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NBA MONEY MANAGEMENT

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by

Jenny Grosbach

on 29 April 2014

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Transcript of NBA MONEY MANAGEMENT

NBA MONEY MANAGEMENT
TOP NBA SALARIES
WHY?
60% of NBA Basketball Players file for bankruptcy 5 years after retirement
NFL Financial Education Program
The NFL offers a financial education program including seminars about money management, taxes, retirement plans.
2014
Kobe Bryant $30,453,805 Los Angeles Lakers
Dirk Nowitzki $22,721,831 Dallas Mavericks
Amar'e Stoudemire $21,679,893 New York Knicks
If Kobe were to use one years salary for his own personal use, he could spend close to $85,000 dollars daily.
Risky Investments
There are only 13 states that offer financial literacy programs at the high school level in the U.S.
Entertainers and Athletes hold the highest divorce rates
21% of NBA players have an undergraduate college degree
Misplaced Trust
Family Issues
"Guys go broke because they surround themselves with people who help them go broke" Danny Schayes (former NBA player)
NFL Business Management and Entrepreneurial Program
NBA doesn't have a major money management program offered
Private NBA Money Management Agency
Agents monitor a retirement plan for NBA players
NBA can't control the money spent by players
Contracted
Mandatory for first 5 years in NBA
Cooperation of team owners and managers
Full transcript