Charles Barkley is known as a jokester, especially in his post-playing career as part of the Inside the NBA. But the Hall of Fame big man once gave some serious financial advice for young players and revealed the reason for doing so.
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Chuck and Shannon Sharpe discussed the importance of professional athletes spreading out their fortune to last them into retirement. Considering how many athletes are left without money after their playing days, Barkley stressed that he’s not trying to hate on young players but wants them to be financially stable.
The former NBA MVP explained that he didn’t want the young athletes of today to become part of “that list.” “What list is that? 80% of professional athletes go broke.” Barkley said. “I don’t want you on that list.”
Barkley even acknowledged the financial mistakes he made throughout his legendary 16-year career. NBA players now are making far more than Chuck ever pulled during his best years, but his advice still applies.
“This money, you’re 20. When you’re 55, how much money you gonna have left?” Barkley questioned. “That’s the key.”
Sharpe echoed Chuck’s sentiment. “If you living a lifestyle right now, don’t you wanna live that lifestyle for the rest of your life?” the Hall of Fame tight end responded.
Both of the former superstars’ messages come from a place of experience. Both Sharpe and Barkley spent time without money, so it was undoubtedly hard for them not to splurge once a multi-million-dollar check landed in their hands. As a result, Barkley knows the temptations young players face today.
“I said, ‘Yo, man. I’ve been in your situation. I’ve wasted money on cars,'” Barkley added. “And then you’re like, ‘Oh, man…’ Cause when you waste money on cars, you really just trying to impress other people.”
Chuck quickly realized that splurging on depreciating assets wasn’t the best way to use his newfound fortune. But the 11-time All-Star received some advice himself from veterans players during his early days with the Philadelphia 76ers.
Charles Barkley also received some early-career advice
The NBA is a brotherhood, one that looks out for the next generation responsible for carrying the torch. So it’s no surprise that Chuck is paying it forward. Barkley revealed that it was Julius Erving who helped him manage his money early in his career.
Barkley shared how one conversation with the Doctor completely changed his financial perspective. Just like many other young athletes, Chuck was excited to spend as soon as he had the money, but Erving wanted to make sure that didn’t become a habit.
“One day, [Dr. J.] says, ‘Charles, how many cars do you have?’ I said, ‘I got like six.’ Then he said, ‘Well, how many of them can you drive at the same time?… Why do you have six cars?’ And I couldn’t give him a good answer,” Barkley said.
Chuck soon learned that spending everything he earned wasn’t the way to make his fortune stretch into retirement. Now 62-years-old, Sir Charles continues to live a comfortable life with a net worth pushing $60 million. Without Dr. J.’s advice, that may not have been the case.
