Charles Barkley has been a celebrity since his arrival in the NBA, and with his appearance, he earned a lot of money pre- and post- NBA Career. In a conversation with Stephen Jackson and Matt Barnes on ‘All the Smoke’ podcast, Chuck mentioned that Julius Erving was the one who taught him how to manage his money early in his NBA career. Chuck has made close to $40,608,000 during his playing career, and advice from Dr. J opened his views about saving money and keeping it throughout his life. Being the host for NBA on TNT, signing commercials, and even his business ventures, have made Barkley worth $60 million.
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Charles Barkley was drafted as the 5th pick in the famous 1984 Draft and was selected by the Philadelphia 76ers, where he would join Dr.J, who was at the end of his basketball career. Chuck mentioned how Julius Erving and Moses Malone took him under their wing and transformed him into a grown-up individual to lead the Philly squad and eventually become an 11-time All-Star.
Dr. J’s impact on Chuck’s career
Chuck talked about his relationship with Julius Erving, in conversation with Jackson and Barnes. He revealed his locker room presence and what lessons Erving gave to Chuck about life outside basketball. He also shared an incident on how Erving’s money management lesson opened his views on saving money.
“One day, he 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.
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Dr. J stated that it should always be the quality or quantity of expenses that an individual should be focussed on as, at a maximum, Charles would drive a car or two at a time.
“He said, ‘Son, this money gotta last you for the rest of your life. I know you think you’re gonna play basketball a long time. Basketball is gonna be this short a window of your life.’ And that was a great lesson. I tell these young guys, ‘You only need one house, and one car,'” Chuck concluded.
Money management is an essential part of an athlete’s career. When Chuck entered the league, he was under his rookie contract, earning him around $250,000 annually. Had it not been for Dr. J, the money could have been splurged, and he would not have been the self-made man he is today. And to date, he follows the advice of the vet.
Barkley drives KIA and follows Dr. J’s advice to date
In a conversation with PEOPLE, Barkley mentioned that he follows Julius Erving’s advice to date and advises the younger athlete to follow the same. He suggested that the younger generation save their money and invest it well and at the right places as they have a career apart from the NBA to look after. He said, “Dr. J taught me that long ago. He said, ‘Son, don’t waste all your money on cars. Everybody knows who you are.'”
The generational wealth the NBA gives changes their life and their family. He also mentioned that more money brings more issues, “You have to really, really be careful. It’s interesting. I always sit back, and I see that… Money’s a great thing to have, but it causes many problems in your life. Anytime money’s involved, crazy stuff is going to happen.” He told the younger generation to learn to say no if they don’t want to lend or spend money.
