Getting drafted into the NBA is a life-changing moment for any player who has that honor bestowed upon them. They’re finally a part of the biggest basketball league in the world and guaranteed to become extremely rich, even on a rookie-scale contract. While players are making more money now than ever before, the players of yesteryear didn’t end up making just pennies.
Charles Barkley is among the most successful players of all time and has been able to build up his NBA wealth with very shrewd investments and a 22-year-long association with TNT. But his wealth made him fall into a pitfall that Grant Hill’s mother specifically warned him against.
Chuck got this impeccable financial advice from Hill’s mom during the 1996 Olympic Games, and he regrets not taking it.
“TV saved me because I would have been broke probably because we as Black people, for some reason, we feel this need to take care of everybody in our family. Grant Hill’s mom, one of the greatest ladies I’ve ever met in my life, gave me the best advice, and I never listened to it. We were at the ’96 Olympics in Atlanta. She is one of the greatest women I have ever met, and me and her and Calvin (Hill) and Grant (Hill) were having dinner and she says, ‘Me and Calvin [Hill] got to go back to work tomorrow.’ I said, ‘Wait a minute. Grant just signed for $100 million. Y’all gonna work?’ She said, ‘Charles, sit your ass down. Let me tell you this: Do not take care of your family and all your friends. Do not do that. You’re gonna end up broke. It’s going to ruin every relationship you’ve ever had.’ If you start giving your family and friends money, they’re never gonna stop. But she said, ‘the worst thing is when the first time you tell them no, they gon’ hate you. If you give them $5 million, the first time you say no, they hate you forever.’ She was a 100% correct.”
Barkley didn’t want to be utilized as a money-maker for all his relatives and friends but couldn’t say no earlier in his career. He has had the luxury of remaining a multi-millionaire even after retirement, so he continued supporting the ones that depended on him.
Charles Barkley And His Financial Philosophy
Barkley is arguably one of the most giving players to come out of the NBA. While he naturally warned players against taking care of everyone around them, Barkley has done it for ages and often takes care of people he doesn’t even know. He once tipped someone $25,000 after winning at Blackjack.
Chuck had an agent that stole $100 million from him and left him broke even after he had played 4 years in the league. He also once tried giving money to a homeless man but was stopped by Michael Jordan. It’s hard to replicate the heart Barkley has, but even he would admit that his sharing of wealth has been detrimental to his personal fortune.
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