With Only $10 Million Asset, Ex-NBA Star Michael Beasley Raises Concern Over Bankruptcy

“It’s OK to ask questions. It’s OK to be curious.” After being open about his mental health struggles, Michael Beasley said in an interview with CBS Sports. A career with a lot of potential, as he was picked overall number at the age of twenty, stopped when he was 30. He last played in the league in the 18-19 season, and since then has played in China and became a champion. So, with the highs and lows and probably like no other, he wants the next generation to take some notes on financial literacy.

Back in April, even the Celtics’ superstar and the Vice Presidents on the NBPA Executive Committee revealed the concerning state of affairs about the players. “It’s a bunch of players, 60 percent of players within the first 10 years are losing the majority of their wealth.” It’s the same thought that Michael Beasley is echoing. During his playing career, his total salary equalled $33,680,772 according to Spotrac. But his current net worth, as per Celebrity Net Worth, is down to $10 million.

The 11-year league veteran joined Moshe Popack on the latest episode of the Common Denominator podcast to open up about life on and off the court, hard-won lessons about money. “What I think can be done now and I probably shouldn’t say this out loud, because I kind of want to put together a fund like you are to save the players.” The 36-year-old’s suggestion is to put money in a trust fund to avoid major spending. His advice is not only extended to the NBA pros, but even to college athletes earning through NIL.

Michael Beasley’s habits as a rookie should urge anyone to learn from them. And the former #2 overall NBA draft pick also wants the same. The former Heat star was young and new to money when he joined the franchise in Miami. He made $4.3 million as a rookie and admitted never having seen $100 in his bank account before his NBA contract. Which led to hasty purchases one after the other.

Michael Beasley once raised the issue of losing his money

What happens when a 19-year-old gets accustomed to the spendthrift life of the NBA? The comparison, the money, flex, almost everything starts to trickle down. Plus, now some of them have the ability to spend more than they could imagine. What could go wrong? Let’s take a look at his first purchase, he always wanted a Range Rover, so he bought one. Then the same with Bentley. But that did not stop.

January 29, 2019; Los Angeles, CA, USA; Philadelphia 76ers guard JJ Redick (17) moves the ball against Los Angeles Lakers forward Michael Beasley (11) during the first half at Staples Center. Mandatory Credit: Gary A. Vasquez-Imagn Images

With his teammate and veteran Dwyane Wade had a Challenger, so Michael Beasley too quickly added one to his collection. This resulted to up to five cars in his driveway, even his friend tried to reason. Bruce Shingler, a friend living with him at the time, had a question: “Mike, why?” When the two were out driving in the city, Beasley saw a Suburban on the side of the road with chrome wheels and a “For Sale” sign. He wanted that one too.

This time, Shingler pushed back, asking for a reason. “I don’t know,” he remembers Beasley telling him. “I’m gonna call that the dump truck. I’m gonna drive it and whenever I wanna go, take out trash.” By the end of that first year,  he revealed that on his rookie contract, he had 11 or 12 cars. That’s why he is openly sharing his life story and asking the players to be vigilant. So they use different forms of investment by being curious and asking questions to avoid bankruptcy.

 

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