Top NBA Players Who Went Broke
To be able to play in the NBA or the National Basketball Association, you need a lifetime of dedication, training, and sacrifice. Thus, only the one who is not the best, but rather the best of the best, can make a place for himself in the court alongside the several legends.
However, unfortunately, your success with the ball may or may not translate into success in all the other aspects of the life, such as money and finances. It is the reason why it is so common to see a talented basketball player who experiences financial upheaval either during or after the heydays of his career. Let us take a look at some of the NBA players who lost it all.
In 2004, when Latrell was offered $21 million from Minnesota Timberwolves for a contract extension, he rejected it by saying that he has a family to feed. In his view, the money was too little for his stature. After this statement, the player did not sign an NBA contract in the 2004-05 season. Fortunately, when he retired, he had a hefty $97 million as savings.
But, all of it went into thin air in a span of just three years. It was primarily because of the yacht repossession and his subsequent default on the $1.5 million mortgages, which led to his house's foreclosure. Martin, an associate who offers online pay to do homework services, says that Latrell's tale is an exemplary of the bankruptcy and financial distress amongst once at the top NBA players.
David is about 7ft tall, and he had everything about him, which made him the perfect NBA player, at least in looks and stature. However, his talent was not on par with others. He played for Indiana for about four years, and in this period, he accumulated somewhere around $4.4 million. It is a massive amount of money for an average person and can easily last a while.
However, the same was not right for David. His fortune was washed away in 2013 when his credit card was declined for the first time. Post that, Harrison made some money by stock trading, but this is a gradual and slow fall from prosperity and is pitiful.
He had a nine-year-long career. In this time, he played across six teams and earned approximately $13 million. Kriss, an associate tutor who offers do my paper services for college students, says that though $13 is a considerable amount of money for an average person, it never seemed enough for Erick. All of his cash dwindled away in not more than a few bad moves.
In his case, it was just a bad case of taking advice from a friend who supposedly had a promising business prospect. Hence, he paid a massive amount of money to his friend for acquiring a piece of land, which was to bring in incredible returns.
Unfortunately, the friend duped him, and this piece of land was nowhere near as worthy as he was made to pay for it. So, Erick not only had a massive fall out with his friend but also was broke following it.
Every millionaire is expected to invest his money in wise ways. When Derrick exited from the NBA, he had vast earnings of $91 million. Unfortunately, he invested a massive chunk of his money in Detroit, Michigan, which was nothing but a poorly timed business venture.
In 2010, Coleman filed for bankruptcy, and that is when he owned millions to about fifty creditors. Harris, an educator who works with TAE, says that though Derrick has now bounced back, but his insolvency days are nothing short of heartbreaking.
Famously called the "Grandmama," Larry Johnson accumulated a lot of money through his NBA career, which accounted for about $83 million. So, that can be comprehended as a reasonably successful career. However, the problem was his personal life. Jannice, an online teacher who offers the best online fashion design courses, says that Johnson had a pretty unsuccessful or successful family life depending on how you perceive it. He was with four different women and fathered five children at one time. That added up to handsome child support. He was to pay out about $900,000 in debt to one woman. To keep up, he had to give up his Orange County, California home worth $800,000 to get rid of all the debt. The remainder of the money was drained by 2015.
To believe that you can financially assist your friends or family by winning a lottery is a bit too much to ask from your luck. The persistent feeling of generosity and charity can be wonderful, only until it leaves you broke. Antoine made a massive amount of $108 million during his NBA career.
Sadly, his vast circle of friends and family nudged him to drain all his money. Gambling and collecting an extravagant car collection are just the two ingredients you need to pave the way for bankruptcy.