CJ McCollum estimates 1/3 of players live paycheck to paycheck

[azcatz11]

This is a bit shocking. The average salary is almost $8M. I would say, however, that giving anyone that much money, in any walk of life, that early would result in a similar situation...

[lonzo_pelota]

look at the exotic cars and custom jewelry, and then the new 2sizes too small designer outfits the players wear only 1 time to each game , i believe it 100%

[Mogspan]

They get paid millions of dollars for having long arms, not for being good with numbers/finances

[Wallace_Wallace]

When I watched the 30 for 30 documentary “Broke”, the combination of bad investment, trusting in the wrong people with their money and their own fancy life style, money can disappear just as quick as they earn it.

Also, taxes play a huuuuuge part as well. Just because the contract said 8 million a year, you’ll probably take home closer to 4 million dollars

[Andrew_M08]

This is why lot's of NBA players go broke after retirement. Once the money stops coming in the reckless spending catches up

[HMFFL]

This is a bit shocking. The average salary is almost $8M. I would say, however, that giving anyone that much money, in any walk of life, that early would result in a similar situation...

It's not shocking at all all.
It's been well known that most live like that because we have to hear about their sob stories later on in their life.

Many of the players live double lifes, multiple women, kids from other women (some don't know about one another), all the cars (insurance!), imagine how many family/friends are linked to their cell phones, and that's just a few of the things.

The NBA pension program is fantastic for when the players retire. The ones who have a length career receive a six figures, three year players receive $56,988k yeah after they turn 62 years old, and the NBA has a wonderful 401k plan, if the players decide to use it. Nice support system for the ones that don't save.



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[Pythagoras]

I’ve always thought a lot of these guys problems is trying to “take care of too many people” and taxes, more than living lavishly.

[azcatz11]

Sorry - would help if I posted the link

https://nba.nbcsports.com/2020/04/07/cj-mccollum-estimates-one-third-of-nba-players-live-paycheck-to-paycheck/

[Anticon]

Surprised it isnt more really. A lot of people are like that; NBA players are no different.

[Slacktard]

Many people live beyond their likely "long-term" means and Athletes/singers/actors/etc... Do that a lot. They live like the money they make right now is going to continue st that level, when it is most likely going to substantially drop-off much faster than someone at a normal career

[RaptorPride]

You guys gotta understand it doesn't matter how much you make its all your mindset.

[andyhop]

This is a bit shocking. The average salary is almost $8M. I would say, however, that giving anyone that much money, in any walk of life, that early would result in a similar situation...

Using the mean as the average is wrong much better to use the median value

[Harcore Fenton Mun]

I mean, probably the same amount of people on here do too.

How many of you have 3-4 month of expenses in your bank?

[zimpy27]

I always wonder who goes to these clubs and spend 1k on a bottle of fancy ethanol. That's a great way of blowing through money without anything to show for it.

These guys would have to be spending 10k a day.

[Jay 20]

They might make 100 times what some of us make, but in some cases they're bills/cost of living is 100 times more than ours too.

[kenwood3333]

The simplest solution to this problem is to remove the team cap, increase contract length, so that players get paid even more to the point where they will have trouble spending them? After all owners are perceived as evil billionaires and they should pass their wealth to players.

[AdagioPace]

Well they need to stop eating caviar on a daily basis. Its a start. Of course stopping paying your limo driver is not that easy. I understand you cant simply disentangle yourself from that life

[HollowEarth]

I mean, probably the same amount of people on here do too.

How many of you have 3-4 month of expenses in your bank?

This. People don't need loads of bathrooms, central air, giant kitchens, pools, new cars, dope lawnmowers, electric chainsaws, those projector that put ghosts on your house for halloween, grass, really grass is useless, cable, flat screens. A lot of the U.S. is living paycheck to paycheck. The attitude just looks a lot stranger when you watch somebody burn through a six figure paycheck.

Big example: Mitsubishi Mirage. It's a little car designed for Southeast Asia. Mitsubishi has been trying to sell them over here. It's got room for four passengers, a big hatch, fold down seats, safety features, backup cameras, a touchscreen, great fuel economy, a cvt, good reliability, and it's cheap to maintain. Nobody buys them. If your neighbor gets a heavy duty truck, lifts it, and decks it out with chrome and bedliner, a lot of folks feel like, "How the hell am I gonna park a little Vietnamese-market hatchback next to that?" NBA guys are making that decision on bigger scale. When they're parking between a Ferrari and an Aston Martin, they're thinking, "How the hell am I gonna park this dumb work truck between a bunch of supercars?"

[TMU]

What’s new? Most NBA athletes have been notorious for their lack of financial discipline. I can’t commiserate with those making 7 figures and somehow end up broke shortly after their professional retirement.

[Wallace_Wallace]

I mean, probably the same amount of people on here do too.

How many of you have 3-4 month of expenses in your bank?

This. People don't need loads of bathrooms, central air, giant kitchens, pools, new cars, dope lawnmowers, electric chainsaws, those projector that put ghosts on your house for halloween, grass, really grass is useless, cable, flat screens. A lot of the U.S. is living paycheck to paycheck. The attitude just looks a lot stranger when you watch somebody burn through a six figure paycheck.

Big example: Mitsubishi Mirage. It's a little car designed for Southeast Asia. Mitsubishi has been trying to sell them over here. It's got room for four passengers, a big hatch, fold down seats, safety features, backup cameras, a touchscreen, great fuel economy, a cvt, good reliability, and it's cheap to maintain. Nobody buys them. If your neighbor gets a heavy duty truck, lifts it, and decks it out with chrome and bedliner, a lot of folks feel like, "How the hell am I gonna park a little Vietnamese-market hatchback next to that?" NBA guys are making that decision on bigger scale. When they're parking between a Ferrari and an Aston Martin, they're thinking, "How the hell am I gonna park this dumb work truck between a bunch of supercars?"

I thought of this line from Lil' Wayne from way back that says something along the lines of, "I got 10 bathrooms, I can **** all day!"