Since 1986, every rookie has been required to attend the Rookie Transition Program, where the league drills new millionaires on what to expect as a player in the NBA. As NBA.com’s John Schuhmann reports, the curriculum covers finance, ethics, drugs, alcohol, gambling, and sexual harassment:
As high-profile college players, most have dealt with a lot of issues already, just not on the level that they’ll deal with them in the NBA. Going from no paycheck at all to earning more than $1 million a year is a major lifestyle change. For many rookies, the money management lessons are the ones they’re anticipating most.
“There are a lot of financial situations [to deal with] going through this process,” said the Hornets’ Darren Collison, “so you definitely want to know how to manage your money.”
They’ve heard the stories of players who’ve burned through their finances, like Antoine Walker, who at one point signed the largest contract in Boston Celtics history, and who was arrested in Las Vegas last month for bouncing checks.
Having played with Lottomatica Roma in Europe last season, Milwaukee’s Brandon Jennings has a unique perspective and a year’s experience earning a paycheck.
“I think I did good with it,” Jennings said Sunday. “I didn’t spend it all and I was able to come back and buy my mom a house.”
One of the biggest keys: Hold on to the money. “Your favorite word should be ‘No,’” he said.
When players finally realize their dreams of making the NBA, a lot of people want to share that dream. Suddenly, players have more friends and family than they knew about.
“Guys I have never talked to are calling me almost every day,” said Taj Gibson of the Bulls, “wanting to know what I’m doing and if they can come see me. It’s kind of crazy.”
