Gilbert Arenas drops truth bomb on NBA player's 'hard bills' & lifestyle: "Ask Shaq how much he spends monthly"
Former NBA star Gilbert Arenas doesn't shy away when revealing inside scoops of how the league works whenever he is asked. Recently, the former Washington Wizards All-Star revealed the financial struggles of retired NBA players due to "hard bills."
The three-time All-Star revealed that the hard bills, which include paying for houses and cars, supporting family members and paying for other properties, have a lot to do with why they struggle financially.
"When an NBA player retires," Arenas said, "we're just anybody who makes a lot of money and then it stops like that.
"Melo (Anthony) didn't know when he was retiring, they (the NBA) just said, 'We don't want you no more. We can't use your services.' So, now he has to adjust his life. You're talking about a guy who could walk into any mall, buy whatever the f**k he wants anytime he wants because he makes so much money every year. It's gonna take him two years to really understand that you can't do this anymore.
"Most NBA players who retire, their hard bills ... they're sitting at a $100k ... $300, normal. A month. ... Ask Shaq how much he spends monthly. If he didn't get (the) TNT job and he don't have those endorsements, is he gonna stop spending $500,000 a month?"
The 6-foot-4 guard touched on the subject of former players having a hard time financially. It's known that many retired NBA players go bankrupt years after they're done playing due to a lack of money management.
60% of NBA players go bankrupt within five years after leaving their sport.
And most of these guys have financial advisors.
LESSON 👇
NOBODY, not your financial advisor, not your spouse, NOBODY should handle YOUR finances without YOU ALSO FULLY understanding your finances. 💯
This is why there are former NBA stars who look for other opportunities to sustain their needs. Some become television personalities, others invest in tons of businesses and there are those who go into coaching. This is the reason current players seek financial advice so as to not have any sort of future money problems.
You might also be interested in reading this: Gilbert Arenas reveals hardships faced by NBA players post retirement: “We haven’t had a regular life”
Gilbert Arenas was glad the Wizards rookie chose number 0
The Wizards used their first-round pick to draft Bilal Coulibaly, a young small forward from France. As he transitions from playing in the professional league, it was revealed that he chose to wear No. 0. It's known that the number hasn't been used by anyone in the Wizards organization since Gilbert Arenas.
Surprisingly, Agent Zero didn't have anything against it and was excited for the 18-year-old rookie.
"Told him, do his thing young fella. Do your thang, bring back the positivity to it," Arenas said.
Gilbert Arenas to Bilal Coulibaly on wearing No. 0
“Told him, do his thing young fella. Do your thang, bring back the positivity to it.”
https://t.co/eGHP9iJMKU
Washington will have a fresh start with a bunch of talented youngsters and a new rookie in the mix.
Also read: Gilbert Arenas reveals what LeBron James muttered during infamous ‘free throw ‘ shot incident: “One man just owned me”