When sports fans hear that an athlete gets a $100 million contract, it sounds like an astronomical amount of money, but what they do not realize is that the athlete does not get to cash in on the entire amount. Uncle Sam alone will take approximately 44% of that contract, which already reduces the total amount to $66 million; unless you happen to live in places like Florida and Texas where they have no state tax. Additionally, most players have agents, and agents typically make about 4% of the total contract amount. So, with the combination of Uncle Sam and player agents, almost 50% of a player’s contract is subtracted from their total amount.
Now, earning $50 million out of $100 million is still a lot, but these are only for the max contract players. Players that sign a one-year deal for the veteran’s minimum at slightly over $1 million have their paychecks cut down 50% as well, which gives them a total of slightly over $500k.
Obviously, your blue-collar fan is still screaming, that’s still an insane amount of money! And it is. So, it is even more incredible when you think about how much money that the top 25 richest basketball players in NBA history have made over their lives. Keep in mind that this is not only the amount of money that players have earned from their basketball salaries, but also the amount of money that they have made through endorsements and their own businesses during and after their playing careers.
Latrell Sprewell is infamous for saying that he could not feed his children with the amount of money that he was making from basketball. If that is true, and there is no way that it is, he should have taken a page out of these players to learn how to properly invest his money.
24 Tracy McGrady - $80 million (net worth)
23 Patrick Ewing - $85 Million
22 T22. Reggie Miller - $90 Million (net worth)
21 T22. Alonzo Mourning - $90 Million (net worth)
20 T19. Vince Carter - $95 Million (net worth)
19 T19. Amare Stoudemire - $95 Million (net worth)
18 T19. Steve Nash - $95 Million (net worth)
17 Tony Parker - $97 Million (net worth)
16 T16. Dwight Howard - $100 Million (net worth)
15 Chris Bosh - $105 Million (net worth)
14 Dwyane Wade - $110 Million (net worth)
13 Dirk Nowitzki - $120 Million (net worth)
12 Yao Ming - $120 Million (net worth)
11 Gary Payton - $130 Million (net worth)
10 Carmelo Anthony - $142 Million (net worth)
9 Tim Duncan - $150 Million (net worth)
8 Grant Hill - $180 Million (net worth)
7 Kevin Garnett - $190 Million (net worth)
6 Hakeem Olajuwon - $200 Million (net worth)
5 Kobe Bryant - $260 Million (net worth)
4 LeBron James – $270 Million (net worth)
3 Shaquille O’Neal - $350 Million (net worth)
2 Magic Johnson - $500 Million (net worth)
1 Michael Jordan - $1 Billion (net worth)
The greatest basketball player of all-time and the current owner of the Charlotte Hornets has made a buck or two during his playing days and with his plethora of endorsements from Gatorade, Nike, Hanes, and Coke. Jordan is the only basketball player that can say that he is a billionaire and not just a millionaire. He not only ranks at the top for the best basketball world, but he ranks at the top of the financial world out of any basketball player to ever play the game.
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