According to relevant statistics, as many as 60% of NBA players will declare bankruptcy within five years of retirement. This may make many people puzzled. These players easily make millions every year when they play. Even tens of millions, why can they declare bankruptcy in just a few years? Barkley also talked about this on the show, and he was also blunt: "Lack of financial awareness, not changing the extravagant life, a large group of friends, friends, and illegitimate children, this will make most players face bankruptcy!"
Barkley’s words still make sense. Many NBA players were under twenty when they first entered the league. There were also some who entered the league as soon as they graduated from high school. In the league they entered, these children’s financial awareness is not mature, and they have developed extravagant consumption habits. This habit will continue after retirement. In addition, there is no stable income after retirement, and most players will go bankrupt. It won't be surprising.
Former Knicks center Eddie Curry is a good example of his career. Even though he has a career loss of 1,050 million dollars A loan of 1.2 million US dollars. But even though he was already in debt, he still failed to change his living habits. Although he was bankrupt, he still had to pay one thousand U.S. dollars for cable television every month and six thousand to the private chef every month. It wasn't until 2012 that the court pronounced that Curry 's property was forcibly deprived of his property, and his mansion in Chicago was also publicly auctioned off. He didn't realize his condition, but it was too late.
The former green army fat head Anthony Walker is a typical example of bankruptcy due to bad habitsYou must know that his entire NBA career earned $108 million, but he entered the bankruptcy court two years after retiring. The reasons that led to his bankruptcy were gambling and investment failures, which also made him suddenly burdened with a huge debt, which also made the former Green Army champion have to auction his championship ring to pay off the debt.
The entangled ex-girlfriends and illegitimate children are also the main reasons for the bankruptcy of many NBA players. That's it. He was a playboy when he was a player. He had given birth to a child with eight women, and the constant lawsuits every day had to make him choose to retire early to resolve. A large number of child support payments also made him declared bankrupt in 2007. He was arrested by the police because he could not pay the support payments.
As Barkley said, not all players can become commentators or coaches or continue to engage in basketball-related occupations like him after retirement. Many players have not established a good sense of financial management and cannot change their extravagant consumption consciousness during the playing period. So bankruptcy is a matter of time.
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