Terrible Asset Management + Financial Illiteracy
The best pound-for-pound NBA player, maybe ever, signed a six-year max contract worth $70.9 million in 1999 along with a $50 million lifetime endorsement deal with Reebok. In ’09, he earned $20 million just to skip practices and party in Atlanta while “injured” after being traded from Denver to Detroit.
15 years. $200 million. But no savings, trust funds or key investments? Incredible.