Not only is Chris Paul a current NBA star player—although his age is showing—he is also the president of the National Basketball Players Association (NBPA). At 34, Paul has seen numerous players mismanage their lucrative salaries. Handling finances is something he wants to help his fellow NBA colleagues become more educated in.
Chris Paul’s most recent net worth is approximately $100 million and he has seemed to manage it quite well. Since he is the president of the NBPA, it comes as no surprise that he wants to assist other players with responsible economic management.
In an interview with The Athletic’s Clevis Murray, Chris Paul made the following comment:
“I think the reason why I’m so passionate about this is because I’m finishing up my 14th year in the NBA, and I’ve been around long enough to realize that guys in our league, we talk about everything in the locker room except for finance, except for money. Nobody talks about money, because it’s one of those uncomfortable things.”
Paul feels that the player’s association can team up with the NBA in order to stimulate healthy discussions about how basketball athletes feel about their money. Understanding the double-edged sword of the power and vulnerability that money gives a person can really help young players be responsible with their newly-discovered wealth.
While Chris Paul was a member of the L.A. Clippers, he encouraged the team’s owner and former CEO of Microsoft, Steve Ballmer to explain to players how he has successfully managed his wealth. Ballmer has a net worth of over $50 billion.
In another comment with the Athletic, Paul said, “I’ll tell you one thing when Ballmer sat down there, everyone was all ears. I think guys would definitely listen to the owners and CEOs of their teams who’ve dealt with that type of money.”
Players such as Allen Iverson, Charles Barkley, and Scottie Pippen most certainly would have benefited from a financial discussion with Chris Paul or Steve Ballmer.
Iverson made over $200,000 million during his basketball career but was officially broke by 2012. Charles (Chuck) Barkley lost $30 million alone just in gambling. Scottie Pippen wasted $4 million on a jet that didn’t even run and had to sink another $1 million just to repair it.
These three aren’t the only NBA players to blow their millions on frivolous activities. However, Chris Paul wants to make sure this doesn’t become the standard. He believes that the NBPA and the NBA share the responsibility of making sure its employees (players) manage their wealth so they can be successful.