Former NBA star Jalen Rose recently revealed how recklessly he spent his money after earning his first NBA contract
NBA rookies go from everyday college students to being millionaires as soon as they sign their first contract with a franchise. Most players cannot handle this sudden overnight rise in riches and fame. As a result, so it might take them a while to learn how to be smart with their money.
The same was the case with Jalen Rose. When the Denver Nuggets drafted him as the 13th overall pick in the 1994 NBA Draft, he became an overnight 21-year-old millionaire. Rose was already a phenom during his college days as he was a part of the “Fab Five” at the University of Michigan. However, nothing could prepare him for the NBA spotlight or money.
In his two seasons with the Nuggets, Rose made $2.2 million in salary alone, and he somehow spent every single dollar. He commented –
“Your first contract, you spend it all. Almost everyone spends it all.”
Jalen Rose spends $15,000 on a luxury cell phone he didn’t even use.
When Rose saw the millions credited in his bank account as a 21-year-old, he thought he was unbeatable. He just did what most NBA rookies do: buy dumb things.
One of those dumb purchases was a Vertu, which was a luxury cell phone for high-net-worth individuals. It featured 83 carats of sapphire crystal and a 24/7 private butler service. And the most insane part? He didn’t even use it. Commenting on it, Rose said –
“I paid $15,000 for a phone that I never used. That’s a dumb purchase.”
Rose says that he is not proud of his crazy spending, but his lengthy NBA career helped him recover his losses.
Rose may not have acted wisely as a naive 21-year-old who came across a lot of money overnight. However, he learned from that experience and has done quite well for himself after retiring from the NBA.
In the process, the former NBA star and current ESPN journalist has amassed a net worth of $50 million.