Penny Hardaway Has Kept the Money Rolling Even After Retiring From the NBA

NBA players earn a small fortune over the course of their careers. Yet this doesn’t guarantee that the money will last beyond their playing days. The basketball world is full of stories of players who squandered their money, like Antoine Walker, Latrell Sprewell, and even Dennis Rodman.

Fortunately, most NBA players manage to retain their wealth, living comfortable lives once their careers end. Some even flourish with post-basketball careers as businessmen, coaches, and entrepreneurs. Penny Hardaway is a perfect example of a success story. Let’s look back at his career and look at his overall earnings and post-NBA career.

Penny Hardaway’s NBA career

The Warriors selected Hardaway with the No. 3 pick of the 1993 Draft, only to trade him to the Orlando Magic as part of a draft-day trade. The 6-foot-7 combo guard made an immediate impact, averaging 16 points, 5.4 rebounds, and 6.6 assists per game as a rookie. Those numbers were strong enough to earn him All-Rookie honors while landing in second place for Rookie of the Year.

Hardaway remained a stellar player for his entire six-year run with the Magic. During that span, he earned four All-Star and two All-NBA First Team selections. Hardaway’s production dropped off in subsequent years with the Phoenix Suns and New York Knicks. Nonetheless, he remained a veteran presence and respected leader in the locker room.

Hardaway was known for his offensive versatility, being both a reliable jump shooter and a formidable opponent in the post. In his career, Hardaway averaged 15.2 points, 4.5 rebounds, five assists, and 1.6 steals per game. While his window of greatness was likely too short to get him into the Hall of Fame, he remains one of the best Magic players ever.

Hardaway’s career earnings

Hardaway made a significant amount of money for an NBA player of his generation. Ironically, his most lucrative contracts came in his post-prime years with the Suns.

Over the course of his 14-year career, Hardaway earned an estimated $120 million. He currently has a net worth of $60 million, which points to his ability to responsibly manage his money.

Hardaway’s post-NBA career

Hardaway’s current net worth is also a testament to how successful he’s been in his post-playing career. For one thing, Hardaway has shown a savvy ability to invest his money in businesses, especially in his hometown of Memphis, Tennessee. There, Hardaway owns both a beauty salon and a barbershop.

In 2012, he also became part of an ownership group that bought a stake of the Memphis Grizzlies franchise. Hardaway reportedly invested $2.5 million in the venture, giving him an ownership stake of 1.42%. Other high-profile members of that ownership group include Peyton Manning and Justin Timberlake.

Hardaway reinvented himself once again in 2018, when he took a position as the head coach of the University of Memphis men’s basketball team. Despite it being his first coaching position, Hardaway has seen some success in his two seasons with the NCAA Division I Tigers, although the team is generally considered to have underperformed.

Most notably, Hardaway proved a potent recruiting lure after his first season with the team, drawing a number of coveted players during the 2019 offseason. In fact, Memphis ended up with the No. 1 recruiting class of 2019. If Hardaway continues to grow more confident in his coaching role, the sky is the limit for the Tigers.