I am talking so much money that, in a lifetime, most people would not be able to spend it. Those that are not prepared to make the next transition in their lives and based on statistics, there are a lot of these kinds of players usually end up broke.

There could be a number of reasons for this, including not having a financial adviser, trying to take care of too many people, and just spending money on stupid, unnecessary things.

Others, however, are ready for this transition and go on to use their earnings from their playing days for new careers such as broadcasting, opening a business, or investing in a company. As result, these players make even more money than they did in their playing days.

So let us take a look at 10 NBA players that got wealthy and 10 NBA players that went broke after retirement. There is something about former NBA players from Detroit that they seem to find great success in business.

Vinnie Johnson was known for his X-factor ability during his 6th man days with the Detroit Pistons. After he retired, Johnson founded his own company, the Piston Group.

With this, he created hundreds of jobs in the Detroit area. His work for the automotive supply has created as much prestige and success for him as his play in basketball did. Good for Johnson and this is a great example of being able to give back to the community, while at the same time benefiting yourself and your family. Bob Donnan-USA TODAY Sports. Technically Scottie Pippen is not broke and apparently he is doing better with his money than in the past.

This is why I still had to put him on this list: So how did Pippen manage to blow through so much money?

It is just amazing to see how someone can lose so much money, especially with all of the sponsorships Pippen has had. Today, he is working for the Bulls in the hopes of trying to regain a higher net worth.

Then, his first business opportunity came along and he started working at Kentucky Fried Chicken, and had the incredible opportunity to train with Colonel Sanders. This gave Tinsley a new purpose in life: What a lucky son and what an incredible example for Tinsley to set for him, as well as for others. Well, the one defense that Rick Mahorn has going for him is that he did not make nearly as much money in the NBA as the other players on this list.

Additionally, a high salary by working as broadcaster and coach is no joke. However, Mahor failed to be smart with his money like many of his fellow former NBAers and as a result, he is broke. Mahorn filed for bankruptcy in because of poor investments, the plummeting value of their Michigan home, and significant outstanding tax payments. Is it just me, or are there a lot of Detroit-related players on this list, wealthy or broke? It seems like players from there are either doomed to destined to thrive.

Dave Bing may be an unrecognizable name to some of the younger viewers out there, but note he averaged over 20 points per game in his NBA career and had seven All-Star appearances.

Scottie Pippen was scammed by his adviser. Here’s how to learn from his experience. - The Washington Post

After his basketball career, Bing founded Bing Steel, a steel processing company now known as the Bing Group. The company began in the middle of the worst recession the American steel industry had known since the s and, as a result, lost almost all of its money. The big break finally happened when he won a contract to supply steel to General Motors. As a result, this brought in more business, and the rest is history. Bing was once the mayor of Detroit talk about making it big after basketball.

Kenny Anderson had a pretty good NBA career. However, this large amount of money did not stop him from declaring bankruptcy in Like many athletes, Anderson did not know how to control his spending.

At least Anderson has made the right steps in his life since declaring bankruptcy. He has also been part of a documentary that focuses on his life, NBA career, and post-NBA career. Just like some of the other guys on this list, you gotta give Anderson props for trying to figure things out. Luckily for him, he was what seems like one of the rare NBA players to be ready for his post-playing days.

Since retiring in , Jamal Mashburn has gone on to see tons of success in the business world. In , Mashburn launched a marketing agency, Mashburn Sackett. The company specializes in digital services including 3D production. Mashburn is a perfect role-model for soon to be retired NBA players, proving that your skill does not have to be limited to the court.

Remember when Eddy Curry was said to have one of the brightest futures in the NBA? Well yeah, that did not work out exactly the way many people foresaw to be fair, some of this can be blamed on a heart condition Curry may have.

Somehow, this was not enough to help him avoid financial ruin in the years since. Well actually, like many players who go broke, Curry just had too many payments that did not make sense. Apparently, he was giving family members money each month, buying cars for friends, had child payments with many different women, and just spent tons of leisure money. Overall, I know he is probably a good guy for trying to set up his family and friends, but no athlete should be doing this to the extent Curry did.

Hopefully, this is a lesson learned for future players. Raj Mehta-USA TODAY Sports. Webber has also owned several restaurants, wrote a book, and has been involved in music production. He has also even launched his own brand of Voda, invested in stocks, and created his own fashion-line. Overall, Webber is still relatable to the current NBA population and it would be interesting to see him sort of take on a mentor role to retiring players to guide them in saving and spending money.

Why do professional athletes seem to love avoiding condoms? Do they enjoy having to pay child support to all of these different women? Well, apparently Shawn Kemp does, as there are rumors that he has 11 children with nine different women.

By the age of 28, he had seven children with a number of different women! Now, I have nothing against people having children, but that many kids with that many different women is a bit much, no? Another supposed reason that Kemp has been able to blow through all of his money is drugs. After all, he was arrested for drug possession on two different occasions.

Here is to hoping that Kemp is able to turn his life around and provide support for the many children he has in his life. Troy Taormina-USA TODAY Sports. Winning two NBA titles was clearly not enough for Hakeem Olajuwon, so he took his talents to the real estate world. According to lawyers and brokers involved in the deals, Olajuwon has managed to at least double or possibly even quadruple his money by reselling property within a year or two of purchase. Overall, it is not a coincidence that Olajuwon has been so successful in the real estate business.

If you recall, he was well known for his intelligence as a basketball player, a trait that has clearly applied to the business world. It will be interesting to see how much more money Olajuwon makes in the real estate world.

He was a four time All-Star and considered one of the better offensive forwards in the NBA.

So you would think Baker is living it up in retirement, right? He also lost a restaurant to foreclosure.

Baker, has also hinted at spending large sums of money on his friends, which seems to be one of the major causes for athletes going broke. He also has shared his regret and stated that some of these people were not even his true friends.

Post NBA: 10 Players Who Got Richer And 10 Who Went Broke

I guess this is another problem for these people: Anyway, with all of his money problems, Baker had to recently train to become a Starbucks manager. Peter Casey-USA TODAY Sports. Luckily for Shaq, his banker called him and warned him about the possibility of going broke like many other professional athletes. As a result, Shaq became educated in money and finance. The rest, as they say, is history. Finally, do not forget the multiple sponsors that still employ Shaq.

Currently, he is trying to expand his business with real-estate development projects. The next thing Shaq should do is become a motivational speaker to future and current NBA players on how to be smart with money. This is probably the saddest story on this list.

Derrick Coleman had good intentions before he went bankrupt, but perhaps his intentions were too good. Remember how they say you should always give back to your community, if you are in a position to do so? Well they did not say to give the whole thing to the community, that is for damn sure. Coleman blew all of his money by investing in the struggling Detroit economy with hopes of turning the city around. He developed real estate and tried to create jobs, but the economy was just hit too hard at this time.

Unfortunately for Coleman, this whole plan backfired and he had to file for bankruptcy in This is a depressing story, and there is no way around it. He cooked hamburgers, worked at the tilt, and even mopped the floors. Latrell Sprewell had a very productive NBA career, including three All-Star appearances, but he will best be remembered for choking then-head coach P. Unfortunately for Sprewell, he played terribly that season and has not played professional basketball since.

Soon after his basketball career, Sprewell blew everything on his high class lifestyle. Well, at least he has good sense of humor about it, as he has been seen in videos making fun his broke self. Magic Johnson is known by many for his success on the basketball court.

After all, he did win five championships and have some of the greatest playoff moments ever. Johnson started his transition into business by cold-calling 20 Los Angeles Lakers season ticket holders and inviting them out for lunch.

He started out with ownership of shopping centers and movie theaters in urban areas. Not a bad pay day. It is easier to respect Antoine Walker than most of the people in the broke category in this article.

He has openly admitted he was foolish and now is trying to help other people avoid the same mistakes he did. For Walker, it was the fact that he supported an enormous entourage. He also upgraded his family members to multi-million dollar homes. He bought his friends fancy gifts and vacations. Meanwhile, he had his own garages filled with expensive cars.

Walker also made some poor real-estate investments by purchasing properties in Chicago and saw all of his money decrease in value when the real-estate market crashed. Eventually, he declared bankruptcy and now is in the process of turning his life around by working as a basketball analyst. The insane part is that he is showing no signs of slowing down.

Jordan also makes a ton of money from sponsors, with Nike obviously being the biggest. Overall, Jordan is the best NBA player of all time and he is also the best NBA player-turned businessman of all time LeBron might have something to say about that soon though.

Bill Streicher-USA TODAY Sports.

The 9 Most Financially Irresponsible Players in NBA History | Bleacher Report

Well, for starters, he paid people to accompany him when he traveled for anything. There are rumors that he would buy friends expensive gifts such as cars, houses, and much more. He would also, of course, buy himself whatever he wanted and never thought about what he would do when the NBA money would stop coming. Please Share Tweet Comment. Watch Our Original Videos Follow us.

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