60% of NBA Players Go Broke After 5 Years of Retirement
The NBA Players’ Association met with the Toronto Raptors recently to discuss financial prudence among players and during that meeting cited a statistic that scared the heck out of most of the team. It was said that 60% of NBA players go broke after only 5 years of retirement. That statistic however is said to be an educated estimate and some players actually have a hard time believing it. The statistic could be used as a scare tactic, but it is definitely something these players should be paying attention to.
“Sixty percent is a ballpark. But we’ve seen a lot of guys who’ve really come into hard times five years after they leave the league,” said Roy Hinson, the former NBA forward who’s a representative for the players’ association. “The problems are, for a lot of guys, they have a lot of cars, they have multiple homes, and they’re taking care of their parents. They’re taking care of a whole host of issues. And the checks aren’t coming in anymore.”
We’ve all heard the stories of NBA players owning 15 cars and 5 vacation homes. The sad part is most of these players lack educations and support outside of their posses and families.
Back in October, Jason Caffey, who made an estimated $29 million during his eight-year NBA career, was in bankruptcy court seeking protection from his creditors, among them the seven women with whom he fathered eight children.
Remember former Chicago Bull, 6 time NBA Champion, Michael Jordan running mate and top 50 player of all-time Scottie Pippen? Just 2 years removed from retirement, Pippen was back in the news looking to make an NBA comeback to a team that was a title contender. NBA teams laughed at a Pippen return which was later rumored to be based on his poor financial standing. The rise and fall of Pippen was so drastic that he was seen overseas playing 2 games for Finnish powerhouse, Helsinki ToPo to make a little cash.
Besides the fact that players fork out all of this dough for houses, cars and cable bills you still can’t forget that many of them have multiple children from multiple women. This is yet another expense that must be accounted for and child support is one of those bills that doesn’t go away for at least 18 years. Again, you can see how 5 years removed from an NBA career with 2-3 child support payments a month and you could run out of millions pretty damn fast.
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That's all sad and whatnot, but what about the average ambitious chick who has already sacrificed her womb and at least 18 years of her life by letting the team's Gatorade man hit it raw or stealing the discarded condoms of these future broke players under the impression that she would be forever "well taken care of"?!
What about future baby mamas who will not only have to worry about capturing the errant sperm of these athletes, but will have to research the marketability and endorsement potential of these men ahead of time?? TRIPLING their hoe-spriation work!!
It ain't right!
