Oklahoma City Thunder star Chris Paul wants pro players to discuss money more often.
Paul, who has made a staggering $260 million in contract money so far in his career, thinks players in the league don’t talk enough about financial security and good money management.
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Nobody talks about money, because it’s one of those uncomfortable things…I’ve heard so many stories. That’s why I try to talk to guys because it happens. This is a short career. In the grand scheme of life, this is a short career. You try to maximize it as much as possible. There’s the rookie transition program and all these different people that try and help you. But when you come in the NBA at 18 years old, you’re just thinking about basketball, basketball, basketball. You don’t even understand what health insurance is.
Anything that gets pro athletes talking about money management is a good thing. It just is. These players come into pro leagues as very young men, they get handed a ton of money and most of them have no idea what to do with it.
There are very few players ready to handle that kind of windfall. ESPN’s “Broke” did an insanely good job of showing how pro athletes blow their fortunes.
80% of NFL players go broke!
The reality of the situation is this, and it’s really unfortunate. Young men get surrounded by all their family, friends and women they have no business being around and the money disappears.
It disappears so fast they have no idea where it went.
On the other hand, I’ve watched young men who grew up with money get money of their own, and virtually nothing changes with them.
It has a lot to do with who you surround yourself with, and it’s truly that simple. Guys like Chris Paul should be more vocal about smart ways to handle your money.
Buying a bunch of cars, blowing it on dumb stuff and pretty much giving it away is a great way to find yourself broke.
I hope Paul gets the job done and starts a conversation about money in pro sports. It could save a few people from going bankrupt.