We all know how exaggerated the income of NBA players is, especially after the salary cap has skyrocketed. A player's annual salary is tens of millions of dollars. It is no exaggeration. James Harden, who renewed his contract with the Rockets, will have a future annual salary. will reach 40 million US dollars.

But there is also a set of data that is surprising. "Sports Illustrated" conducted a survey in 2009 and found that more than 60% of players declared bankruptcy five years after retiring, including stars such as Scottie Pippen, Allen Iverson, and Antoine Walker.

What is surprising is how on earth did they lose tens of millions or even hundreds of millions of family assets?

Take Iverson as an example. During his career, he received a salary of 154 million U.S. dollars. Plus the lifetime contract signed with Reebok, the total income exceeded 200 million U.S. dollars. However, after retiring, Soon, news of his bankruptcy came out. Fortunately, Reebok took care of it? Some US media said that Reebok signed an agreement with Iverson in 2001, with 32 million US dollars allocated to the foundation. By 2030, that is Iverson gave it to him when he turned 55, but because he has divorced, his ex-wife will get half of the $32 million.

How did Iverson spend all his money?

First, NBA player contracts and sponsorship fees are all before tax. Taxes are also divided into national taxes and state taxes. This is why many people are willing to go to Texas. The tax burden in Texas is very light. , plus the agent's commission, what the players can really get is a little more than half. Iverson seems to have an income of 200 million, but he can only have 100 million US dollars in his account;

Second, like most black players, Iverson had many relatives and friends. When he got rich, he would treat them to food and drink, and even let them swipe their credit cards at will. Even after he went bankrupt, Iverson had several Friends who have never worked are by his side, and his food, clothing, housing and transportation all rely on Iverson's overdraft;

Third, after getting rich, it is difficult for players to be frugal. They will buy cars, houses, and All kinds of luxuries. Especially street players like Iverson love gold necklaces and diamond earrings. Several NBA reporters once revealed that Iverson lost diamond jewelry worth tens of thousands in the locker room. When he was rich, Iverson Sen dismissed this and did not investigate;

Fourth, without targeted investment, it is easy to be deceived. Iverson didn't do much in terms of investment, but some players were different, such as Pippen. His expenses were not large, and he was even considered a bit stingy by the outside world. He lost tens of millions of dollars because of mistrusting investors, leading to bankruptcy. . Even smart people like Tim Duncan were deceived and defrauded out of 20 million US dollars.

Five, gamble. This may be the reason for the bankruptcy of the vast majority of NBA players. Michael Jordan is a gambler, but he has enough money to squander, but others are different, such as Antoine Walker, a member of the golden generation in 1996, for the first time After participating in the All-Star Game, he was dragged into gambling by Jordan, and he fell into a gambling cycle. He earned hundreds of millions, almost all of which was contributed to the casino. Another example is Harrison, the former Beijing and Guangdong team foreign player. He made more than 4 million US dollars in the NBA and similar money in the CBA. In the end, he was reduced to working at McDonald's because he liked to gamble.

Let’s take a look at what expenses Iverson spent after he declared bankruptcy?

125,000 US dollars was used to repay debts;

10,000 US dollars USD 10,000 to buy clothes;

USD 10,000 to buy meals or entertainment

USD 10,000 to buy daily necessities or luxury goods.

In other words, after Iverson went bankrupt, he spent 30,000 US dollars a month in life. He did not pay alimony to his children and did not need to provide living expenses to his wife. This was despite having no money on hand. After all, you can imagine how he spent his money when he had hundreds of millions of dollars.