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When Playing Pays Really Well: Money Lessons from Basketball Stars

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Aneth Ng-Lim

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/09/25/curry.jpg"/><figcaption>National Basketball Association (NBA) celebrity Steph Curry emerges to greet the audience during a Basketball event at the SM Mall of Asia (MOA) Arena, Friday, September 07, 2018. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Golden State Warriors guard Stephen Curry was in Manila early September and packed many activities during his three-day visit. He led the opening of the UAAP season 81, rode a jeepney, sampled halo-halo, and even made a young boy’s wish come true by spending one-on-one court time together. Sadly, he didn’t get the chance to talk about his financial planning during his several media interviews.</p><p>I’m no basketball fan, but even I know that successful basketball players make a great deal of money. Curry is finally reaping the rewards of his two-time MVP performance on the NBA court – he has the highest single-season salary ever after signing a five-year, $201 million contract earlier this year with his team. But just last year, his season salary was $12.1 million and he ranked a low 82nd among all NBA players. </p><p>The fact that he was making a lot less yet giving one impressive performance after another on the court was a subject that would come up in his interviews with journalists. Curry gave a great answer, which earned a spot in my all-time best money advice. </p><p>Here’s what Curry had to say, as well as financial tips and sage life advice from other basketball greats.</p><div><strong>Steph Curry</strong></div><p>Never count another man’s money. In an interview with Tim Kawakami of The Mercury News last year, Curry candidly addressed the issue that he was not as well paid as his peers and talked about the advice his father and former NBA player Dell Curry gave him. </p><p>&quot;One thing my pops always told me is you never count another man&#x27;s money. It&#x27;s what you&#x27;ve got and how you take care of it. And if I&#x27;m complaining about $44 million over four years, then I&#x27;ve got other issues in my life.&quot;</p><div><strong>LeBron James</strong></div><p>Every experience is a teacher. With Curry’s new contract, Los Angeles Lakers’ forward LeBron James slipped to rank #2 among the highest paid NBA players. But what’s one record lost to this basketball superstar who has since made history in other fields including business and philanthropy.</p><p>In August, he opened the I Promise School in his hometown in Akron, Ohio, providing 240 3rd and 4th graders tuition, uniforms, breakfast, lunch and snacks, transportation within 2 miles, bicycle and helmet, access to food pantry for the family and guaranteed college tuition for University of Akron to all graduates. Parents also receive job placement services, prompting one of the school’s teachers to say that James created the kind of nurturing environment he wanted and needed for himself and his mother while growing up. </p><p>On opening day, James told CNBC: “I want every kid that walk through these doors to be inspired.” In his interview with Bleacher Report that went viral, we can see the drive behind James’ generosity: “Everything I do comes from my childhood, from my growing up, and what I feel was part of my success.” </p><div><strong>Michael Jordan</strong></div><p>If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it. Former Chicago Bulls guard/forward Michael Jordan was reported to have an estimated net worth of some $1.31 billion in 2017. But did you know that most of that did not come from basketball, but from business interests and investments?</p><p>He earned around $90 million as a player throughout his NBA career and that’s a neat nest egg but it was Jordan’s non-conformity that helped him reap the rest. Even before his first official game, Nike signed him on as endorser, but NBA banned him from wearing Nike shoes. He wore the shoes anyway, Nike paid the fines, and the Air Jordan empire was born.</p><div><strong>Antoine Walker</strong></div><p>Think about the future, not just the here and now. This Boston Celtics forward made $108 million in career earnings, more than Jordan did, but ended up filing for bankruptcy and attempting a career comeback to turn his finances around. </p><p>Looking back, Walker admitted that he spent what he earned and while he was playing, he would keep as many as six to seven cars. The Sportster.com reported he supported an entourage of some 70 people and once described himself as an open ATM card. He also became addicted to gambling and would go to casinos with Michael Jordan (who probably had deeper pockets and could afford it). Walker was later arrested for racking up gambling debts and also landed in a real estate controversy. </p><p>In an interview with @cainelovescali, Walker shares this advice: “You can still enjoy your life to the fullest but preserve some of that wealth for your kids and for their kids.”</p><p>Walker is actually not alone as CNBC reported around 60 percent of NBA players go broke within five years of leaving the league. That’s because keeping up with the Joneses can be financially crippling for athletes that find themselves at the receiving end of huge paychecks for the first time. And while you and I will not find ourselves in the NBA roster, the life lessons of these four players can still be life-changing for us.</p>

<p>Curry is finally reaping the rewards of his two-time MVP performance on the NBA court – he has the highest single-season salary ever after signing a five-year, $201 million contract earlier this year with his team</p>

Curry is finally reaping the rewards of his two-time MVP performance on the NBA court – he has the highest single-season salary ever after signing a five-year, $201 million contract earlier this year with his team