*Three-fifths of NBA players go broke within five years of retirement. Former New Orleans Pelicans player Josh Childress shared his perspective on it, according to Huffington Post.
He said there are two issues young players don’t realize when they are they’re in the league. The first misunderstanding is how high the taxes will be.
“The first mistake is people say, ‘Okay, I have $11 million.’ [No,] you got five over four years,” he said. “So that million dollar house that you [bought thinking] you had $10 million more — that house then becomes more expensive.”
He listed expensive taste as another issue. This includes buying mom a house and a car. He said players struggle with keeping up with the lifestyles of those around them.
“If those are the guys that are taking you under their wing, that’s what you get used to,” he said. “And so thats how you think it has to be, and that’s how you think the life is, and you get caught up in that and you end up spending way more than you should.”
By the way, if you’re wondering what’s up with Childress these days, a report at TodaysFastBreak.com com says t former sixth overall pick in the 2004 NBA Draft making moves to get back to NBA. In the meantime, he has been plucked off the waiver line by the Texas Legends.
If you’re wondering, the Legends are a D-League team.
Childress played his college hoops for the Stanford Cardinals. In two years with the university, he averaged 14.8 points, 7.8 rebounds, 2.3 assists, 1.1 steals, and 1.5 blocks in 56 games.
In fact, he was so good as a collegiate player that it earned him AP All-American First Team and Pac-12 Player of the Year in 2004.
Thing is, Childress wasn’t only a college standout. He was a more than solid NBA player before opting for big money overseas. An eight-year NBA vet, he has played in a total of 391 career NBA games. In those outings, his NBA career, Childress has averaged 9.1 points, 4.7 rebounds, and 1.6 assists.
As a rookie he showed promise of a future NBA All-Star. Playing in 80 games for the Hawks in his first season in the pros, he averaged 10.1 points, 6.0 rebounds, and 1.9 assists. His good play earned him All-Rookie Second Team honors.
Unfortunately for him, though, he also hasn’t played in the NBA since 2014.
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