Even though Gilbert Arenas hasn’t played in the NBA in years the checks were still coming in on his guarantee contract. The money train is about to stop though.
Arenas is in family court now with his ex-fiancee Laura Govan and according to TMZ he says it is time to make some cutbacks.
Gilbert signed the 6-year guaranteed contract back in 2008 — but according to new court filings in his family law case, obtained by TMZ Sports, Arenas will get his last installment on October 31st (the contract was paid out over 8 years).
The problem, Arenas says … is now that he’s no longer getting NBA checks, he’ll only earn $169,895 per year in investment income … not enough to live the BALLER lifestyle he’s used to.
So, Arenas says he has to make some serious cuts — and one of the items on the chopping block is the private school where he sends his kids … which runs $91,600 per year.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond.”
Arenas had four kids with Laura and $91k a year is more than most people’s yearly salary, with that being said Arenas made over $160 million in his NBA career.
What do you think?
Is he being smart or should he make cutbacks on things that don’t involve his kids?