NBA players have amassed some of the largest contracts in sports. As the sport’s globalization proved lucrative, stars in the league have benefited from larger contracts and endorsements. Many players leave the sport with generational wealth; unfortunately, this does not guarantee that they will keep it forever.
Some of the biggest names in NBA history have gone broke due to a number of factors.
Remember, these players are people. Mistakes happen. Look at their misfortune as a precautionary tale. These are the top 10 NBA players who went broke and lost it all.
Which players made bad financial decisions after their NBA careers were over?
10. Joe Smith
Joe Smith makes this list for several reasons. The former #1 pick had a great start to his NBA career, averaging 15 PPG for the Golden State Warriors in his rookie year. He famously turned down an $80 million contract and got traded to Philadelphia before taking a series of smaller deals to get a mega contract from the Minnesota Timberwolves.
The league found out about his intention and voided his contract, and Smith became a career journeyman who made over $61 million in 16 years.
Years of bad financial advice left Smith bankrupt. Transactions such as buying a house in every state he played regularly, luxury cars, and poor investments caught up to him quickly and cost him his fortune.
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Fortunately for Smith, MLB Great Alex Rodriguez helped him back to his feet with a financial planner, and now he’s out of debt.
9. Darius Miles
Darius Miles is an interesting case for NBA players. Drafted out of high school, Miles played for four teams in his 9-year career. The 6 foot 10 forward had a respectable career, averaging 10 points and five rebounds, which helped him amass almost $62 million in career earnings.
People point to Miles when they discuss a high schooler being drafted early and not understanding finance. A combination of poor spending and business losses spiraled him into debt, which unfortunately vaulted him into bankruptcy.
Miles remains a reminder that many NBA players go broke after retirement and how building a safe structure is necessary while still being active in the league.
8. Scottie Pippen
Scottie Pippen is one of the most recognizable and important players in league history. The perfect compliment to Michael Jordan’s six rings, Pippen’s combination of defense, scoring, and playmaking made him one of the greatest players in the NBA and among the most decorated. Pippen’s play earned him $108 million, and more when you add in endorsements.
Unfortunately for Pippen, he famously signed one of the worst contracts in league history when the Bulls gave him a 5-year/ $18 million deal through his prime. He was extremely underpaid with the Bulls.
Following his career, bad investments from a bad financial planner, poor decisions, and an expensive divorce reportedly cost Pippen over $120 million worth of payments. He’s been trying to rebuild back his fortune in recent years as an NBA analyst.
7. Derrick Coleman
We can’t make this list without mentioning Derrick Coleman. He was named the 1991 Rookie of the Year, twice made the All-NBA team, and had three straight 20-point, 10-rebound seasons.
He was on his way to stardom.
Though injuries and depth at his position kept him from standing out, the 6 foot 10 big man amassed over $90 million over his 15-year career.
Unfortunately, Coleman lost his money by trying to save his hometown. The Detroit native wanted to invest money in the city to turn its fortune around, but the investments didn’t pan out.
Coleman was able to rebound with his NBA pension, even delivering water to the city of Flint during its water crisis.
6. Dennis Rodman
No player in NBA history is as unique as Dennis Rodman. The controversial Power Forward is among the best rebounders of all time and the best defender of all time.
His impact on the defensive end earned him two Defensive Player of the Year awards and five NBA Championships en route to earning close to $27 million throughout his career.
For Rodman, his badboy lifestyle and poor financial decisions cost him his NBA earnings. A well-documented drug and alcohol addiction, child support, frivolous spending, and bad financial advice tanked his bank.
Though Rodman lost the bulk of his money, he is currently trying to rebuild his finances. His tale remains one of inspiration and caution for today’s players.
5. Shawn Kemp
At his peak, Shawn Kemp was one of the most exciting players ever. The 6’10” Power Forward was a double-double machine who would wow crowds with his highlight-reel dunks that helped the Seattle Super Sonics reach the 1996 NBA Finals.
Over the course of his career, Kemp earned $90 million. At one point, he was one of the highest-paid players in the NBA after he signed a 7-year, $100+ million contract.
The numbers above don’t add up because Kemp never finished his contract. Years of drug and weight issues impacted his on-court play, and child support payments to six families helped exhaust Kemp’s career earnings.
Unfortunately for Kemp, his legal and money issues are ongoing.
4. Antoine Walker
Antoine Walker is a three-time NBA All-Star and one of the most underrated players in league history. In his 12-year career, the power forward averaged 17.5 PPG on below-average efficiency but was talented enough to stretch the floor and hit threes—a rarity for a big man back then.
Walker’s unique skillset earned him over $108 million in his career.
A common thread for these players, gambling became a major issue for Walker, and it cost him his entire career earnings. Unlike others on this list, he declared bankruptcy only two years after the conclusion of his NBA career.
Walker has since rebuilt his life, becoming debt-free, and has stayed away from gambling.
3. Delonte West
Of all the athletes who lost their career earnings, Delonte West’s downfall is one of the most painful to watch.
The former guard spent eight years in the NBA as a journeyman, most notably playing for the Boston Celtics and the Clevland Cavaliers. He was not a star by any means, but his role for any team he was in was valuable, and that earned him over $16 million throughout his career.
By the time West’s career was ending, the money issues off the court caught up with him. He was reportedly homeless by the time he signed with the Dallas Mavericks, and money management and legal issues forced him into poverty.
West had to resort to panhandling, though many league members reached out to help him get back on his feet. Best of luck to West.
2. Latrell Sprewell
Latrell Sprewell was one of the more polarizing players in league history. The volatile guard was an incredible scorer who could easily get to the rim and shoot from beyond the arc.
Sprewell led the New York Knicks to the 1999 NBA Finals and made a deep playoff run in Minnesota in 2004, playing alongside MVP Kevin Garnett. This propelled Sprewell to over $97 million in career earnings.
Unfortunately for Sprewell, a combination of factors led to his financial downfall. After infamously turning down a 3-year, $21 million contract offered by Minny in 2004, claiming “I’ve got my family to feed,” the then-controversial and aging Sprewell found himself out of the NBA entirely after the 2004-2005 season.
Following his exit, a combination of misfield taxes, high spending, and child support caused Sprewell to lose everything he had built up in his NBA career.
1. Allen Iverson
Allen Iverson is one of the most popular stars in NBA history. His streetball-like ball-handling ability, speed, and incredible scoring outbursts made him an instant fan favorite everywhere he went.
Iverson’s swag and aura made him a household name from the late 1990s to the mid-2000s. Throughout his 14-year career, his earnings from contracts and endorsement deals totaled over $200 million.
Even amassing such a large sum of money over the course of his career, Iverson filed for bankruptcy in 2013. Due to a combination of gambling, his lavish lifestyle, and legal issues, Iverson reportedly lost almost all of his career earnings.
Though a lifetime deal with Reebok helped him out of his debts, nobody squanders that kind of dough other than Iverson.
