60% of NBA Players End Up Going Broke?
When you see the mountains of ice on guys’ necks, the designer clothing, the cars, the Cribs-worthy … uh, cribs, and all the rest of it, you don’t think it would be possible for NBA ballers to run out of money. But it very much is.
According to the Players’ Association, it is estimated that about 60% of players go broke just five years after leaving the League.
“Sixty per cent is a ballpark. But we’ve seen a lot of guys who’ve really come into hard times five years after they leave the league,” said Roy Hinson, the former NBA forward who’s a representative for the players’ association. “The problems are, for a lot of guys, they have a lot of cars, they have multiple houses, they’re taking care of their parents. They’re taking care of a whole host of issues. And the cheques aren’t coming in anymore.”
“I’ve seen (an NBA player) having two cars a day to drive. You know, 14 cars,” said Raptors sharpshooter Jason Kapono the other day. “Think about how absurd it is. You say 14 cars. All right, you may have some kids, a family of nine. But a single guy having 14 cars?
Now, that’s just incredibly sad.
Here’s what I’m curious to find out: After living the high life for a few years in the League and then hitting rock bottom, what do these guys do? Do they go and apply for real jobs like everyone else? I would probably go and find a ledge somewhere, but hey, that’s just me.
72 Responses to “60% of NBA Players End Up Going Broke?”
Feb.1 at 11:09 am
BETCATS says:
intresting
Feb.1 at 11:09 am
BETCATS says:
this might be shaq in 5 years
Feb.1 at 11:09 am
BETCATS says:
or Troy Hudson tommorow
Feb.1 at 11:14 am
je says:
no worries, troy hudson has his rap career to fallback on.
Feb.1 at 11:14 am
TADOne says:
60%!? That is a ridiculously high number. Sad.
Feb.1 at 11:15 am
Tom says:
BET, I thought Shaq’s got money in real-estate all over florida, so I’m pretty sure he’s alright. In plus I remember that SLAM interview from like ‘00 saying he still hasn’t even dipped into his NBA money yet, which is pretty crazy if you think about it.
Feb.1 at 11:16 am
Tom says:
je: 78 copies don’t lie!!
Feb.1 at 11:17 am
Keith says:
Does the league employ people to advise these players on how to manage their vast amounts of money? I suspect not. I expect a players entourage advises them.
Feb.1 at 11:19 am
white hot eboy says:
Morons.
Feb.1 at 11:25 am
Tarzan Cooper says:
i would advise them on how to manage their vast amounts of money, for a hilariously large amount of money.
Feb.1 at 11:28 am
Gerwin says:
I remember the column The Jet used to write for SLAM. One time he was writing about not making enough money in the NBA. You think you are there, but your lifestyle will also change with your income. So will you ever have enough? Unless you are a superstar like The Diesel it does make sense to think about every Benjamin you spend. Mostly, the numbers don’t lie.
Feb.1 at 11:29 am
The Best Yet says:
it is pretty pathetic that these guys make annually what most people wont see after a lifetime of working and in the end dont have anything to show for it.
As for Shaq, yea, from what I heard some years back he indeed has never touched his NBA earnings. Dude’s got some crazy endorsements.
Feb.1 at 11:34 am
Dan says:
I remember when Andrew Bogut made all of those ridiculous remarks in the off-season, and one of them was very similar to this. I remember how outraged I was when I read all of his interview, and one of the things that really pissed me off was his criticism of NBA players going broke, but I guess he had a small point in all of it; although it he still was a little over-the-top.
Feb.1 at 11:35 am
mutoni says:
for what it’s worth: paul pierce’s was the first image i found when searching for pics. he’s not broke, as far as i know.
Feb.1 at 11:39 am
TADOne says:
Did you make it to TO Mutoni?
Feb.1 at 11:42 am
mutoni says:
yup. got here last night. can’t wait to see the weary lakers slogging through the back end of a back-to-back.
Feb.1 at 11:44 am
Ben says:
This is what an aggressive capitalism system does to you. You have to spend and you have to show you have money. I would be surprised if those numbers also apply to European players.
Feb.1 at 11:45 am
Dan says:
Toronto got hit pretty hard last night
Feb.1 at 11:45 am
TADOne says:
Good stuff. Holly is supposed to be landing right now. Are you picking her up?
Feb.1 at 11:47 am
mutoni says:
i’m not sure what holly’s situation is like right now. pretty sure we’re meeting at the game tonight. but yeah, the weather is downright hideous. have i mentioned that i hate winter?
Feb.1 at 11:49 am
Solito says:
That’s the dirtly little secret David Stern doesn’t want you to know about. I have seen championship team players bag groceries at Safeway. What do you think Rasheed Wallace was talking about all these years?! NFL is just as bad.
Feb.1 at 11:50 am
TADOne says:
Oh ok. We just wanted to make sure she made it ok. Are you going to be checking in before or after the game?
Feb.1 at 11:52 am
phunkykarma says:
When, back in ‘98, Kenny Anderson said he had 8 cars and would have to sell one because of the lock-out, he was JOCKING !! He wasn’t SERIOUS !! And journalists wrote article saying he was serious !! SILLY DUMB-ASSES !!
Feb.1 at 11:53 am
mutoni says:
actually, good news, holly just sent a text: her flight got in a few minutes ago. unless something drastic happens during the game, you will prolly have to wait for the game notes on monday.
Feb.1 at 11:55 am
RobertPBodis says:
This does not surprise me one bit - maybe the one year in college thing is a good idea. All athletes should have to take some sort of basic money management class.
Feb.1 at 11:59 am
TADOne says:
Great news! Thanks Mutoni. Wasn’t worried about game notes, just wanted to make sure Ms. MacKenzie made it.
Feb.1 at 12:00 pm
The Best Yet says:
but Monday is sooo not the day after today.
Feb.1 at 12:11 pm
phunkykarma says:
Good to hear good news about Holly.
Feb.1 at 12:24 pm
Captain America says:
Damn, 60%, that’s some crossover.
Feb.1 at 12:25 pm
floe says:
my slamlove oughta score me some cheap tickets for tonights game at the acc
Feb.1 at 12:26 pm
Ryne Nelson says:
This isn’t surprising in the least, given how much ice they’re wearing. But it’s ridiculous they can’t even put away 0.0001 percent of their makings aside for savings.
Feb.1 at 12:28 pm
floe says:
didn’t bogut get into a world of trouble for being the first one to point this out to the public ?
Feb.1 at 12:35 pm
maio says:
It has a lot to do with being great from the neck down.
Feb.1 at 12:36 pm
whooo! says:
yeah, i guess bogut might’ve known what was up. i guess it was more the way he said it, in an arrogant “anti-american” way that stirred up negative reaction, whereas what he was sayin could’ve been more constructive.
Feb.1 at 12:38 pm
whooo! says:
however, i want to question the statistics for 60%. if we’re talking about nba players in general, that means guys who’ve had 10 day contracts, 1 year contracts, and guys who are outta the league within a couple years. if we look at guys who actually cut it in the nba (even if they’re riding the bench), i get the feeling they’re not going broke. it’s just that the number of guys bouncing outta the league is so much greater, that they constitute the “majority” of nba players.
Feb.1 at 12:38 pm
Ill Will says:
Supposedly, Snaq ain’t even dipped into his NBA money yet, as he’s living off of his Pepsi money.
Gangsta. But his play this season isn’t.
Feb.1 at 12:39 pm
Hassan says:
i’m sorry but i don’t understand.
how can anybody feel sorry for ADULT guys, who burn through 6/7 figure incomes, just because they can’t contain themselves or hire an investment counselor (who is a professional, not a member of their entourage)
i know most of these guys come from rough backgrounds and hit it way too big way too fast. But being from the ghetto shouldn’t excuse being ignorant
Feb.1 at 12:43 pm
dpak says:
nothing sad about it.
Feb.1 at 1:10 pm
Spaceship J says:
Nothing sad about it. If a bank has a 2% interest rate, and you have 1,000,000 dollars
in the bank, you can’t survive off of 20,000 times whatever a year? That’s I’m from the hood (not the rap hood, the real hood). 7 family homes survive off of 30,000.
Feb.1 at 1:11 pm
Co Co says:
It’s hard to budget $30 million over a lifetime apparently
Feb.1 at 1:13 pm
Dizzle says:
I guess one thing to keep in mind is the tax. Just because they signed for a $100 mil doesn’t mean that’s what they get. I’m not sure that rookies that get drafted (or expected to get drafted) understand how much of their cash is gone when they buy all their expensive things before they get that contract. But yes I agree with all of you, not being able to save a tiny percentage of their money is ridiculous. This is exactly why Shaq tells kids to go to college to understand the business side of the league.
Feb.1 at 1:14 pm
Spaceship J says:
Players should be paid according to their weekly production. That would be MAD entertaining delete That’s.
Feb.1 at 1:18 pm
Dizzle says:
I think I read this a few years ago. Wasn’t it Gilbert (before he was Agent Zero) who was spending all his cash before he got drafted b/c he thought he was going in the first round? And Troy Murphy was the one who didn’t spend a dime (just apartment and a piece of furniture) because he wasn’t sure how much money he was going to make. Anybody else remember that? I guess Gilbert is laughing now and probably has nothing to worry about.
Feb.1 at 1:49 pm
Kadavour says:
The league should institute some mandatory educational requisites before contracts are signed. Players should understand applicable tax laws and basic money management skills before signing the dotted line. If not to look out for their players, then to absolve themselves of responsibility. Its good to know that the D-League has taken steps toward this process, and as the lab rat of the NBA, maybe this practice will trickle over into the NBA in the near future.
Feb.1 at 1:52 pm
Ro says:
What a lot of NBA players are lacking is the knowledge of how to manage their finances. Then again, a lot of NBA players live as if their money will last for ever (and for normal lifestyles, it can!).
Feb.1 at 1:59 pm
phunkykarma says:
A lot of people are broke without having played in the NBA and nobody cares about them…
Feb.1 at 2:26 pm
its just alex says:
That is absolutey insane to wrap your mind around. It just promotes the idea of the NBA offering business courses or at least some kind of money management courses for rookies and veterans alike. Comparing it to the NFL doesn’t make sense at all though because of the guaranteed contracts in the NBA. In the NFL you can be make 5 mil a year one day and get cut the next.
Feb.1 at 2:56 pm
what says:
THEM RIMS IS SPINNIN! THEY SPINNNINNNN! Naw, seriously, David Stern needs to hook these players up with some mandatory financial classes instead of testing them for weed or whatever every other week.
Feb.1 at 3:30 pm
Young Chris #3 says:
Well… Shaq, Kobe, Garnett, Iverson and the elite, maxed out guys should never worry about going broke, but if you think about how many players don’t make it in the league after getting drafted (Kedrick Brown or Joe Forte anybody?), and you think about mid-level type guys or ridiculously foolish big-contract guys , then they may have problems. And in regards to Kenny Anderson, didn’t I read last year that Chibbs was almost broke as it is? Number 1 rule for NBA players: Stay away from crazy reality TV broads…
Feb.1 at 3:32 pm
Young Chris #3 says:
And you all thought Spree was joking when he said he needed to feed his kids…
Feb.1 at 4:23 pm
fernando says:
sounds like Mutoni is going to be watching live his FRIEND(kobe)Enjoy it coz U ain’t going to see him in the playoffs lol
Feb.1 at 5:22 pm
Dutch Rich says:
Ask Dr. Phil Jackson to suggest some investment reading to all these knuckleheads. If he won’t I can do it. And make them stay away from stock brokers. R
Feb.1 at 5:24 pm
Kevin says:
i’m with Eboy on this.. can’t really get myself to feel bad for professional athletes who get paid millions of dollars to do what they supposedly love more than anything else in the world.. and then end up wasting it on lifestyle choices..
Feb.1 at 6:11 pm
Krayzie Bone says:
It happens to lottery winners too, though the timeframe is a bit shorter. Anyone who comes into hard times should be sympathized with, unless they hurt you directly. Its hard when most people are in an even keel stuggle, but we have to have empathy for everyone we can.
Feb.1 at 7:06 pm
Jordan Hagedorn says:
Just get a decent house and cars. So stupid to blow their money. Unless you’re a superstar, live under your means. Some of these players are IDIOTS.
Feb.1 at 7:07 pm
albie1kenobi says:
most playing careers are 5-6 years. yes they make more money than most people dream of, but they still have at least 50 years to live. if they know how to manage money and invest, the nba salary will be more than enough to live by; sadly, most of them aren’t ware of this to even get someone to manage money for them, so of course they go broke. 60% is not a surprising number.
Feb.1 at 7:13 pm
albie1kenobi says:
well you can’t completely blame them for blowing everything. pardon the generalization, a lot of them grow up thinking basketball is the way out of the ghetto. they didn’t have money before, so how are they suppose to have a sense of how money should be handled? stern has to be aware of this and should educate them on this. i think the rookie orientation probably touched on this, but probably only a few understand the importance of financial knowledge.
Feb.1 at 7:33 pm
illydiva says:
Althought it’s difficult to understand how it happens to come from nothing, get rich and then lose it all. It’s more difficult to be sympathetic when the majority of folks are schlepping their way thru jobs they hate, making way less and manage to be financially successful or at least comfortable. Some of these guys must have at least HEARD it’s possible to lose it all. After the initial splurge though, how much more foolishness do you need to buy? It must be harder to tell your peeps no than we imagine, but I couldn’t allow leeches to live off me indefinitely at my own peril.
Feb.1 at 9:28 pm
Pat Is Five says:
heres where making europe is almost definitely better than making the L. in a foreign country with less but still substantial income, and less pressures to roll hard from the crew, im guessing theres better money management.
Feb.1 at 9:38 pm
will lee says:
Slam should publish a special issue just about life of nba ballers after 5 years. Like if Shawn Kemp is working in a gas station. PLEASE!!!
Feb.1 at 11:27 pm
bullsmichaeljordan23 says:
????????????????????
Feb.1 at 11:44 pm
Watford says:
where are all the articles of rage complaining about this? it happened with andrew bogat.
Feb.2 at 12:02 am
Melanie says:
wow jason caffey was gettin’ more butts than an ashtray.
Feb.2 at 3:04 am
gdon says:
Does Phil Jackson give out books to his players before EVERY game?
Feb.2 at 8:05 am
Ben says:
I’m less outraged about the ‘you can’t jump from hischool to the pros’ rule than I was before reading this article. Mabye that 60% would be far less is these guys had an education.
Feb.2 at 8:31 am
Sesa says:
Can anyone think investments?
Stocks?
Even Drew Gooden invested in real estate.
Don’t you think these players should hire a personal financial advisor instead of just relying on their sports agent?
Feb.2 at 1:03 pm
Roscoe says:
I don’t think education has anything to do with it. When I was in college they didn’t teach us what to do if we got rich. Knowing not to blow some money as soon as you got it was something you learned from life experience.
Feb.2 at 2:04 pm
The Notorious King says:
thats how starbury will end up with those cheap shoes
Feb.4 at 2:02 am
Steve says:
If I were earning an NBA player’s salary I’d be investing a significant amount of it. You need to have something other than your salary (which won’t be there forever) to rely on. Apparently Magic Johnson owns a couple of gyms. Some players could learn from his example.
Feb.4 at 2:25 am
Reno says:
There is a banking facility that automatically cuts a few percent of your savings account monthly, the percentage is totally up to the customer’s, it has its own time span, after a few years, you get to collect it…My monthly salary is an equal to an ant’s booger compared to that of NBA Players, but I still got calls from Banks asking me whether I was interested in using that auto-saving facility, im surprised that many NBA players have never heard about this..or maybe they have
Feb.4 at 8:22 am
babaganoush says:
Matt Bonner saves every penny he earns. He used to go to games and practices via bus and subway then when traded to San Antonio he finally bough a car, a Pontiac Grand Am cuze of gas millage and leg room. And he bough it in Pensylvenia so he can save the sales tax! And he’s a millionaire!!!
Feb.4 at 12:21 pm
lane says:
why is this a story ? who cares - guys get paid millions to play hoops and can’t budget? That is their fault. And Shaq mght have his money in Florida real estate — which would mean he will be taking a loss because that market has dipped dramatically.