The NBA has grown significantly, with its top players now earning nine-figure contracts. However, for every Jayson Tatum or Steph Curry, there are many players who, upon entering the league, found themselves with substantial wealth but needed more information and guidance to manage it effectively. This is the financial challenge that Paul George , a nine-time All-Star, is keen to address with his wise advice for young players like Trey Murphy III .
The up-and-coming star forward of the New Orleans Pelicans was recently a guest on Paul George's podcast and asked the veteran wingman about how to handle finances in the NBA. The three-year pro is set to play in the last year of the four-year rookie contract he signed in 2021 and might soon get a contract extension from the Pels, who view him as a vital player for their present and future.
Stay true to yourself
According to the six-time All-NBA team member who has amassed over $300 million in his 14-year career, most players falter when they feel the pressure of living up to the money they're making.
"Never look at yourself in terms of the money you make. That's where players get in trouble, especially with bigger contracts," PG-13 told Trey.
"Never have the mindset of, 'Alright, I'm making $40 million a year, I should be playing at this level.' That's not what got you there. Stay true to what got you there. You're a hard worker; you go through rough patches. Jordan had rough patches; Kobe had rough patches. That's part of the game," the 6-foot-8 wingman continued, emphasizing the importance of staying true to oneself and not letting the allure of a big paycheck overshadow the value of hard work and perseverance.
Experience often gives players wisdom. With Paul, he learned not to get too down on himself when things weren't going his way. As they usually say, the NBA is a make-or-miss league, and you won't likely hit every shot you take.
"The older I got, the more I realized that those rough patches don't define who I am. They're just moments in the year. You can't make every shot, and that's why the game is about percentages. Let the value lie in your effort and persistence, not in how much money you make," the former Fresno State standout remarked.
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Surround yourself with smart people
When a player who isn't equipped with proper financial information regarding taxes and whatnot hits a big payday, it's easy for them to be overwhelmed with their newfound wealth and make rash decisions. One prime example of this is former Boston Celtics All-Star Antoine Walker, who didn't know about the tax rates of Massachusetts and ended up being in debt after his rookie season.
According to PG, having a support system of knowledgeable individuals can help prevent players from falling into financial pitfalls that often plague professional athletes. It's essential to surround oneself with trusted advisors with experience managing money and making sound investments.
"Surround yourself with people smarter than you. That was the best advice I got. When I think of my business partners and plans, it's about having smarter people around me. People I can talk to, lean on, and ask questions. I don't know if you came from money, but I sure as hell didn't. There are conversations and concepts I've never heard of that I've had to learn," the newly-minted Philadelphia 76er added.
Acquiring generational wealth is a top priority for many professional athletes, as their careers are physically demanding and often short-lived. However, without proper financial education and guidance, many players end up bankrupt or struggling with debt after retirement. That's why young athletes like Trey must proactively manage their money and seek trustworthy advisors who can provide the necessary guidance and support to navigate the complex financial landscape of professional sports.
Related: Los Angeles Clippers officially announce they're parting ways with Paul George: "We will miss Paul"
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