The phrase "don't spend it all in one place" could not be more true.
Former Warriors second-round pick Gilbert Arenas learned that lesson the hard way. The point guard had high expectations for the 2001 NBA Draft before sliding outside of the top 10 and all the way to the second round with the No. 31 pick.
Playing for Golden State for two seasons (2001-02, 2002-03), Arenas overestimated how quickly he would be able to live a lavish lifestyle at the professional level.
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Arenas joined "VladTV" for a sit-down interview, where he revealed what he initially spent his rookie salary on and how financial hardships forced him to call Oracle Arena home.
"Oh, it was that much?" Arenas said when asked about his $845,000 rookie contract. "Oh, s--t! I don't remember, I spent that before the draft. You think you're going to go top 10, like s--t I'm thinking millions. So I bought an Escalade, had five TVs in it, four (12" speakers) -- saw Gary Payton with the suede -- had the suede on the top, suede roof. I had the big chain just like everybody else (that read) 'GJA.'"
"I spent it all," Arenas added. "So when they did my budget I could only spend $500 a month. That's gas money. Girlfriend, two dogs, I didn't have any money. I couldn't even drive back and forth to the arena, so I had to stay at the arena sometimes. I slept in the arena. I was basically homeless, but I just couldn't afford the gas all the time. That helped me because it made me stay in the gym and understand what a professional is."
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Golden State Warriors
Arenas would only play two seasons for the Warriors before signing a six-year, $65 million contract with the Washington Wizards, where he would go on to have a very successful career.
Despite the early financial struggles, Arenas certainly did pretty well for himself later on.