During the early 2000’s, back when I was making the transition from a kid to a young adult, my life was all about basketball. I caught the tail end of Michael Jordan’s career, and wondered how someone could have such an ideal career. He was well-spoken, exciting and played as if God Himself had created a perfect basketball player. When he retired in 1998, there was a void in my life, as if I lost a childhood hero.
|Photo Credit: Michael Wa (Creative Commons)|
No Skill on Money MattersThat’s why I find it incredibly sad to learn that the Iverson of today is essentially broke, having lost most of his money on entourages, debts and gambling. He made around $200 million during his playing career, which makes the fact that he managed to squander it in just a few years even more unbelievable.
Professional basketball players are often prone to bankruptcy after their playing career is over. Most of them don’t receive the right financial advice and spend like there’s no tomorrow. Another storybook example of financial ineptitude, former player Eddy Curry lost $60 million while still playing! He even managed to take out a loan for $850, 000 with an incredulous 85% interest rate.
Financially Savvy NBA StarsBut not all NBA players are clueless when it comes to managing funds. Michael Jordan recently had his net worth valued at $1 billion on the backs of Nike and a thriving sponsorship career. Even his purchase of the Charlotte Hornets back in 2010 for $175 million paid dividends, with the team now estimated at $600 million.
With proper financial management and sound business decisions, many NBA players have managed to grow their money, long after hanging up their sneakers.
Here are five NBA athletes who made their mark after their playing careers were over:
1. Jamal Mashburn
2. Shaquille O’Neal
3. Earvin “Magic” Johnson
4. Jonathan Bender
5. Obinna Ekezie
About the Author:
Bwayan Jordison is a gamer, toy collector and a forex trader at Metisetrade Inc.. He often writes articles to help and educate everyone about the foreign exchange market.