomore backup quarterback Arch Manning, son of Cooper and nephew of Peyton and Eli, earns $2.9 million while, Brock Purdy, star quarterback of the San Francisco 49ers (and MVP candidate) makes the pro $870,000 minimum wage. 
3. More athletes are staying in school.  Iowa women’s basketball star Caitlin Clark (some call her the female Stephen Curry) will be returning for her senior year.  She’s making almost $800,000 in NIL.  The average WNBA salary is $120,000.  Why leave school when you will be taking a 600,000% pay cut to enter the pros?  Also, freshman Bronny James, son of LeBron James, is making the highest NIL income for playing hoops at USC (University of Southern California) at $6.1 million. 
4. Due to fear of injury, many athletes currently in the transfer portal are skipping their team’s bowl game. 
5. There are new NIL metrics now available.  For example, St. John’s is recruiting VJ Edgecombe, the #1 noncommitted boy’s hoop star prospect (from Long Island Lutheran High School) for 2024.  VJ’s “NIL Valuation” estimates that it will take roughly $512,000 to sign him.

In summary, the NIL is here to stay, and my take is that it will grow exponentially! 

This season, as per rivals.com, there were 1682 college football and 1134 college basketball transfers.  High school athletes now get ranked nationally versus their same grade-level peers starting in 10^th grade.  There is added pressure for them to perform as collegiate freshman, especially if their NIL income is lucrative as those income figures are public records. 

I hope it is all worth it in the endgame and it doesn’t adversely affect their academic pursuits!