When you hand 18 or 19 year olds millions of dollars, chances are they aren't going to save it for retirement or make smart investments. What they will likely do go buy a high end car or get things for their friends and family. That's alright when they are raking in giant paychecks, but once they retire and they aren't getting their juicy salary anymore, problems can arise. If the players try to continue their lavish lifestyle, they will go broke in no time. Supporting their family and friends may no longer be an option but it is often a harsh reality.
On the other hand, some players are very smart with their money and in rare cases, can even make more money after their career than they made playing. Famous players with household names can often get great gigs with companies as actors in their commercials and such. It shouldn't be too hard to invest and make a profit after retiring from the league. All you need is a good stock broker and a few good and safe investments and your money should grow.
Enough with the chitter chatter, here is the list of 10 NBA Players Who Went Broke After Retiring And 10 Who Got Even Richer.
20 Richer: Junior Bridgeman
Junior Bridgeman has had an amazing post NBA life. He is the epitome of success after "retirement." Bridgeman has bought approximately 160 Wendy's and 120 Chili's and has made a fortune off of them. He now has a net worth of $600 million. He took advantage of the money he made in the league and made an incredible investment to grow his money exponentially. He also has a solid playing career. He was drafted by the Lakers and before he played a game was traded to the Bucks along with other players for Kareem Abdul-Jabbar. Bridgeman scored a total of 11,517 points in his career. Every NBA player strives to have the success that Junior has had throughout his retirement. He's a great example.
19 Broke: Eddy Curry
Eddy Curry somehow blew the $70 million he made in his playing days. Curry was supporting too many family members and was even buying cars for them. $70 million is a ton of money, but when you are sharing that money with your entire extended family and friends, it dissipates way faster than you would expect. Curry said that his biggest regret was not going to college and getting a better education. In an interview with Ball Don't Lie he said, "It would be super dope to have a college diploma."
A degree would make it easier for him to find a job now that he has run out of his money and needs one. Go to college, kids! Good on Curry for passing on this advice, learning from his own mistakes.
18 Richer: Vinnie Johnson
Vinnie Johnson created his own company after he retired called the Piston Group. The company, which was founded in 1995, now has about 600 employees and is based in the Detroit which only makes sense because it called motor city. The automotive company recently acquired Takata subsidiary for $175 million. The company's revenue is expected to double after the acquisition and will likely rake in about $1.8 billion this year. In 2015 the company made $930.8 million which is nothing to scoff at, but $1.8 billion is something else. If the company keeps expanding, Johnson might not ever be able to go broke even if he tried. Johnson could build a house of money at this point.
17 Broke: Kenny Anderson
Kenny Anderson made $60 million dollars in his playing days but blew it all after he retired. Who knows what he blew all of his money on, but whatever it was, it wasn't smart. He was married and divorced twice, has seven kids, and has to pay the child support for all of them. In 2005 Anderson declared bankruptcy. Anderson went back to school 7 years ago and got his degree online from St. Thomas University. It was a 19 year gap between the time he left Georgia Tech for the NBA and going back to school but I'd say it's worth it especially since he is hard pressed for money and needs a solid job to support his children. At least Anderson has been active after declaring bankruptcy.
16 Richer: George Tinsley
George Tinsley, much like Junior Bridgeman, purchased restaurants after his NBA retirement. He has bought KFC, TGI Friday’s, Starbucks, Quiznos, and Nathan’s Hot Dogs. For Tinsley's contributions he was inducted into the Kentucky Wesleyan College Alumni Hall of Fame.
Although Tinsley doesn't have as many restaurants as Bridgeman, he has also been extremely successful in his post career endeavors. He even got to work alongside Colonel Sanders which seems like it should be on everyone's bucket list. Apparently, many athletes in Louisville find themselves in the restaurant business after they retire. Tinsley said that this is often the case because athletes know a lot about working together as a team which is also crucial in the restaurant business. In any event, Tinsley sure was wise in retirement.
15 Jason Caffey - Broke
Jason Caffey is the definition of a deadbeat dad. He has 10 kids with 8 different women. He blew all of his money when he tried to file for bankruptcy, the judge rejected it and made him pay his child support. How could you have eight different baby mamas? EIGHT!?!? Most of the women have filed for child support so I can't even imagine what kind of money he has to be putting out. Probably money that he doesn't have. Apparently he has never heard of birth control. It would have done him some good a few years ago. You would think that he would learn his lesson after one or two but apparently. In any event, since Caffey's mishaps, he returned to coaching basketball in 2010 and seems to be on a better path now.
14 Richer: Dave Bing
After Dave Bing's great playing career, he founded a company called Bing Steel. The company supplied steel to General Motors (GM) which was obviously huge for the brand. Bing, who was once the mayor of Detroit, sold Bing Steel in 2009. The company was capable of producing 250,000 tons of steel per year before it was sold. Bing has made much more money in his post playing career than in his NBA days. Back when Bing played the players were making dirt compared to what the guys are making these days, so it's even more impressive that he was able to make a huge company from what he made from playing the game of basketball. Nowadays having a company might not seem that impressive, but it was unprecedented at the time.
13 Broke: Derrick Coleman
Unlike many of the players who went broke on this list, you can't blame Coleman. He doesn't follow the same narrative of the deadbeat dad having to pay child support. In fact it's quite the opposite. Coleman tried so hard to help out the Detroit economy that he himself went broke. He had very good intentions and he didn't waste all of his money on cars or jewelry so you have to respect the man for that. Coleman went bankrupt and owed around $20 million at the time. Coleman just gave and gave until he didn't have anymore. It was extremely generous, but it wasn't smart. Next time I'm sure he'll remember to keep some of the money for himself.
12 Richer: Jamal Mashburn
Even though Mashburn's NBA days didn't go as planned, he has had a very successful post career life. Unlike the broke players on this list, Mashburn made smart investments. He bought over 80 franchises of different companies and they have brought him a boatload. He also created his own company called Mashburn Sackett. The company is a digital marketing company. According to their website the agency's focus is, "to serve the growing interest in smaller agencies that respond with greater agility to internet changes." I'm not sure exactly what that means but maybe it means something to someone. There is no word on how successful the company has been but lets hope for the best.
11 Broke: Antoine Walker
It's hard to imagine someone blowing 100 million dollars in 3 years but that's exactly what Walker did. Walker bought expensive houses for his family, expensive cars for himself, and more. It is said that Walker was supporting 70 people! I can't even support myself. This by itself is bad enough but when you compound that with gambling, you are sure to lose all of your money. He was arrested in 2009 by Vegas for writing fake checks to casinos. Even Walker admitted that he was incredibly dumb with his money. 100 million dollars could last some people 100 lifetimes but it didn't even last Walker three years. Walker is a tale of what not to do if you want to have any money left over by the time you are eligible for the Hall of Fame.
10 Richer: Chris Webber
Even though Chris Webber made a fortune in the NBA, $176 million to be exact, he still wanted to make more after he retired. The amount of money could easily support you for many lifetimes but Webber wanted to grow his money. What he did was buy an investment company. The company is involved in real estate, basketball and football. Where you probably see him the most is on TV. He is currently an announcer for TNT and is always around the NBA scene. He was also on NBA TV's, "NBA Gametime Live." No matter what role Webber is playing whether it be player, analyst or announcer, one thing is certain, he will always be around the NBA. Webber has also released a rap album and has donated and founded charities.
9 Broke: Latrell Sprewell
Latrell Sprewell never came off to me as the sharpest tool in the shed. I don't know if I believe that to be true because he choked his coach during a game or because he declined a $21 million contract because he said he couldn't even feed his family with that money, but something about him gave me that feeling. My suspicion has been proven true because now he is broke. He made over $100 million in his career but now he doesn't even have his own house or even a family. Sprewell has made a series of bad decisions and I'm sure that he looks back and regrets declining a multi million dollar deal because he could sure use it now. This situation was completely avoidable.
8 Richer: Hakeem Olajuwon
Obviously Hakeem Olajuwon was an amazing player, everyone knows that, but what many people don't know is that Olajuwon has made a great life for himself after his career as well. He could have lived off of his playing money easily but credit to him for continuing to make smart investments. He is involved in the real estate world now. People around him say that he has made even more money off of the court than he did on the court which is very impressive.
Olajuwon also keeps himself busy by training other NBA players which I'm sure doesn't come without a fee. Players today could learn a thing or two from the player with the greatest post move repertoire in the history of the NBA.
7 Broke: Dennis Rodman
Dennis Rodman was a madman on the court and he is just as crazy off of the court. A few years ago Rodman flew to North Korea to meet Kim Jong-un, and he made several more visits to follow. Rodman is believed to be the first American to meet with Kim. Since meeting with Kim, Rodman has stressed what a “good guy” Kim is and that the rest of the world should open it’s eyes. Currently, there is even a petition to remove him from the hall of fame. On the financial side of things, he has been involved with many ventures as well.
Even though he was a professional wrestler for a bit, he still went broke mostly thanks to child support, and trying his hand at being the Lingerie Football League commissioner. Rodman needs to stay out of the news.
6 Richer: Shaquille O'Neal
Shaquille O'Neal was one of the most dominant players in his time in the NBA and he quickly became a household name even for non-fans of the NBA. After retiring, he used his infectious personality and fame to his advantage. He has been in countless TV ads for many different companies and has been in a few Hollywood movies as well. In addition, he is an NBA analyst for TNT alongside Charles Barkley, Kenny Smith, and Ernie Johnson. He hosts the popular shows Shaqtin' A Fool which ranks the top lowlights from the NBA.
It seems like whatever Shaq touches, it turns to gold. Shaq even has a son Shareef that will likely be in the NBA soon. We're sure he's got more up his sleeve to come.
5 Broke: Charles Barkley
Charles Barkley was very irresponsible when it came to his funds after he retired. In 2006 Barkley nearly gambled away all of his money. In his playing career he made a total of $40 million and gambled away $10 million of it. Talk about a waste. Instead of investing in real estate or anything like that, he did the absolute most dumb thing he could with his money. Luckily for him he got bailed out when he got the opportunity to be an analyst for TNT.
He went broke for a bit but did bounce back and he is financially stable for the time being. Gambling however is a real addiction and the possibility for a relapse is always there. Let's hope for the best and predict that he has learned his lesson.
4 Richer: Magic Johnson
Magic Johnson barely made any money while playing compared to what he is worth today. How could a man that made only about 2.5 million dollars per year while playing have a net worth of over 600 million today? To start, he founded Magic Johnson Enterprises, which placed well known stores in ethnically diverse neighborhoods. He partnered with many companies and made a lot of money off of them. Also, he is currently the GM of the Lakers which is probably a hefty paycheck as well. Magic has been living with HIV for a while and doing well. He is setting milestones and giving hope to the people with the virus, showing them you can have a life with HIV. Magic's had perhaps the most successful post-basketball career out there.
3 Broke: Scottie Pippen
It's hard to see a player like Scottie Pippen go broke. Such a great player and such a winner isn't supposed to lose like this. Pippen bought a private jet that didn't even work according to Bleacher Report. Not only did it not work, but it cost him $4 million. The Jet put him in 5 million dollars of debt. Then to fix it it cost him an additional million. What does he need a personal jet for anyway? He blew $120 million of his playing money after his career which was about half of his money. He made poor investments with companies with Nike, Coke, and McDonald's. Pippen has a family to support as well so he needs to be careful with the money he has left or he will be living on the street.
2 Richer: Michael Jordan
Michael Jordan, unlike his teammate and sidekick Scottie Pippen, has expanded his wallet. Everyone knows about his Jordans. The shoe company keeps him raking in cash. Jordan made $100 million just last year. With money coming in like that, there is just no way to blow it all. Jordan will continue to make all of this money as long as his shoes continue to sell. Jordan does like to gamble, but like I said, If he is making that much money on top of what he already has, he would have to burn all of his money for him to go broke. Jordan has a net worth of $1.14 billion which is quite insane considering he only made $94 million in the NBA. With his money he bought part of the Charlotte Hornets, his home-town team, and is now a partial owner.
1 Broke: Allen Iverson
Allen Iverson was well on his way to going broke even while he was playing because of his reckless lifestyle. He was a known gambler and unfortunately for him, he wasn't very good at it. A.I. liked to live the rich lifestyle and had a huge posse of friends who relied on him financially. If they were real friends they wouldn't have been so greedy and taken all of the cash he earned. Nobody played harder than Iverson on the court but also nobody lived harder than Iverson off of the court. Iverson is due to get millions of dollars when he turns 50 but let's hope it's not spent before he gets it. Iverson will also be playing in the BIG 3 league and might make a few bucks there.