By Guillaume K. | Sports journalist
Over the years, salaries have gotten higher and higher in the NBA. A good thing for players, who must still learn to manage such sums. According to Patrick Beverley, the first millions are not easy.
The more time passes, the more rare it is to see players go bankrupt after retirement… A positive development which can be explained by the fact that salaries have increased greatly over the last decades, it is in fact more difficult to squander 200 million than 20, but also by the ever-increasing financial intelligence of the stars.
Today, out of the question for stars to spend fortunes on futile and ostentatious objects, the time is rather for investment. LeBron James is the best example of this, he who created several large companies and who placed his closest friends at the head of these businesses. Rich Paul and Maverick Carter can still thank him for this gift.
Patrick Beverley talks about his first millions
Visiting the “Pardon My Take” podcast, Bucks leader Patrick Beverley looked back on his debut in the league and his first check. After starting in Europe, the point guard was signed by the Rockets, and he explained how he handled his newfound fortune. Obviously, it wasn’t easy to go from debt to wealth:
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When I got to the NBA, I was paid less than I was really worth. But I was in no position to negotiate. The Rockets offered me 24 million guaranteed, I could only sign. I owed several million to my old club in Russia. I did anything with my first paycheck. I got a $500,000 advance in July, called my mom directly and bought her a nice house.
But in the league, if you’re not financially educated, it’s difficult to have the right mindset. When I received my first check for $6 million it was difficult to manage. Fortunately I subsequently signed several big contracts and now I know that I have been quite successful in my career.
Patrick Beverley was impressed with his first NBA contract, so even though he couldn’t really afford it at the time, he bought his mother a house outright. He certainly had great confidence in his abilities, and he knew deep down that he would quickly recover this sum invested. Today, after 12 seasons in the big league, he would have a net worth estimated at more than $82 million, which is quite respectable.
Patrick Beverley arrived in the NBA in debt, the fault of a stormy end to his adventure in Europe. So when he received his first millions, he found it extremely difficult to manage the wealth. Fortunately, he learned.
2024-03-17 01:07:38
#millions #immediately
