Many American Basketball Players (NBA) soon became a millionaire at a very young age. However, most of the quickly went bankrupt after retirement because of the wrong decision.
According to Sports Illustrated, 60% of NBA players go bankrupt within 5 years of retirement. This is a shocking figure for basketball fans to know that the NBA is the highest paid sports tournament in the world.
Allen Iverson and Antoine Walker are the two most famous cases of bankruptcy quickly after retirement, despite making hundreds of millions of dollars in their careers. While Walker spends a lot of time talking to the younger generation about his mistakes, Iverson is saving money every year from the shoe deal he signed with Reebok.
Antoine Walker was a good player and made more than $ 100 million in his career, but he quickly went bankrupt after retirement because of unreasonable spending decisions.
Most basketball players before they go to the NBA spend their days in unpaid high school and college. The high school basketball system rules and the NCAA Division 1 (the highest ranked student basketball tournament in the US) do not allow players to receive payouts while playing.
In 2020, the NBA G-League (the lower division of the NBA) will allow teams to recruit excellent talent in high school. In addition, leaving the United States to compete professionally after high school is also selected by some players. However, this option brings a lot of risks and not too many salty players.
Playing in the NBA turns many players from nothing into a millionaire at a very young age. According to the Basketball Reference, the average salary of players playing in the NBA is nearly 7 million USD / year.
The players also quickly became bogged down when they suddenly had a large amount of money. They use the money they earn to satisfy their personal needs or to take care of family and friends. Players tend to spend a lot of money on supercars, expensive jewelry and flowerbeds in the United States.
They are even willing to use their money to buy houses and other expensive assets for friends or relatives. Unfortunately, it is this that makes many players infected with playboy habits and not thinking about the future. Sadly, the number of such players accounts for more than half of the NBA.