An ex-NBA player who made $60 million discusses what happens to your money when you sign a multi-million dollar contract.
Josh Childress, a former NBA player who made over $60 million after graduating from Stanford, is now playing professionally in Australia. Childress was asked how professional athletes go broke during an interview with Grit Media. Despite earning less money today than when he was in the NBA, Childress believes he has avoided the financial issues that some other sportsmen have suffered. Childress, the sixth selection in the 2004 NBA Draft who got a four-year rookie contract for $11.7 million, believes the first error players make is overestimating their financial resources. "The first error is that individuals say, 'OK, I've got $11 million.'" said Childress "You have five [million dollars after taxes] spread out over four years. So that million-dollar mansion you believed you had $11 million, but actually had $10 million more, becomes more costly. Most men purchase their mothers a house, a vehicle, or anything else. They purchase an automobile for themselves