Study Shows How NBA Players Spent Their Money
There's been countless stories of athletes going broke after their playing careers are over. NFL quarterback Vince Young famously blew $26 million with ridiculous spending habits; Allen Iverson is said to have blown through most of his $154 million fortune; and the Miami Heat even helped settle former NBA guard Tim Hardaway's taxes in 2011, despite earning $46 million during his career.
A new study by Personal Capital shows that NBA players are spending, on average, $42,500 per month, which works out to more than $500,000 every year. With NBA players making, on average, $5 million per year (before taxes), it's not too hard to see how they have a difficult time holding on to their money when their career is over.
But, what do they spend their money on? Personal Capital looked into that as well, and found that the players who had their spending habits tracked spent a large percentage of their money at retailers like Whole Foods, Neiman Marcus, Louis Vuitton, Apple, Walmart, and Mercedes-Benz.
The top retailer (by far) was Express, which, as Time points out, is because they offer a selection of big and tall sizing -- which makes perfect sense. Of those surveyed, NBA players spent $221,108 at the clothing store, more than three times the amount they spent with the second-highest retailer on the list, Whole Foods ($73,113), during the four-month evaluation.
The survey tracked the spending habits of 50 NBA players between December 2015 and March 2016 by providing them with access to their free online spending tool.
Read more about the survery over at the San Francisco Chronicle.