Dwyane Wade who now owns just a ‘modest Audi Q8,’ finds getting rid of luxury cars the best financial advice he ever got.
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Wade has seen it all. Born in the mean streets of Chicago, his parents got separated when he was just a baby. His mother soon became a drug addict, after which his elder sister had to drop him at their dad’s door in Miami when he was just 8.
The future 3x NBA champ didn’t grow up with any privileges and had to work hard for everything he has got today. His father and stepbrothers played a massive role in his development as a basketball player.
Dwyane Wade Sr. coached his son’s summer league games and came to practices at Richards High School. Wade went on to Marquette but didn’t play his freshman year since he didn’t meet the minimum academic requirements of the NCAA.
Thereafter, he did play for two seasons and averaged 19.7 points, 6.5 rebounds, and 3.9 assists. That earned him a fifth overall selection in one of the greatest NBA Drafts of all time – the 2003 draft, behind the likes of LeBron James, Carmelo Anthony and Chris Bosh.
The 6ft 4” guard went on to become one of the best shooting guards ever, earning several accolades and tens of millions every year straight from working in a car dealership and making just not more than $200.
Dwyane Wade went from working in a car dealership to owning 16 luxury cars but he is not proud of it
One of Wade’s first jobs was working at a car dealership. “I would be the guy that once someone comes in, and they buy a car, I had to wash it up, I had to get it nice for them,” told Dwyane in a Men’s Health interview in 2020.
From there to becoming a superstar in NBA becoming an NBA champ, Finals MVP and a millionaire very early in his life, Wade made some worst financial decisions and spent everything on luxury.
At a point in his career, Wade had 16 luxury cars, most of which he wouldn’t even drive, and spent as much as $6000 per month for maintaining the likes of Mercedes Maybach.
After ignoring it first, he got rid of them all on the advice of his financial advisor. And is still thankful and considers it the best monetary advice that he ever got.
The 13x All-Star still wishes that he should have had that kind of guidance since the beginning of his life at the grandest basketball stage of all, which would have kept his $170 million fortune much higher as he earned close to $200 million in salary alone.
Also read: Kobe Bryant had to make a $4 million gesture for Vanessa Bryant after admitting to adultery
At least the 40-year-old didn’t end up broke like 60% of the NBA players who reportedly spend their life earnings within 5 years of retirement.
