July 27th 2023.
Jaylen Brown recently signed the largest contract in NBA history, a whopping $304 million deal with the Boston Celtics. It's a huge amount of money and it's easy to understand why many professional athletes go broke after their playing days.
Josh Childress, who made over $60 million in his career, discussed why this happens. He explained that the first mistake is when people believe they have more money than they actually do. After taxes, agent fees, NBA escrow, and other expenses, the total amount left with them goes down drastically.
Childress was fortunate to be surrounded by veteran players who were financially intelligent and he was able to learn from them. Unfortunately, the opposite could have happened if he was around the wrong influence. He said, "Some of my veterans spent a little more than others. If those are the guys taking you under their wing, that's what you get used to. So that's how you think it has to be, and that's how you think the life is, and you get caught up in that, and you end up spending way more than you should."
Luckily, Childress was able to make the right choices and stay on track to be able to have money after his playing days were over. He hopes that other athletes can learn from his experience and make smart financial decisions.
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