Many NBA players file for bankruptcy within five years of retirement, and there are many reasons behind this unfortunate turn in their finances. Luxurious lifestyles are often the main reason players go bankrupt, but many times they let the person in charge of the money end up stealing their money, which is also a big problem for these athletes. Bad decisions and trusting the wrong people to manage your money are a recipe for disaster.
NBA legend Larry Bird managed his money differently, and unlike many players who lived a lavish lifestyle, he didn’t change much despite being one of the highest-paid players at the time. The Larry legend, who came from humble beginnings, maintained the same mentality after becoming one of the NBA’s most influential players, despite big contracts and lucrative sponsorship deals.
Bird has remained humble throughout his NBA career
In Bird Watching, we can get a better look at Bird’s financial outlook and why he always tries to stay humble and never live a lavish lifestyle, unlike some of his teammates. Bird comes from a hard-working family where everything is earned, not given, which is why Bird believes that working hard is the only way to live a prosperous life. Even after his professional basketball career ended, he always envisioned himself working rather than relying on the money he made during that time.
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“Even when I was at my peak, we didn’t drive a Mercedes or live in a million-dollar house or anything like that. When I first started playing, we were in Leic/Saba, France Den bought a nice little house area. It cost $125,000. We didn’t spend all the money because we knew it was going to end one day and I wondered what options we had for our future. I never thought about retiring . I just assumed I would always work.”
He refuses to give money to bankrupt players
Over the course of his career, Bird has encountered players who earn less than him but lead an expensive lifestyle that quickly ruins their lives and the lives of their families who can no longer pay their bills. . Bird often advises them to save money and prepare for life after their careers, but most of them don’t listen at all, and some even make fun of Bird and his way of thinking and dealing with his finances. Soon, some of them borrowed money from him, and Byrd almost always refused, because he first tried to warn them of the consequences if they didn’t think about living in moderation.
“Some people with far less income than me bought $700,000 homes, Rolex watches and big luxury cars. I used to tell them, ‘You’re crazy, you should save. “They would just laugh and joke that I hid the money. But I could see what they were doing. They were throwing away their future. Many of them were living for today without even stopping to think ten Years later when their careers are over and the money is no longer pouring in, when they realize what I’m telling them is true, it’s too late. I can’t tell you how many ex-teammates have asked me for money. Says Don’t break my heart, but I did it because I warned them. I told them to save.”
Making the right business decisions out of court
During his 13-year NBA career, Bird made about $24 million on his contract with the Boston Celtics alone. Obviously, he made money from all the endorsement deals, but in the ’80s they weren’t as lucrative as they are today, but it was still a decent amount of money considering he was one of the most popular athletes at the time. sky. According to various sources, Bird has a net worth of just over $70 million today, a testament to making the right financial decisions in his life and working hard after a storied NBA career.
It’s a big deal for NBA players to file for bankruptcy a few years after their careers, and countless similar stories have resurfaced over the years. That’s the main reason why the NBA has implemented a program to educate young players on how to better manage their money. We are now seeing players investing their money in various businesses, which is a great way to diversify their portfolio, gain some relevant business experience and have a fallback that can generate income at the end of their careers.
Luxury cars, big houses, diamonds, and expensive clothes are good things to have, but they don’t provide any extra value or joy, something Larry legend discovered early in his life, unlike many others that waste a lot of money A lot of money for NBA players chases material things. Investing in yourself and ideas that can generate profits is the best way to go, while also thinking about your future and how your career will ultimately end, no matter how much money you have in your bank account.