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Contrary to the filthy rich to flat broke story of the typical young ballplayer, Boston Celtics rookie Jayson Tatum’s got a different plan.
He got some sage advice from his mom about what to do with the money instead of buying fast cars, big mansions, or expensive trips. And it’s even more important now that he just signed a massive nearly $200 million contract extension!
In 2019, Tatum shared with Uninterrupted’s Kneading Dough web series that, following his mom’s guidance, he actually SAVED every penny of his $7.8 million annual salary!
“Tomorrow is not promised. You’re not promised the next contract. You want to save all the money you can,” he told the Boston Globe. While he’s right that professional sports careers are usually short-lived, he’s not living off beans and rice either.
Tatum says that while he still enjoys buying nice clothes and did buy a car for himself, he simply makes a point to use endorsement deal income when he does.
Will he still follow the same smart money strategy now that he’s getting paid MUCH more?
60% of NBA players are bankrupt within five years, even the multi-millionaire superstars.
Hopefully he’ll stick to his mother’s incredible wisdom! That, coupled with the restraint Tatum’s shown so far in an industry that encourages excess, will motivate other players and even young fans to start a saving habit of their own.