Malik Beasley just got evicted from his apartment after being sued twice for failing to pay rent. He made 60 million dollars playing in the NBA. Now he’s being investigated by the FBI for sports betting and is homeless. It’s shocking to me that someone could make 8 figures and still not own a house and have enough invested to set them up for life. These players need a finance guru.
Well, it's worth noting that he's far from the only NBA player facing such problems. The stories of Antoine Walker and Delonte West are no better.
By the way, I once came across information that approximately 60% of NBA players go bankrupt or experience financial difficulties within five years after the end of their careers.
This is very true, most NBA players ended up nothing after they are gone from the NBA. This is due to lack of investment and knowledge on how they will manage their wealth.
Bar and girls are one of the most reason why they were being bankrupt. I hope it is not too late for Beasley to get up and make his life better.
Gambling as well could be one factor. I remember one player, when his friends and entourage going to Las Vegas and play and gamble and have fun all night long. So that is the dangers for this young black players, very young and with a lot of money at their disposal. And then the lack of knowledge of how to handle that money. I think Antoine Walker becoming a spokesman to new players because he is one of those who fell victim on it. Hopefully Beasley can get up from his predicament right now and can bounce back and have a better life. 60% is a huge numbers for NBA players going bankrupt after their career is over. The NBA might have responsibility as well to remind players when they are coming into the league and let them know the consequences of their actions in the future if they didn't take care of their money.