New Study Shows Exactly How NBA Players Spend Their Money
It’s often been asked how NBA athletes who make EXORBITANT amounts of money, end up destitute without a dime to their name.
Well, according to SFChronicle, a new study helps explain…
The average NBA player using a free budgeting tool from Personal Capital spends about $42,500 a month. His top spending category is clothing and shoes, and his favorite merchant is Express, according to Personal Capital, a digital wealth management company in San Carlos.
Personal Capital struck a deal with the National Basketball Players Association to provide financial education seminars and its spending management tool to players from all teams. The free online and mobile tool lets users pull their bank, savings, credit card and other accounts into one place. They can analyze their income and outgo on a daily, weekly and monthly basis and make adjustments to meet their goals.
More than 50 players, ranging from rookies to veterans, are using the tool. Based on four months of usage from December through March, their top spending categories, after clothing and shoes, are automotive, travel, restaurants, charitable giving, entertainment and personal care.
Savings “did not make the top 10,” although the players may have pension or 401(k) plans that are not tracked by the tool, said Mark Goines, Personal Capital’s chief marketing officer. Most of the players are in their 20s and 30s and — like most people in that age group — are net spenders, he added.
So, where does all this money go? Welp…
Their top merchants were Express (which signed Stephen Curry as a “brand ambassador” in late 2014), Whole Foods Market, ESPN, Neiman Marcus, Delta Air Lines, Louis Vuitton, American Airlines, Apple, Walmart, Mercedes-Benz’s finance arm, Target and Best Buy. (Express said Tuesday its contract with Curry expired in December 2015.)
WHICH ONE OF THESE 6’5 NEGUS IS SPENDING ALL THEIR MONEY AT CHEAP AZZ EXPRESS?!?!?!
Image via AP