More
Jose Calderon explains why NBA players go broke post-career

Jose Calderon explains why NBA players go broke post-career

The following article first appeared on BasketballNetwork.net:

It’s a story we’ve heard too many times: A successful NBA player filed for bankruptcy. Then, you Google his career earnings and wonder, "How the hell do you make so much money and go broke?” It turns out it’s easier than you think.

That’s why Chris Paul started speaking up about it, Tracy McGrady started a program to help young athletes, Charles Barkley tells young kids they’ve “got a better chance of being a doctor than playing in the NBA," and Antoine Walker wrote a book about his story.

So, why do some NBA players have these financial issues, especially after retirement? Professional athletes often provide for a large number of people and take care of their livelihoods. Add a lack of education, particularly when it comes to financial literacy, and things get under you quickly.

But part of it is human nature. It’s the same thing that caused the housing bubble. You buy stuff you can’t really afford right now because you believe you’ll get that promotion, that pay bump — that next contract. Jose Calderon says he saw this far too often during his playing days.

“The problem with some of the guys is they think too much about the second contract. ‘When I sign the second contract, I’ll be set,’" Calderon said. "You have to be living by what you have in your first contract. That’s all you have. There is nothing else signed.”

Just think of Isaiah Thomas. In Boston, he was The King of the Fourth, putting up monster numbers and receiving MVP votes. Thomas was expecting to sign a max contract and talked about how the Celtics "better bring out the Brinks truck." However, injuries hurt his value and he’s currently out of the league with career earnings of $31,309,253 (though he's still working out for teams in hopes of resuming his NBA career). Future contracts are fool's gold.

The NBA and NBPA have done a great job of helping their players learn about the traps of debt and how to properly manage their money. Veteran players have also done a lot by openly talking about their mistakes and mentoring young players. 

That’s how you get guys like Jayson Tatum, who doesn’t spend the money from his contract with the Celtics and instead lives solely off of what he earns through endorsements and similar gigs. Calderon did the same thing. 

“That was my key – I was always low profile, trying to save as much money as I could,” Calderon said.

Check out more articles from BasketballNetwork.net here.

MORE:
NBA News
Kids KN95 Masks
Kids KN95 Masks
Stem Cell Therapy Mexico - Puerto Vallarta
Latest Injuries
Goran Dragic
Illness
Dragic is questionable for Monday's (Jan. 23) game against Atlanta.
2023-01-23
Chimezie Metu
Knee
Metu is questionable for Monday's (Jan. 23) game against Memphis.
2023-01-23
Immanuel Quickley
Knee
Quickley did not play in Sunday's (Jan. 22) game against Toronto.
2023-01-23
Michael Porter Jr.
Personal
Porter Jr. did not play in Sunday's (Jan. 22) game against Oklahoma City.
2023-01-23
Deandre Ayton
Illness
Ayton did not play in Sunday's (Jan. 22) game against Memphis.
2023-01-23
OG Anunoby
Ankle
Anunoby did not play in Sunday's (Jan. 22) game against New York.
2023-01-23
Kristaps Porzingis
Ankle
The Wizards announced that Porzingis is week-to-week with a sprained left ankle.
2023-01-23
Landry Shamet
Foot
Shamet did not play in Sunday's (Jan. 22) game against Memphis.
2023-01-23
Nikola Jokic
Hamstring
Jokic did not play in Sunday's (Jan. 22) game against Oklahoma City.
2023-01-23
Dalano Banton
Hip
Banton did not play in Sunday's (Jan. 22) game against New York.
2023-01-23
Stem Cell Therapy Mexico - Puerto Vallarta
Lingerie
Costumes
Dresses
Sexy Lingerie
Subscribe to our newsletter
SUBSCRIBE
Follow Us
Download Our App!
Stay up-to-date on all things NBA
Download the BasketballNews.com App on the App Store
Download the BasketballNews.com App on the Google Play Store
Copyright © BasketballNews.com 2020. All Rights Reserved.
NBA News & Rumors