(Photo by Jamie Schwaberow/Getty Images)
Joe Smith was the top NBA draft pick in 1995 and ended up playing in the league for 16 years.
Yet, despite the success he found playing professional sports, Smith ended up with next to nothing.
Speaking with Vlad TV, via Legion Hoops, Smith revealed that he only had $3,000 after earning a total of $61 million during his NBA career.
Joe Smith says he only had $3K after making $61M total in his NBA career
(via @vladtv) pic.twitter.com/9izVvIKVFU
— Legion Hoops (@LegionHoops) November 23, 2023
Smith said that a “deep, deep, deep depression” led to him spending nearly all of his cash.
He also revealed that his NBA pension hasn’t kicked in yet but he has been making ends meet by running an individual coaching business since 2015.
Smith played for a number of teams during his time in the league.
He started with the Golden State Warriors and then moved on to the Philadelphia 76ers, Minnesota Timberwolves, Detroit Pistons, Milwaukee Bucks, Denver Nuggets, Chicago Bulls, Cleveland Cavaliers, Oklahoma City Thunder, Atlanta Hawks, New Jersey Nets, and finally, the Los Angeles Lakers in 2011.
For his career, he averaged 10.9 points and 6.4 rebounds.
Smith’s financial struggles aren’t as rare as people think.
For years, there were many sports stars who lost their money after leaving their professional careers.
Due to bad choices, family matters, or mismanagement, plenty of athletes were left with nothing after their paychecks dried up.
Smith was a part of the CNBC reality show “Back In The Game,” hosted by former Yankee Alex Rodriguez.
That show was an attempt to mentor former athletes and entertainers who had fallen on hard times and get them back on their feet.
Although Smith was grateful for his participation, he revealed that he was again in bad financial shape after the series concluded.
Perhaps his honest revelation will lead to more business and success in the future.
The post Former NBA Player Makes Wild Confession About His Finances appeared first on The Cold Wire.