Former NBA star Darius Miles somehow managed to blow his entire fortune from the league.
The 2000 Los Angeles Clippers draft pick made more than $60 million in the league, and it’s all gone. (RELATED: NFL Star Allegedly Hasn’t Paid A Shocking Amount In Child Support)
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Miles told The Players’ Tribune the following about how he lost so much money:
If you read the headlines about me now, it’s all about me going bankrupt. People ask me, “Man, how can you lose all that money?”
That part is easy to explain. You already heard that story a million times, with a million players. The cliche is that guys go broke buying Ferraris or whatever. Listen, it takes a long time to go broke buying Ferraris. What makes you go broke are shady business deals.
They’ll make the money disappear quick.
Hey, there’s a real easy way to avoid a situation in which you lose tens of millions of dollars. A super easy way. Don’t get involved in business deals with people who aren’t properly vetted experts, and don’t buy stuff you don’t need or can’t afford. It’s way more simple than you’d think.
Losing money isn’t a hard concept to grasp. People who have no idea what they’re doing or are surrounded by idiots will soon part ways with their cash. It’s basic common knowledge.
As an NBA player raking in millions, there are countless great financial advisors out there who would gladly help you. No need for shady business deals that squander a fortune. You can do things the right way and never work again after your playing days are done.
I can’t believe I even have to say this, but apparently, I do. For anybody out there scoring major contracts, get yourself some great financial help. Ignore your friends and the cousins you didn’t know existed until you got rich. They don’t know anything.
Hopefully, Miles’ example serves as a cautionary tale for the next slate of talent.