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. You'll be charged a 2-to-4% agency fee. You've secured the NBA escrow. As a result, the check is depleted."

Another critical issue, according to Childress, is the impact of senior players who earn significantly more money.

"Some of my veterans spent a bit more than others," stated Childress. "That's what you become used to if they are the people who take you under their wing. So you believe that's how it has to be, and that's how life is, and you get caught up in it, and you wind up spending far more than you should."

Childress claims that he did fall into a similar pattern during his career, but that he was able to keep his spending under control.

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