Stockton sounds the alarm: NBA players wealth crisis after retirement

On August 21, Jazz legendary star Stockton, the star who has been in the history of the NBA with 15,806 assists and 3,265 steals, has recently become the focus again due to his frank comments on the player's financial crisis after retirement.

In a podcast program, Stockton sighed: "When huge wealth is involved, problems are often hard to guard against." He gave an example to illustrate that if a year has not been paid, fines and interest are like a flood, instantly eroding wealth. If a marriage changes, the property will be divided in half; purchasing items that are difficult to maintain value such as luxury cars and jewelry will also quickly shrink wealth. "Once these problems are faced, it is not easy to repay debts. When players bid farewell to the high salary of $50 million per year, they are unable to bear the fines at all. This situation is far more likely than expected, so players must always be sober and pay attention to wealth management."

Stockton also pointed out that the cultural pressure players endure after getting rich should not be underestimated. Many players are from poor backgrounds. Once they have money, they can't wait to make a big fuss, buying cars and real estate for their parents, siblings and close friends, paying for private school tuition, and buying jewelry and clothing. The seemingly continuous wealth is quickly exhausted.

Worrying data also confirm Stockton's view. CNBC reports that 78% of NFL players are in financial trouble just two years after retirement. Even though the NBA is slightly better, it is still serious: 60% of former players go bankrupt within five years of leaving the league.

Former Knicks center Chris Dudley, now transformed into a senior wealth planner, also emphasized: "Players must be clear that a high salary in a year may support 60 years of life. Sustainable consumption and a manageable lifestyle are crucial."

Stockton's remarks undoubtedly sounded a wake-up call for active players. On the stage of professional sports, players gain huge wealth through their talents and efforts, but wealth management is also a compulsory course. How to plan wealth reasonably in the golden period of your career and avoid falling into a financial crisis after retirement is a question that every player should think deeply about. After all, your sports career is short and your life is still long. Only by properly managing your wealth can you ensure a stable and worry-free life after retirement.