Given that professional athletes deal with millions of dollars on a yearly basis, it’s wise to have someone calling the shots on your finances from a logical standpoint. Charles Barkley learned this the hard way. Unfortunately for him, even when given sound advice, he rejected it and lived to tell the tale.
Advertisement
Barkley earned $40.6 million in total career earnings. Regardless of inflation and how tens of players earn $40 million a year nowadays, that kind of money is fairly substantial.
When you’re the sole person to make it that astronomically big, you have a general proclivity towards providing help to others. Chuck fell into the trap. He provided far too much for the people around him in the name of ‘family and ‘friendship’.
And yes, this is an incredibly noble thing to do. But to consistently be the financial anchor for a multitude of family members and even friends? Chuck should’ve drawn some boundaries.
In a recent conversation, Barkley spoke on his Grant Hill’s mother in 1996 warned him about this happening. Much to her chagrin, he didn’t care too much for what she had to say.
“The best advice I ever got, I didn’t listen to. She [Janet] says ‘Do not start giving your family and friends money. It’s going to ruin your relationships.’”
Another tid-bit of advice from Hill’s mom, Janet? “The first time you tell them no, they hate you.” This all came true for Sir Charles in due time.
Chuck later went on to speak on athletes going broke. “It ain’t because they’re gambling and buying stuff. When you get that money, you want to help your family and friends. The thing you don’t realize is, they’re not going to stop coming. And the first time you tell them no? It’s over,” continued the Chuckster.
Funnily enough, Barkley has admitted to losing over $10 million while gambling. So for him, he truly did have to learn the hard way from both his vices and his niceness to make sure to preserve his own wealth.
Fast-forward to present day and he has a nine-figure deal in place to keep him as a voice on ‘Inside the NBA’. While he did say he’d never want to work past 60, clearly getting paid to simply be his own, lovable self for hundreds of millions is more enticing at the moment than solitary retirement.
