The purpose of my website is to educate and of course guide you to making the best decisions possible. Recently in the news, ex-NBA stars such as Scottie Pippen and Latrell Sprewell had there times of financial crisis. After basketball there is so much ahead of you! Planning is very important and making smart decisions is the key to staying out of these situation. Here are the stories of players who’ve had problems gathering it together after their pro basketball career was over.
Scottie Pippen – Former Chicago Bulls Player
Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.
Latrell Sprewell
Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?
Excerpts taken from full Yahoo! report..read more here
I do know that the NBA currently has a program for ex-NBA players and their transition after basketball. It is important to have path or at least a mentor to help you find your new career.
latrell sprewell was an absolute idiot what happened to him is no surprise
perhaps he was too arrogant
Hi. I’ve been reading your site. Thanks for your stories. Ive been playing pro ball overseas now for about 6 years. I’ve been trying to plan for my life after ball as to what I would do to make money, especially now with a wife and son. Anyway, just wanted to say I appreciate your site. Take care. God bless
Thanks alot Kel. I hope the future articles will help as well. Good luck with your ventures!
Its saddening to know that inspite having a very colorful basketball careers and in the process they have earned millions for themselves, they unfortunately landed in the arena of bankruptcy. If I may suggest, there’s this nice book entitled “the richest man in babylon written by george clason”. Its a beautiful guide o how to use, protect and make hard earned money grow and in the process avoid unwanted debts.