According to NBA player Lou Williams, divorce often strikes when the checks stop coming in. In a world where fame and fortune collide with personal relationships, Williams’ insight sheds light on the unexpected challenges faced by athletes off the court. The pressure to maintain a lavish lifestyle can strain even the strongest bonds, leading to surprising outcomes when financial stability and bitter divorce.
Lou Williams, like many professional athletes, experienced the financial highs of a lucrative NBA career. With multi-million dollar contracts and endorsements, life seemed like an endless party. However, mismanagement of these funds can lead to dire consequences.
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Living lavishly without considering the future can quickly deplete even the largest fortunes. When the spending spree ends and bills pile up, financial strain becomes inevitable and that’s when divorce starts knocking on the door.
Sharing his experience on similar lines was 3x Sixth Man of the Year Lou Williams appearing on an episode of his Underground Lounge podcast. The ex-Philadelphia 76ers star expressed what post-retirement life does to a player’s finances.
He stated how the money is coming in fast during the career and there is no one giving out real numbers. “You feel like this sh*t is gonna be forever. It was a culture shock to me the first week I didn’t get a big check from being retired, where it was like, oh, I gotta figure this sh*t out,” Lou Williams stated on the podcast. He further spotlighted how players usually go broke after 5 years of retirement.
Notably, Williams made approximately $100 million from his NBA earnings. The former Sixers star explained how what half of a player makes disappears quicker than one can imagine. He stated agent fees, dues for the MVPA, personal staff, financial advisor, mansions, girlfriends, and expenditures to be some of the contributing factors. “Before you know it, you not a millionaire no more… You a high thousandaire on paper,” Lou said.
The 37-year-old further recollected his spending habits, like the time he bought a Ferrari and a Lamborghini in the same week. Even his financial advisor had told him it was not a wise decision. However, the regular incoming cash and the urge to enjoy some of it did not let him stop. “But that’s how athletes go broke… It ain’t that we got reckless spending habits. We just got crazy overhead. And once the checks stop, it gets completely different,” Lou Williams stated on the Podcast.
Yet another reason for NBA stars going broke post-retirement can be the lack of financial literacy among the young players. Most of the players who enter the NBA scenario lack the prior experience of handling such huge amounts of money that they earn in the league. This lack of financial literacy leads to another cause of financial suffering, i.e., poor investments and ventures.
The highs and lows of life after the final buzzer for NBA players, from court kings to financial flings, the game changes when the checks stop coming. Remember, it’s not all slam dunks and three-pointers; financial planning is a full-court press!
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