According to the National Basketball Association, it has been documented that 60% of all NBA players are broke after 5 years of their professional careers coming to an end. Some of the league’s brightest stars over the years have made poor financial decisions after retirement that have really put them in a bind and leaves the world to wonder how any one person can lose so much money.
In 2005, NBA star turned analyst Charles Barkley admitted “After four years in the league, I was dead broke.” Barkley also revealed he gave money away to whomever needed it feeling “the burden of forgetting where I came from”.
Fortunately for TNT and all fans of the NBA, Barkley recovered by hiring a reputable agent and making sound investments. Unfortunately, the list of ex NBA players with financial dispair outweigh the list of feel good stories.
This epidemic spreads across all professional sports and touches athletes of both genres and all races. However black athletes from poor upbringings are affected the hardest. As cliche as it may sound, education could prevent many, if not all of these pitfalls. If you’re a student athlete with pro potential, “Financial Analysis 101″ & “Child Support 101A” should be required classes.
Even then, one year of pretend class work can’t undue a lifetime of learned experiences. There has to be a cultural shift in thinking. Drive one car. Live in one house. Wear a shirt more than once. Make extended family pay for their own dinner. Learn to say NO. Live the life of a retiree-once you’ve retired. Loan money, don’t give it away. Request a background check on your investment broker. Pay your taxes. Read the fine print. Don’t start expensive habits- gambling, drugs, alcoholism, etc. Wear condoms…every time!!
Here’s a list of our top ten casualties:
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#10: Jason Caffey
Jason Caffey wasn’t a star by no means during his NBA career, but he did manage to make up to $29 million during his time as a professional athlete. He had to support eight children from eight different mothers and filed for bankcruptcy in 2007.
#9: Vin Baker
Vin Baker was in his prime during the early and mid ’90s and played for seven different teams, earning $90 million over the course of his career. He delved into the dark world of alcoholism and gambling and tried to start a chain of restaurants, which he named the Vin Baker Fish House. Vin’s restaurant business ultimately failed, which resulted in him owing up to $1 million for that endeavor.
#8: Rick Mahorn
Rick Mahorn was at the top of his game during the 80s and early 90s, so the amount of money he made over the course of his career ($6 million) is nothing like what athletes make today. But despite pulling in six figures as a commentator for the Detroit Pistons, he and his wife had just over $1,000 when they filed for bankruptcy a few years ago.
#7: Kenny Anderson
Kenny Anderson, AKA, Basketball Wives’ Tami’s ex-husband had a 15-year NBA career and made up to $60 million as a professional athlete, but a number of different issues resulted in him losing his fortune. Kenny racked up almost $41,000 in monthly expenses, and things got really ugly when he had to pay child support for his 8 kids. In 2005, he filed for bankruptcy because of 8 luxury cars he kept in the garage of a mansion and used $10,000 a month to spend on himself. Reckless spending, to say the least, led to Kenny’s financial demise.
#6: Latrell Sprewell
We couldn’t forget the guy who choked his coach…Latrell Sprewell was always known as a hot head in the NBA but regardless of his attitude, he was a great overall athlete with tremendous skill. But upon making some bad NBA contractual decisions, his fortune began to dwindle.
He made up to $100 million during his career spent playing with 3 teams but then declined a $30 million extension with the Minnesota Timberwolves which was his first bad move. Since then, he had a number of assets seized and a home foreclosed on and owed to $3.5 million in taxes in one state alone.
#5: Shawn Kemp
Shawn Kemp was one of the more powerful, dominant athletes in the NBA and was able to bring in over $90 million while in the league. He was unstoppable on the court, but it was off the hardwood where he made his mistakes. Kemp owed millions in alimony and child support and when he got into drugs, that led to arrests and ultimately led the former superstar to file for bankruptcy.
#4: Scottie Pippen
Forever known as the ‘Robin’ to the ‘Batman’, Scottie Pippen was one of the more popular professional athletes playing next to Michael Jordan and winning 6 NBA titles together. Over the course of his 21-year career, Pippen made over $120 million, but as a result of several failed business ventures, he lost up to $27 million and the purchase of a $4.3 million jet didn’t help him at all.
#3: Derrick Coleman
Derrick Coleman earned up to $87 million over a 15 year NBA career with teams such as the Nets, 76ers, Hornets, and Pistons. His financial demise started when he invested millions of dollars in struggling economies in the Detroit area that really had no pay off. He attempted to create new jobs and businesses, but his plans backfired as a result of the poor economy in that area. He ultimately filed for bankruptcy and owed creditors $4.7 million.
#2: Allen Iverson
Allen Iverson, who was also known as “The Answer” or just simplly “A.I.” was one of the more popular NBA athletes in the ’90s and 2000′s and earned up to $154 million over the course of his career.
Not much is known as to how he lost all that money, but he subsequently went to play for several overseas teams. At one point he owed close to $860,000 to a jeweler and the rap career he embarked on while he was still playing didn’t help either as he failed to move any units. Allen Iverson recently signed a contract to play in the Dominican Republic for one-month. The contract is for $22,000.
#1: Antoine Walker
Antoine Walker, AKA , the man who put Basketball Wives’ star Evelyn Lozada on the map, made up to $110 million over the span of his 12 -year NBA career, but he wanted to live a lavish lifestyle, which was ultimately the cause of his financial demise. It was stated that he would look out for 70+ friends and family members in more ways than one. Material possessions such as a large number of luxury vehicles and houses also added to his on-going issues. He owed more than $4 million to creditors. It has been reported by multiple sources that Antoine Walker currently has no car, needs a roomate to pay rent & is failing in the D-League.
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