Derrick Coleman is a case in point of wrong investment. The former 52-year-old player earned $ 87 million in his career, but he quickly went bankrupt after retirement due to a mistake in investing. Coleman was economically depleted by a decision to invest in real estate in Detroit.
Meanwhile, Kevin Garnett and Tim Duncan were siphoned off by their financial advisors. Duncan once sued financial advisor Charles Augustus Banks IV to reclaim an amount of nearly 30 million dollars embezzled. However, Duncan only reclaimed $ 7.5 million, while the remaining amount has not been recovered until now.
The reason why NBA players are making millions of dollars
Duncan Duncan once sued his financial advisor to reclaim nearly $ 30 million that was embezzled.
Garnett also had to file a lawsuit against Banks IV hoping to reclaim a huge amount of 77 million USD was embezzled. So far Garnett has not been able to recover the money lost after 2 years of pursuing the lawsuit. It was fortunate to know that Garnett and Duncan were still not in bankruptcy, but the other players lost everything because of the wrong person.
Shaq O’Neal is a role model in getting rich after retirement with the right business decisions. He persisted in supplementing his business knowledge when he became an NBA player.
The 48-year-old legend is a rare player in NBA history with a doctorate degree. The huge amount of money earned in a career, plus business knowledge and support from the financial advisory team helps Shaq O’Neal become rich after retirement.
2.31 m body of the highest basketball player NBA history Manute Bol is known as the tallest player in NBA basketball history. Bol’s playing quality is at average, but he makes good use of his height advantage to defend.