NBA has a mind blowing amazing 401k plan. There are various ways to avoid this fate, via IRAs or index funds or smart/simple investments such as franchise restaurants. But none of that matters when so many black NBA players are financially illiterate, come from poverty, and are surrounded by desperate relatives.
It's easy to waste money when you never had money. People are acting like he got a lump sum of 60mil. Nah he got a few million yearly, and a large portion of that went to taxes. He didn't pocket 60mil, I doubt that was his net gross. Now add in either paying taxes late so you get late fees, not paying taxes at all so you get fukked by the IRS, or paying wack accountants who steal from you. Add in all the money he gave away to family members. The bad business decisions he made because his uncle had an "idea." The big house with big expenses. The six figure cars. Maybe he bought a yacht too, who knows. All that adds up to becoming broke when you aren't watching your money.
For all the 6'9 Coli brehs who will make the league soon: max your 401k contribution yearly. Look up a reputable accounting firm, NOT some local accountant with a small office on the corner somewhere. Talk to a financial planner or advisor at a reputable place like Charles Schwab, Vanguard, Merril Lynch etc. Invest in an index fund, like the Vanguard one. Pay your taxes - remember if you buy a house with cash you have to pay property taxes yearly. Don't bust nuts in women you aren't married to. Get a high yield savings account and throw some money in there yearly. Instead of giving money to family every time they ask, set up a trust fund for the family members you fukk with.
