Today is Wednesday. Let's talk about sports today. In particular, the NBA. Check this out below...
Top NBA Salaries
1. Kevin Garnett Boston $23,750,000
2. Michael Finley Dallas / San Antonio $21,696,750
3. Stephon Marbury New York $20,109,375
-. Allen Iverson Denver $20,109,375
5. Shaquille O'Neal Phoenix $20,000,000
6. Jason Kidd Dallas $19,728,000
7. Jermaine O'Neal Indiana $19,710,000
8. Chris Webber Golden State $19,596,244
9. Kobe Bryant LA Lakers $19,490,625
10. Tim Duncan San Antonio $19,014,187
-. Tracy McGrady Houston $19,014,187
12. Baron Davis Golden State $16,440,000
-. Shawn Marion Phoenix $16,440,000
-. Steve Francis Portland / Houston $16,440,000
15. Antawn Jamison Washington $16,360,095
-. Dirk Nowitzki Dallas $16,360,095
-. Paul Pierce Boston $16,360,095
18. Ray Allen Boston $16,000,000
19. Rashard Lewis Orlando $15,600,000
20. Ben Wallace Cleveland $15,500,000
As you can see, these dudes are BALLLLLIIIN'!!! But let's look deeper than that.
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 checks 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. "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? It's one thing if Bill Gates wants to do that. But when you're 22 years old and you don't even have kids yet, it's not good."
Kapono, then, wasn't the least bit surprised when a representative of the NBA Players' Association addressed the Raptors recently on matters of financial prudence. A statistic was cited during the meeting that startled some of the hoopsters. It was said that 60 per cent of retired NBA players go broke five years after their NBA paychecks stop arriving.
"How could that be?" said Jamario Moon, the Raptors rookie. "I don't want to believe that stat."
But that stat, used by the players' association to get the attention of young millionaires, is thought to be an educated estimate.
Public stories of NBAers in financial trouble occasionally make headlines. Back in October, Jason Caffey, who made an estimated $29 million during his eight-year NBA career, was in bankruptcy court seeking protection from his creditors, among them the seven women with whom he fathered eight children. And late last year Latrell Sprewell, who famously turned up his nose at a $21 million contract offer – "I've got to feed my family," was the money quote – had a yacht worth more than $1 million repossessed.
Hinson said the problems go far deeper than the headlines. The players' association has long recommended a financial firm that offers players free second opinions on their financial particulars, but getting players to act is a challenge.
"Sometimes you can stop the bleeding, and other times you can't stop the bleeding," said Hinson, who added that many players associate with "too many `yes' people."
"Sometimes you need someone to say, `No, you can't buy that.' I fell prey to that myself, and I know a lot of people I played with who had the same problem," said Hinson, whose 10-year career ended in the early 1990s.
"It takes a strong constitution and a good team of advisors around you to make sure you're doing the right things."
Ballin on a budget? Shopping with coupons? Probably not. In reality, some of these NBA dudes live just like most of us do...in/around/above our means. Keep in mind that an NBA contract is GUARANTEED!!! So if a bum...i mean player like Chris Webber signs a contract with a team that will pay him 60 million in 3 years...then that is the money that he will get. But Uncle Sam is gonna take his cut first! With the average player's salary having approximately doubled in a decade to $5.36 million, they have a huge start over people like us. What's your take? Do you feel for them? Do that make too much money? What can be done to prevent this from happening to others?