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Edited by Shri at 21-12-2023 10:55 AM
There are many NBA stars who, due to receiving high salaries and developing spending habits without financial literacy, eventually declare bankruptcy. However, some NBA players find a second spring in life after retirement. Let's take a look at what some retired NBA stars are doing.
Shaquille O'Neal — Dominant Center Turned Ace Commentator:
Shaquille O'Neal, one of the most dominant centers in NBA history, has had a successful post-retirement career. With a career earnings of nearly 300 million dollars, O'Neal diversified his investments in stocks and bonds. He owns multiple nightclubs in Las Vegas, 17 Auntie Anne's pretzel restaurants, 40 24-hour gyms, 150 car washes, and 155 Five Guys burger and chicken joint franchises. Additionally, he has his own line of athletic shoes. Post-NBA, O'Neal has not left the public eye. He has ventured into acting and became a prominent commentator on TNT, hosting several popular shows.
Allen Iverson — Walking the Edge of Bankruptcy:
Allen Iverson, the pride of the 1996 NBA draft, with a career earnings of over 150 million dollars, faced financial challenges. Despite rumors of bankruptcy, Iverson denied it vehemently. Loyalty was a significant factor contributing to his financial struggles, as he reportedly supported over a hundred family members. Iverson co-founded the BIG3 league after retirement, gaining fan support, but he occasionally missed games, leading to a decline in viewership. Iverson was even seen in a Chicago casino until 3 a.m. on the day of a game in Dallas. His financial troubles led to the foreclosure of his Georgia home. Despite these challenges, Iverson, aged 55, continues to receive a pension from sponsors.
Shawn Kemp — Father Overwhelmed by Alcohol and High Child Support:
Shawn Kemp, known for his extraordinary talent, faced challenges due to his inability to control himself. By 2008, he had at least 11 illegitimate children, leading to significant child support obligations. The demanding nature of child support in the U.S., especially for high-income celebrities, contributed to his financial difficulties. Kemp had to borrow money from his team multiple times, including a loan of 2.1 million dollars. Despite signing a lucrative contract with the Cavaliers in 1997, the colossal child support payments made his super contract seem insignificant. Kemp declared bankruptcy right after retiring from the NBA and later played in lower-level leagues like the ABA to meet child support obligations.
Kevin Johnson — Star Point Guard Turned Mayor:
Kevin Johnson, a former NBA player, became the mayor of Sacramento, California, after his retirement. Selected by the Cavaliers in 1987, Johnson was eventually waived, averaging 7.3 points, 3.7 assists, and 1.4 rebounds. His breakthrough came when he joined the Suns, becoming a core player. Johnson retired at the age of 34 after two seasons with the Suns. Instead of venturing into business like many other players, he entered politics. Johnson became the mayor of Sacramento, showcasing not only his basketball skills but also political talent.
These stories highlight the diverse paths that NBA stars take after retirement, experiencing both success and financial challenges. |
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Post time 19-12-2023 09:43:13