The ongoing saga between former NBA player Joe Smith and his estranged wife, Kisha Chavis, has taken a new turn as financial concerns come to the forefront. Chavis had previously expressed her intent to create an OnlyFans account, which was met with disapproval from Smith, and it appears their financial struggles are contributing to the strain in their relationship.
“Yeah she expressed reality TV but as far as the money part that’s not true.”
“I’ve been taking care of our household for the last 9-10 years and it’s been a struggle, it hasn’t been easy at all but I’ve been you know doing what I can to keep a roof over our head and make sure you know we have certain things that you know we can live off of. So I disagree.” (6:13)
Chavis revealed that she has taken on various jobs in an effort to contribute more financially to their household, suggesting that Smith was broke when they first got together, despite his career earnings totaling millions.
During an interview, the hosts of The Morning Hustle questioned Smith about Chavis’ claim that he was financially dependent on her and if she had ever proposed the idea of doing reality television. In response, Smith vehemently denied these allegations, stating that he has been the primary provider for their household over the last decade, emphasizing the challenges they’ve faced. He refuted the notion that he relied on Chavis for financial support, making it clear that he had been committed to maintaining their family’s well-being.
The public dispute over their financial situation adds another layer of complexity to their already strained relationship, which appears to be heading toward divorce.
How Joe Smith Blew Through $61 Million
Joe Smith’s story serves as a stark reminder of the financial challenges that professional athletes can face, even when it seems they are set for life. As a former No. 1 draft pick, Smith entered the NBA with high expectations and significant earning potential. Over the course of his 16-year career, he earned an estimated $61 million in salary. However, several factors led to his financial downfall, highlighting the need for financial literacy and responsible money management among athletes.
Despite the perception that NBA players are instant millionaires, the reality is often harsher. After accounting for taxes, agent fees, and management fees, Smith’s take-home earnings were significantly less than his reported salary. It’s estimated that he received approximately $18 million out of the $61 million he earned during his career.
Smith’s financial troubles stemmed from a combination of factors, including a lavish lifestyle, extravagant spending habits, luxury car purchases, bad investment properties, and a costly divorce. These expenditures, coupled with the assumption that he was an automatic millionaire upon signing an NBA contract, ultimately left him in a dire financial situation.
In 2018, Joe Smith and his fiancee, Kisha Chavis, participated in the TV show “Back in the Game,” hosted by former MLB star Alex Rodriguez. During the show, they conducted a financial evaluation that revealed the extent of their debt. With annual earnings of only $26,000 and expenses totaling $133,000, the couple faced a substantial financial deficit.
Smith acknowledged that many athletes, himself included, often fail to grasp the financial intricacies of their earnings. He highlighted the impact of taxes, with a significant portion of his income going to Uncle Sam. Additionally, Smith’s investment in multiple homes proved to be unwise, leading to consistent financial losses.
In the aftermath of his NBA career, Joe Smith has transitioned into a part-time basketball coach. With the guidance of Alex Rodriguez, he has used his basketball knowledge to establish a coaching business. Smith’s journey serves as a cautionary tale for professional athletes, emphasizing the importance of financial education and prudent financial decisions, even in the face of substantial earnings. It underscores that responsible money management is crucial to securing a stable financial future beyond one’s playing career. Smith’s story is a valuable lesson for aspiring athletes and a reminder that financial security requires more than just a big paycheck.
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