The Financial Struggles of Retired NBA Players
The National Basketball Association (NBA) is one of the most popular and profitable sports leagues in the world. However, the reality of retired players is not as glamorous as it seems. Many former NBA players struggle to survive financially after their professional basketball careers are over. This troubling reality can be caused by poor financial planning, lack of education or job skills, high living expenses, limited earning potential due to injuries or other health problems, and even exploitation by agents, financial advisors and other professionals. In this text, we will delve into the reasons behind this problem and explore the programs and initiatives that have been put in place to assist players with financial planning and career development.
The Case of Shawn Kemp: From NBA Stardom to Financial Ruin
This is the story of Shawn Kemp 14 seasons, $92 million in career basketball earnings
By the age of 28, Shawn Kemp had already managed to become one of the biggest stars in the league, being selected six times to the All-Star game and three times to the second five of the season, recording a season of more than sixty wins, reaching the NBA finals, leaving a mark as one of the best scorers of all time and signing Prestigious contracts that had already earned him tens of millions of dollars by then. Another achievement that was able to be recorded by those who starred in those days, and not only on the parquet in Seattle, was seven children. From six different women. Coincidentally or not, after finding out about kid #7, he demanded a bigger contract than the $3.2 million he earned per season with the Supersonics.
The move to Cleveland was supposed to solve all his problems, including the future ones. But it turns out that paying alimony for seven different children will leave almost any person, even one who once earned more than 15 million dollars a year, bankrupt. Repeated experiences with cocaine, for which he had been arrested twice in the past, did not add to Kemp's savings account, which was depleted until it evaporated.