Glen Rice was one of the best three-point shooters in the NBA during the 1990s. He was a star on the Miami Heat and the Charlotte Hornets during those 90s and even led the league in three-point percentage in the 1996-97 season after shooting 47.0% from downtown.
Rice also was named the NBA All-Star Game MVP in 1997 after he set two All-Star records: the most points scored in a quarter with 20, and the most points scored in a half with 24.
In 2000, Rice was a member of the Los Angeles Lakers, and he won the championship with Kobe Bryant and Shaquille O’Neal. Rice would play until the 2003-04 season and retire after playing 15 years in the league.
In his 15-year career, Rice earned $68,323,900, which is impressive. The problem was Rice’s fortune would soon vanish.
How Glen Rice Lost His Wealth
Glen Rice earned millions of dollars during his prime years. However, after he retired, he faced some financial struggles that led to him losing a significant portion of his wealth.
One of the main reasons why Glen Rice lost his wealth was his lack of financial planning and investment. He spent money recklessly and made bad investments that didn’t yield any returns.
Bad investments weren’t the end of Rice’s money problems. He also has to pay child support payments, which you’d think wouldn’t be a problem for a former NBA player. But when you lose most of your money from bad investments, you don’t have any left to pay your support payments.
This was the predicament Rice found himself in, and he once asked a judge to lower his child support payments. Rice was paying $1,500 a month in child support, but this was too much for Rice, who struggled to find a steady job since leaving the NBA.
To make money, Rice would sign a lot of autographs, and he also offers private basketball training sessions just to get by. So, once Rice’s situation was brought in front of a judge, they agreed and lowered Rice’s child support payments from $1,500 a month to $600 a month, as long as he caught up with his unpaid child support, which was $2,000.
“A permanent, material, substantial, unanticipated and involuntary change in circumstances [warranted] a downward modification in support,” the filing reads, according to the Charlotte Observer.
“The father (Rice) is in dire financial straits … He has attempted to become gainfully employed in various capacities but has been unable to earn a semblance of meaningful income.”
Since Rice’s low of basically being broke, he has recovered. Today, Rice has a net worth of $25 million, and he works as a scout and community ambassador for the Miami Heat.
As fans of the game, we hope Glen Rice continues to be smart with his money and that he doesn’t miss any child support payments he still might be required to make. We all deserve to live a comfortable life, not stressing about money, including former NBA players like Glen Rice.
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