Top 10 NBA Players Who Became Broke

There’s a general belief that once a person becomes a celebrity, be it an actor, a musician, a football player, or an NBA player they have a secure financial future, well that’s just the general perception and it goes beyond being an NBA superstar, as there are some famous and rich NBA players who became broke after the left the limelight.

Meanwhile, having a career doesn’t guarantee totally a life of financial freedom for all these NBA players that are this list, some of them became broke not because of lavish spending but mostly because of mismanagement, gambling, bad investments, or falling for scams that look like the real deal and obviously, anyone can be a victim of either the addiction to something or spending on an unprofitable investment.

Furthermore, the purpose of this list is to highlight some of the top NBA players who became broke due to many known or unknown reasons but not to mock them on how they lost so much wealth they greatly deserve and worked hard for. Whether it’s mismanagement, addiction, or wasteful and extravagant spending, losing one’s wealth is a very sad thing. The reasons for post-NBA destitution vary but are all equally painful and this post will highlight some of the tragedies that befell some of these players who are now broke and lessons that can be learned from the top NBA players who became broke.

1. Allen Iverson – 200m

Allen Iverson is one of the biggest stars and highest-earning basketball players of all time with total career earnings of $200 million dollars. He became the first ex-NBA player to appear on this list of  NBA players who became broke not due to addiction or fighting legal battles but instead it was because of his generosity, charity, and lavish spending.

Allen spent a huge amount of money buying expensive cars and jewelry and most importantly giving out money to friends. When he was unable to pay his jeweler, he file for bankruptcy in 2010. Meanwhile, there is a bit of a sweet turn about him not being totally broke, he had a lifetime endorsement deal with Reebok that can easily rescue him at the most needed time.

2. Antoine Walker – 108m

Antoine Walker was a former NBA player who is very talented on the ball and was a former champion. Walker’s lifestyle became the instrument of his downfall, his love for buying expensive things, mostly a collection of sports cars, luxurious homes, and expensive jewelry.

He became addicted to gambling which was the major element why he ended up being broke, that he had to pay millions of dollars to many casinos to pay off his gambling debt.

3. Latrell Sprewell – 100m

Latrell Sprewell is one of the most famous and great NBA players of his era and he is also one of the highest-earning NBA players of all time with a career earning of $100 million dollars.

His story isn’t of wasteful spending, he the most of his wealth to paying fines and bans, and suspensions due to his in-game violence that later resulted in most of his endorsements being canceled due to his violent behavior. Despite having over a decade of a career in the sport he later lost all his fortune, paying taxes amounting to up to $3.5 million dollars and legal fees when his ex-wife sued him to the tune of 200m dollars.

Though he lost all, including his yacht, cars, and house, he is now living a quiet life, this made earned him a spot among the NBA who became broke.

4. Vin Baker – 100m

Another NBA player who became broke coming up in this spot is Vin Baker who wasted the buck of his fortune on bad investments and making strings of mistakes. Also one of the things that made him broke was taking substances and addiction to drugs and other materials.

Additionally lost over $100 million dollars fortune and had to take on jobs just to meet ends meet. Vin is now living a quiet life after he was able to put his life together, even though he had lost so much more than he bargained for.

5. Shawn Kemp – 90m

Shawn was one of the most popular players of his era, but even with being popular and very talented, he couldn’t escape the decisions he made that made him lose most of his wealth, in this list, he ranks among the broke NBA players.

He lost most of his wealth to the legal battle, having to pay for child support and other criminal-related charges that were leveled against him, and fortunes of $90 million dollars only in salary vanishes into thin air.

6. Larry Johnson – 83m

Larry Johnson is an American former professional basketball player who spent his career as a power forward with the Charlotte Hornets and the New York Knicks of the National Basketball Association. Likewise, Johnson spent most of his money paying for child support to up to five different women, this was what took a toll on his fortune apart from other related debts and spending. Squandering up to $83 million dollars of his earnings with is sponsorship inclusive.

7. Christian Laettner – 60m

Another NBA player who became broke is Christian Laettner who is a New York-American former basketball player. He played the position of power forward in the National Basketball Association, he was one of the golden boys of his time, and unfortunately, he is also among the NBA players who became broke, having had career earnings of $60 million dollars which was lost to bad investments and poor business decisions.

8. Kenny Anderson – 60m

Kenny Anderson is an American former professional basketball player. After a college career at Georgia Tech, he played point guard professionally mostly in the National Basketball Association. He lost most of his wealth to paying child support for seven children to five different. He was also sacked from the job he got when he became broke.

9. Joe Smith – 60m

The former professional basketball player Joe Smith has played as a power forward, for 12 teams in the National Basketball Association during his 16-year career. He earns this spot among the broke NBA players that blew their morning on expensive things such as cars, houses, and all sought of luxurious things. When he appeared on the show that helps former athletes who are struggling with money issues, he revealed he was having approximately $3k dollars with hundreds of thousands in debt.

10. Derrick Coleman – 45m

Derrick Coleman is also one of the broke NBA players who had initially attained a high social status and fame, he was a very talented player in skills, but poor financial management of his wealth made him fall so low. He had career earnings of $45 million dollars which he lavished and wasted on his high taste and partying while buying most of the expensive things he wants.

Key Takeaways

• Most of the NBA players had the same cause for their being broke
• Allen Iverson is the only one on this list to have a lifetime deal that can sustain him
• Antoine Walker wasted most of his fortune on gambling

Top NBA Players who Became Broke

Most of the NBA players on this list who became broke have one thing in common, they tend to live more than they earned, this is an offense they are guilty of but rather an offense that most persons became a victim of. There’s no proper orientation for properly managing their wealth which even plunges deeper into the mess they found themselves in.

Most of the broke NBA players on this list failed to understand that being drafted into the NBA doesn’t automatically translate to being a millionaire or having financial freedom. The NBA authorities will do well to create a program that will help and cater to the players that have played the beautiful game.

“To acquire money requires valor, to keep money requires prudence, and to spend money well is an art.”
Berthold Auerbach

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Sources

celebritynetworth.com

sportscasting.com

marca.com

at-the-buzzer.com