For the 2020 NBA season, the average player salary is $7.7 million. Now someone like me who has never even seen $100,000 in-person can’t even imagine how much money that is. Sports Illustrated in 2009 made an article stating that 60% of players go broke after five years of retirement. My question for thought is how can someone with all this money lose it to never see it again?
If we look at history, there have been notable names who have been financially low on money after having a successful career in the NBA such as Allen Iverson, Dennis Rodman, and Shawn Kemp to name a few. That being said, we can say that players who aren’t good stewards of their money can easily lose it.
I believe this is an issue that current NBA players should take heed of because of the way their lifestyle is. Players need to realize that it is easy to get caught up in careless spending if they’re not financially literate with their money. I believe each of the players I mentioned never imagined they would lose their money one day, and the same thing can happen today. There’s an ESPN 30 for 30 called “Broke,” which I encourage people to view if they haven’t yet for a better understanding of the issue.