For most NBA rookies, it’s hard to know what to do with the influx of cash from their first contract. Some save, some spend, and some do both, but it’s hard to find a professional athlete who didn’t splurge at least a little with their rookie deal. That includes Andre Iguodala, who went from his tight childhood budget to becoming a multi-millionaire when the Philadelphia 76ers selected the high-flying forward ninth overall in 2004.
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In a 2018 interview with Wealthsimple Magazine, Iguodala revealed that flashy jewelry and new cars weren’t on his list of potential buys once he turned pro. After growing up on a budget and only realizing he was an NBA-caliber talent within a couple of years of being drafted, Iggy had never even seen that level of luxury before, so he wasn’t thinking about it. However, that didn’t stop the former All-Star from spending the money he took out in a loan before receiving his $25,000 cash advance for trading cards and a shoe deal.
Considering his rookie contract was only a four-year, $9 million deal, Iguodala knew he needed to prioritize his funds until he was able to lock up a more lucrative one. But the $25,000 cheque he received before ever setting foot in the league was fair game. Iguodala said,
“I think I just went to Niketown and bought a whole bunch of pairs of Jordans. I spent like two or three grand, and it felt like I spent a million dollars.”
The 40-year-old underlined that he didn’t have enough for a new car yet, so he was satisfied with his smaller purchases.
Andre Iguodala had to be frugal to begin his NBA career
While incoming top picks today could receive upward of $10 million as a rookie, Andre Iguodala turned pro during a different era of the NBA. Despite being a mid-lottery selection, Iguodala’s rookie deal paid him just over $2 million per season over four years, with the final year being a team option. The four-time champion knew if his basketball career didn’t pan out, he could only be walking away with $7 million.
Money didn’t turn out to be an issue for Iguodala, who accumulated $185 million in salary alone over a memorable 19-year career. By 2008, the defensive-minded wing had secured his luxurious contract—a six-year, $80 million extension with Philadelphia— setting him up for long-term wealth. Iguodala’s elite longevity allowed him to sign two more generous multi-year deals with the Denver Nuggets and Golden State Warriors as well.
Iguodala was able to cement himself as a top player during his prime, bringing in plenty of wealth as a result. However, the 19-year veteran underlined how his situation wasn’t always as comfortable. Had he not put the work in to secure his first big contract, it’s possible Iggy would still be working today.
