There are countless stories of NBA stars acquiring millions and then wasting it all. It makes sense. These players are human beings; many of them have money for the first time in their lives. When they are new to the NBA, they spend it on things they’d never dreamt of. A perfect example involves Draymond Green.
Draymond Green’s night at the club
Draymond Green went on Maverick Carter’s internet show, Kneading Dough, to discuss the financials of being an NBA star. The interview discussed what it’s like to come into a lot of money when you didn’t have it before. Green was candid about how sometimes this has made him do some stupid things.
Green said that in his rookie season when he made $850,000, he didn’t hire a financial advisor and opted to try to learn financial responsibility himself. Eventually, he relented and hired good financial people. This might be the result of some bad financial decisions, like the night Green spent $21,000 at the club.
“I woke up the next day hot,” Draymond said. “Like, ‘What? That’s $21,000 I can never get back.’ And, one thing people don’t realize is … $20,000 is still $20,000. I don’t care how much money you have, it’s still $20,000.”
Green now fancies himself as being good with money. With a great paycheck and ambitions, he wants to learn from past mistakes to not only become more wealthy as a millionaire but to become a billionaire by the age of 40.
It may be a lofty goal, but NBA players are given a unique position of millions in guaranteed money. Regardless, Green is not the only player who has had financial hiccups along the way to financial security.
Antoine Walker lost it all
According to CNBC, Antoine Walker made $108 million throughout his 12-year career. For many people, this is more than they could fathom spending a lifetime. But for Walker, it fed some poor financial decisions.
Many players develop unsustainable lifestyles once they’re not getting their NBA checks. Walker was a case of this, and within two years of retiring from the NBA, he declared bankruptcy. Now he spends his time consulting and educating fellow athletes so they don’t make the same mistakes.
Ben Simmons bought cats
Ben Simmons had a nearly $19 million contract as the first pick of the 2016 draft — the most an incoming rookie can get. He also had a Nike deal. Simmons doesn’t have a dramatic story of loss, but he does have some purchases he regrets. One of these involves a pair of Savannah cats, which cost him $10,000. He no longer owns them and says he regrets the purchase.
Shaq learned early
Shaquille O’Neal became a millionaire in 1992 when he was drafted into the NBA. According to him, the next hour was enough for him to spend $1 million on cars for both himself and his parents, as well as his mother’s house.
O’Neal also bought jewelry, according to Business Insider. Financial advisors stepped in when he realized he was already in debt. O’Neal has been careful with his money ever since.
Klay Thompson isn’t very extravagant
As the son of an NBA player, Klay Thompson had a different upbringing than these other players. Perhaps, this was why he never had the urge to go too out of control. He says he bought a pool table with his first check, but overall his tastes are not extravagant. With a new, nearly $200 million contract, perhaps he will start spending more.