From the celebs to the fifteenth man on the bench, players earn a whole lot of money for getting a NBA contract. Unfortunately, while getting huge paychecks may give a lifetime of luxury, there’s still a possibility that one can go broke if these earnings are mishandled. From Dennis Rodman to Allen Iverson, let’s take a have a look at the richest NBA players who went broke.
Profession earnings: $27 million
Dennis Rodman was some of the notorious players of his time. With all his achievements within the NBA, Rodman has carved out a good amount of earnings from the NBA. Moreover,f along with his known personality, he has appeared in various shows and even wrestled in WWE. On top of those, Rodman also earned from endorsement deals.
But despite the lucrative earnings, Rodman eventually joined the broke NBA players club. With a lavish lifestyle and living out the “bad boy personality”, his financial stability took successful. Aside from fines within the NBA, Rodman also faced several fines off the court for driving violations. He also faced legal issues regarding child support to certainly one of his former wives. By way of lifestyle, Rodman’s partying habits and expensive assets have also negatively affected his net price.
Fortunately, Dennis Rodman has been actively participating in podcasts, authored some books, and launched his own line vodka.
Profession earnings: $62 million
Known widely for being teammates with LeBron James, Miles carved out a good NBA profession and earned a good sum of money. Unfortunately, a serious knee injury hit Miles which eventually forced him to retire early.
While his basketball profession was cut short, Miles’ retirement wasn’t forgiving either. Based on reports, Miles continued to live an extravagant lifestyle which threatened his financial stability. Moreover, a string of failed investments also led to Miles eventually finding himself declaring bankruptcy.
Profession earnings: $67 million
Glen Rice is some of the decorated players on this list with a NBA championship and three All-Star appearances. Unfortunately after his playing years, Rice struggled with retirement. In 2016, reports claimed that Rice struggled to pay child support which demanded $1,500 monthly. He also suffered his own share of failed investments. In an effort to take care of retirement, Rice lived off of autograph signings and training camps.
Fortunately, Rice looks to be in a greater situation today. Rice’s two sons Glen and G’Mitri Rice are each skilled basketball players plying their trade overseas. Moreover, Rice currently serves because the Miami Heat’s scout and community ambassador.
Profession earnings: $83 million
A productive and lucrative profession often translates right into a smoother retirement experience. Nevertheless, that wasn’t the case for 2 time All-Star and former Rookie of the 12 months winner Larry Johnson.
Although he earned decent money from NBA contracts and endorsement deals as a player, Johnson squandered that hard-earned money. Based on reports, Johnson fathered five children with 4 different women. In 2015, the kid support totaled to $120,000, which Johnson couldn’t pay. Thus, the 2 time All-Star declared bankruptcy.
Profession earnings: $87 million
Coleman surprisingly went broke despite earning a whole lot of money from his paychecks as certainly one of the young, promising NBA players of his era. Based on reports, an extravagant lifestyle and partying habits negatively impacted his financial position. Along with this, an economic crisis in 2010 ultimately led to the failure of his investments in Detroit.
Fortunately, Coleman has been in a position to turn it around as of late. Based on reports, the NBA veteran returned to complete his college education at Syracuse University and earned a level in Sociology. Coleman has been actively working for clean water and equality in Michigan. Furthermore, he also continues to hover around basketball by running a summer basketball league program called DC Elite.
Profession earnings: $90 million
In the case of names, Shawn Kemp actually rings a bell to a whole lot of NBA fans. Kemp has carved out a lucrative NBA profession, especially should you also consider his partnerships with Reebok. Unfortunately, in response to Celebrity Net Price, Kemp now only has $5 million to his name. The massive drop may very well be traced to Kemp’s obligation to pay child support, on condition that he’s obliged to take care of six separated families. Furthermore, Kemp also needed to pay for his criminal fees that included possession of medicine.
While Kemp had his justifiable share of legal troubles regarding possession of medicine, he has used his belief in marijuana to own a stake of the dispensary named after him.
Profession earnings: $100 million
Like Shawn Kemp, Vin Baker can be some of the decorated players on this list. But despite the decorated profession and lucrative NBA earnings, Baker eventually squandered his wealth. In line with sources, Baker engaged in bad relationships, substance abuse, and failed investments.
Although this spelled doom for some, Baker found a method to turn his life around by working at Starbucks in 2014. He eventually returned to basketball after serving as an analyst for FOX Sports. Furthermore, he also worked as an assistant coach for the Milwaukee Bucks and helped them win the NBA championship in 2021.
Profession earnings: $100 million
Latrell Sprewell carved out a comparatively successful 13-year NBA profession. Nevertheless, it was his decision to say no a lucrative deal that marked the start of his downfall. Throughout the latter a part of his NBA profession, the Timberwolves offered him a solid contract extension, price $21 million.
Sprewell would never be offered one other contract with that sum of money. And after his final season in 2005, Sprewell felt the implications of rejecting the lucrative deal. Based on reports, Sprewell needed to sell his assets. Moreover, he also needed to pay the state of Wisconsin for back taxes. And above all these, Sprewell’s former wife eventually sued him for $200 million.
Although Sprewell has mostly emptied his earnings from the NBA, he still lives a good life. The 4 time All-Star works as a media personality for Madison Square Garden.
Profession earnings: $108 million
Coming out of Kentucky, Walker would go on to play in three All-Star games and won his first NBA championship in 2006. He’s develop into the poster child of broke NBA players and it’s not hard to see why. While Walker shined on the hardwood, Walker was extravagant off the court. He possessed expensive homes, cars, and jewellery. Apart from that, Walker also had a problematic gambling habit. In 2011, Walker was forced to pay $770,050 in restitution to several casinos for failing to settle his gambling debts.
Since blowing away his earnings from the NBA, Walker has managed to recuperate. He worked as an analyst for Fox Sports Network and ESPN’s SEC Network. Moreover, Walker now also works as a financial consultant with the hope that no other athlete could have to repeat the identical mistakes he committed.
Profession earnings: $200 million
It is difficult to assume that a beloved NBA star can go from riches to rags. While Iverson earned an enormous sum of money playing within the NBA, he eventually squandered those as a result of his lavish lifestyle. The previous MVP reportedly spent huge sums of cash on his entourage. Moreover, Iverson also had problems in managing his vehicles. Two years after he ended his NBA stint in 2010, Iverson was unable to pay his debt to a jeweler which resulted in him declaring bankruptcy.
Fortunately, Iverson’s unique lifetime endorsement take care of Reebok provided him a security net from going completely broke. Moreover, Allen Iverson was also entitled to gather money from the NBA, by way of pension.