Former NBA player who made $60 million explains what really happens to his money when he signs an 8-figure contract

Josh Childress

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  • Josh Childress is a former NBA player who earned over $60 million in his career after graduating from Stanford University.

  • Childress sidestepped the financial troubles faced by some other athletes.

  • Childress explains that a big mistake players make is overestimating how much money they actually get paid.

Former NBA player Josh Childress, who earned over $60 million in his career after graduating from Stanford University, is now playing professionally in Australia.

during an interview with grit mediaChildress was asked how professional athletes go bankrupt.

Childress says she has managed to avoid making less money than she did when she was playing in the NBA. Financial Problems Other Athletes Faced.

Childress, who was the sixth pick in the 2004 NBA Draft and signed a four-year rookie contract worth $11.7 million, said the first mistake athletes make is overestimating how much money they have. I say to do.

“The first mistake is people say, ‘Okay, I got $11 million,'” Childress said. “You have five. [million dollars after taxes] Over 4 years. So if he thought he had $11 million and he had a $1 million house, and he had $10 million, the house would be more expensive. Most men buy their mothers things like houses and cars. they buy themselves a car. There is an agent fee of 2-4%. You got NBA Escrow. The check is eaten up. ”

Another big factor, Childress said, is the influence of veteran players making more money.

“Some of my veterans spent a little more than others,” Childress explained. I’m used to it. I spend more money than I need to.”

Childress says she has fallen into a similar pattern in her career, but has been able to keep her expenses in check.

Below is that interview, totally worth watching.

This article was originally published in 2015.

Read the original article at insider