Growing up without a lot, it’s always difficult for NBA rookies to save money from their first contracts. And Dwyane Wade, like many, found it hard to resist the urge to splurge. The Heat legend recently discussed the best and worst money he’s ever spent after earning $196 million throughout his Hall of Fame career.
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As a rookie in 2003, Wade wasn’t financially responsible. His first big purchase was an electric blue Escalade he had been eyeing for a while, which Wade decked out with 26-inch rims and spinners. It didn’t break the bank, of course.
But Wade’s trust issues led him to not hire a financial advisor, which soon became a problem for the rising star. Wade had a plan to save $1 million of his $2.7 million rookie deal, but it didn’t work out as intended.
“I think I ended up saving none,” the 13-time All-Star told Men’s Health. “I spent all of it. I went through it, my family had needs. But I regret not having someone earlier in my career to help teach me about all of this money.”
Wade emphasized the importance of having a professional to help young athletes balance their finances. Over time, though, Wade became smarter with his money.
He was able to figure out a budget that worked for him and his lifestyle. The idea was to avoid repeating the financial mistakes he made in his youth.
“That plan allows me to understand, ‘Okay, I’ve got a budget. I can’t spend over this [amount], or if I go over I have to make some money somewhere else, I’ve gotta hustle’,” explained Wade.
While Wade considers the Escalade as one of his worst spends, over time he has spent on things that he is heartwarmingly proud of. According to him, the best money he ever spent was on buying new homes for his parents and giving his children the best education possible.
“I put them in some of the best schools,” he said. “I’ve given them the key to a different kind of knowledge that when I was growing up we just didn’t have.”
Now retired from the NBA for over half a decade, the Flash can still live comfortably despite not earning from a luxurious multi-million-dollar contract anymore.
Wade wanted to pass his knowledge to the next generation
As so many other professional athletes have in the past, Wade wanted to share what he learned as a youngster to help athletes today avoid making the same mistakes. The three-time champion has readily used the opportunities he has gotten in the past to share his experience with other players and fans.
Wade even gave his top three tips for managing money in a 2022 interview. The former guard discussed the importance of taking calculated risks and finding ways to build more from what you already have.
“Find someone you trust,” was the first tenet Wade gave.
“Have a plan in place, by understanding where your money and resources are,” was his second advice. “And then you figure out how to make your money grow and sustain yourself where you are.”
His third tip was to not give up on the finer things in life. “I believe in enjoying the money that you earn. In the end, you should not be all about ‘save… save… save…’ You got to live your life, you got to enjoy it,” he added.
Just like working on yourself, building a business or a brand is a process. Wade knows from his lengthy 16-year career that greatness isn’t achieved overnight, whether in sports or finances.
The legend has taken every chance he’s been given since retirement to make sure the youth of today know this as well.
