What happens when NBA rookies become millionaires overnight?

Reed Sheppard was drafted No 3 in this year’ draft and soon signed a contract with $20m guaranteed. Photograph: Julia Nikhinson/AP

At the start of the year, Alexandre Sarr was playing in Australia’s NBL, where the average salary is around $100,000. Reed Sheppard was playing in college where, NIL deals aside, he earned nothing. Now, after going No 2 and No 3 overall in June’s draft, they are millionaires. Sarr is guaranteed $23m from his rookie contract with the Washington Wizards, while Sheppard will have to make do with $20m from his deal with the Houston Rockets (both contracts could end up paying the duo north of $45m each). It’s not just the top picks who suddenly have access to wealth either. Nine players in the second-round of this year’s draft – guys who may not ever have a meaningful career in the NBA – have signed multimillion dollar contracts with their teams.

Those contracts often change lives for the better. But they can also become a burden as young men, often still in their teens, suddenly grapple with a fortune that arrived overnight.

“It’s a lot of money coming in,” Hall of Fame point guard Tim Hardaway tells the Guardian. “A lot of fucking money coming in.”

Related: Is 7ft 9in teenager Olivier Rioux too tall for basketball?

Hardaway, the author of the “killer crossover” dribble, was one of the NBA’s biggest stars in the 1990s. And with that status came wealth. According to Basketball Reference, Hardaway earned more than $45m in salary during his career, not to mention his endorsement deals with Nike and other companies. But with the money came responsibilities too.

“It’s tough and it’s difficult,” he says. The Chicago-born Hardaway explains that as soon as he started getting paid in the league, he began taking care of his mother. She stopped working, knowing he could support her. And while he was more than willing to do so, he says, it’s also a common story for pro athletes. One guy makes it and he becomes the family’s bread-winner.

Unlike many pros, though, Hardaway wasn’t a lavish spender. He knew how to take care of his bills and not to blow money on…

Source link : https://sports.yahoo.com/happens-nba-rookies-become-millionaires-090046018.html

Author : The Guardian

Publish date : 2024-07-09 09:00:46

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