As NBA contracts continue to explode in value, it’s become more important than ever for professional athletes to have financial literacy. The temptation to splurge will always linger as long as athletes are bringing in eight figures per season, but it’s important for them to remember that riches eventually run dry. Injuries happen, careers end and, outside of a select few stars, there isn’t a plethora of opportunities awaiting pro athletes on the other side of retirement.
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Although many retired professional athletes once had millionaire-level wealth, a significant number end up broke just a few years after calling it quits. However, the current generation of athletes has taken note of this trend, leading many to pursue financial education and even start their own businesses to help preserve their income.
Langston Galloway is one hooper preparing for life after basketball. The former NBA sharpshooter is still balling in Italy, but at 33 years old, he knows his time playing professional basketball is quickly running out, and he won’t be getting paid to hoop anymore. But Galloway has prepared for that moment through savvy investments and by running his own brands.
The eight-year NBA veteran was asked how he manages to balance his playing career, his business ventures and his personal life while keeping everything running smoothly. Galloway shared that he’s had a ton of support in his endeavors and has been fortunate to latch on with successful companies.
“I’ve been truly fortunate to have the right people around me,” Galloway said in an exclusive interview with The SportsRush’s Adit Pujari. “Obviously, my wife has really helped me with a lot of different things.” In recent years, building a sustainable life for his family has become his top priority.
“First and foremost … being able to find a way to build, you know, your wealth, financial wealth and security for you and your family,” Galloway continued. “I have two kids, a wife; everybody has their own needs. And so that’s one part of it … in a nutshell for, you know, your needs, you know, in a day to day, day in, day out.”
But building a fortune takes more than simply wanting it. Galloway explained that it takes sound financial decision-making to make successful investments and “being able to, first and foremost, invest your money into the right situations.”
“I’ve been fortunate to be able to put some of my money into some tech companies that have done really well for me that, you know, continue to give me some gains of residual and day in, day out.” Galloway has his eyes set on the long term, hoping to return his investment and then some over the next several years.
“For the long haul, just finding ways to, like I said, with ethics and with a number of different things that I’ve kind of put with some houses and different things like that and put them up on a rental market, just trying to find ways to bring in some residual,” the Louisiana native explained.
Galloway knows basketball isn’t forever, even if it feels like it is until it’s over. With that in mind, he simply wants to make sure he and his family are financially stable now and once his professional career officially ends.
“Obviously, basketball is like kind of the engine that drives me,” he prefaced. “But then also to, you know, off the court, find a way to make it, set up my family for the rest of our lives. Because obviously, I want to be able to be taken care of when the ball stops bouncing. But then, you know, being able to keep this thing rolling once it does.”
Langston Galloway earned nearly $30 million throughout his seven-team tenure in the NBA. But in his eyes, that wasn’t enough to make an impact for generations. Now, with sound investments that will keep him paid for years to come, Galloway won’t have to worry about his financial situation when he retires from basketball.
