Following their evening practice at George Masons Patriot Center Tuesday night, several Wizards went back to their hotel rooms to watch ESPNs 30 for 30 documentary, Broke, which explores why professional athletes have wasted away millions of dollars.
Its definitely a show that every athlete should watch, Wizards forward Trevor Booker said Wednesday. I didnt know that many athletes go broke after retiring. But Im tight with my money, so I dont have to worry about it.
Most players just need to watch their circle. People around them can bring them down. Thats the biggest thing. Learn how to say no. I learned quick.
In recent years, dozens of professional athletes have squandered millions with bad financial investments, lavish spending habits and keeping friends on their payroll.
Former NBA star Allen Iverson reportedly ran up a bill of more than 800,000 at a Georgia jewelry store and is facing bankruptcy. Scottie Pippen, Lenny Dykstra and Mike Tyson also lost millions after their retirements.
Sad stories, Wizards center Emeka Okafor said. I can only speak for basketball players. The newer crop of basketball players, weve heard the horror stories, so its not really the same.
There are a couple of guys who arent the wisest with their money, but for the most part you're not going to find guys with five high-end cars. I bought myself one car in the nine years Ive been here in the NBA.
Guys in general are not trying to hit home runs with investments. Conservation, just manage it properly. You can live a very good life not trying to go crazy.
Wizards rookie Bradley Beal, the third pick overall of the 2012 draft, recently signed a contract that will pay him just under 4.1 million this season. He said the biggest focus of the NBA rookie training seminar he attended over the summer was the importance of making smart financial investments.
Teammate A.J. Price says it might be the most important aspect of adapting to life in the NBA.
Playing basketball is the easy part, he said. The hard part is maintaining the lifestyle. The discipline is definitely one of the biggest things.
In the beginning you get the money and youve never seen money like that before. You tend to want to buy things youre not able to buy. A guy like me, Im not a 10 million a year guy. Still, youve got to be able to manage your money.