That is what CJ McCollum is believes is the state for 1/3 of the current NBA players. Anyone want to donate some money? Fortunately, CJ who makes ~$27,500,,000 this YEAR thinks he will be okay. "I have been strategically investing," McCollum said. "Diversifying my portfolio. Learning more about other ventures and things of interest to where I am stable even though the market has been terrible. I've diversified enough where it doesn't really hurt me." Thank goodness he isn't making only $20,000,000 a year. He could be in real trouble. https://www.yahoo.com/sports/cj-mccollum-suggests-150-nba-211343398.html
I think the min salary is about 900K, so if you're not smart with your money I can see how you could blow through 75K a month. But I doubt 1/3 of the league is getting league min (esp since that's the league min if you have 0 experience). So let's say the league min is about 2 million. Again, I doubt a third of the league is making 2 million a year (or 166K a month). I don't feel sorry for people who are getting paid 3x the average US salary..per month...and are living pay check to pay check.
He probably is not wrong. He also is correct in the fact that yes you have to diversify and think about more than one option. I too always have a plan B.
I think these people that blow all their salary when making millions would blow most of it even if they make 50x that amount or a billion. Its not as though NBA players are the only ones to struggle with personal finance, most of the country does and is paycheck to paycheck even when making six figures. Doctors are actually a group that often make very poor personal finance decisions. They are obviously extremely intelligent. But the number of Doctors that are broke while making multiple six figures per year is astounding. It's not just huge student loans either. Some will have luxury cars, vacations, fancy houses, etc but nothing in the bank and huge loans even besides school.
I guess some haven't been able to dog on McCollum for awhile so they have to take an innocent statement and twist it into a negative for their satisfaction. It's been well documented over the years that some athletes and entertainers blow their money and struggle making it after they retire due to poor investments and living beyond their means when the big paychecks stop coming in.
This just reminds me of the show ballers on HBO, I think it does a great job of explaining and demonstrating how some of these guys live and go broke. Unfortunately a lot of these guys come from difficult backgrounds and have no money sense.
I made 11 bucks an hour working in a computer chip factory 20 years ago. I told the plant manager that I needed a raise. This guy had a Corvette, a Harley and a Harley Davidson F150. I heard he had a huge house. He tells me no, but he needed a raise too. I said bullshit and he said "the more you make, the more you spend" I should have thrown him out his office window but thinking back on it....he was right.
Who has said anything negative towards CJ? Everyone has been discussing what he said. He's 100% correct. There hasn't been 1 negative comment thus far.
Coming from difficult backgrounds (or for that matter affluent backgrounds) is not a good predictor of how someone manages money. (It does have some influence, but it's not the predominate factor).
Me too. I don't feel sorry for these guys. No one needs 6 cars, three houses, hundreds of thousands in jewellery, $20,000+ rugs, etc etc...its ridiculous
What is wrong with this kid..smh. My guy doesn't even own a car and just bought his first home after 7+ years in the league and makes way more money than Herro.
If Herro spent $600k already, he is definitely living check to check and may be sweating if they miss their next check. I mean he could tap into his savings, but shouldn't need to be doing that already.
