Guys who earn their contracts in the league and get to play there often end up with more money than they can use in a lifetime. But if NBA legend Charles Barkley is to be believed, there’s a way for these players to keep their money after retirement and not splurge it all in one go.
Perhaps the best example of this predicament is Philadelphia 76ers legend Allen Iverson. Over the course of his career, the Answer earned around $200 million. This was earned through his time playing for the Sixers, Denver Nuggets, Detroit Pistons, and Memphis Grizzlies.
By the time his career was over, Iverson became one of the league’s deadliest scorers, an 11-time All-Star, a Rookie of the Year, and two-time All-Star MVP, and a one-time regular season MVP. But after his playing days were over, he spent a huge amount of his earnings on his entourage, purchasing cars, and keeping them in good condition.
In 2012, the former Philadelphia 76ers star declared for bankruptcy after just two years since last NBA game. This was due to the mishandling of his earnings and not investing them instead. Other notable players who followed Iverson’s example were Antoine Walker, Latrell Sprewell, Vin Baker, Shawn Kemp, and Dennis Rodman, among others.
NBA Legend Charles Barkley Reveals Secret To Prevent Retired Players From Going Broke
In an interview with Shannon Sharpe, Barkley reveals the secret to prevent retired players from going broke. In a video shared by Club Shay Shay on X:
According to the NBA legend, it’s important for players to realize that the money they’re earning now should last them their whole lives. Also, they also have to remember that what they can afford as active players should also be possible when they are older and not able to play on the court anymore. If done correctly, the millions these guys earn will grow exponentially, and not just dwindle over the years.
In a way, Barkley’s simple mindset is doable and can yield dividends down the road. Hopefully, the current crop of players across the league can realize his perspective and adopt it right away. If they do, the amount of unfortunate news involving retired players splurging all their money and going broke afterwards will be non-existent.
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