NBA Player Joe Smith’s $61 Million Gone
Alex Rodriguez, aka ARod, is on a show on CNBC titled “Back in the Game,” and in this episode, he tries to help former NBA No. 1 draft pick Joe Smith get back on his feet financially.
Joe Smith earned $61 million in his 16-year NBA career, yet, he is living paycheck-to-paycheck and is in debt $157,000. At the root of the problem was overspending such as luxury vehicles like a Corvette, Bently, Range Rovers, and every time he was traded to a new team, he purchased a new home while his prior home went on the market. Getting rid of high-end homes and mansions is not easy because it is a small/specialized market. A costly divorce was also to blame in part.
Smith now runs the Joe Smith Basketball Academy and part of the plan to increase his income is by offering private and group lessons. In addition, Smith agreed to downsize his home which will save him approximately $14,000 a year.
Alex Rodriguez believes within three years they will be debt free.
Alexander Hernandez, Esq.