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.
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.