Many young NBA players don’t know how to deal with becoming a millionaire overnight. You get too rich from struggling college students who surpass their wildest dreams after signing a piece of paper.
That was the reality for Jalen Rose, who made over $ 2 million in his first two seasons in the NBA but spent it all on things he probably didn’t need. One of those items was a $ 15,000 luxury cell phone that he never used.
Rose was a huge star during his college days in Michigan, but nothing could prepare him for the fame and fortune that the NBA would bring. In 1994, the Denver Nuggets voted Rose with the 13th
In both of his seasons with the Nuggets, Rose made $ 2.2 million and somehow spent every single penny.
“Your first contract, you spend it all,” Rose recently told CNBC Make It. “Almost everyone spends it all.”
That may be true, but not everyone is spending their money as ruthlessly as Rose blew his first NBA deal.
When Rose signed his first NBA deal and saw his bank account explode for the first time in his life, he thought he was invincible. The newest nugget started out luxury purchases just because they could afford them, and one of those purchases happened to be a $ 15,000 cell phone.
Rose told CNBC that he bought a Vertu when he turned pro, a luxury phone designed for “high net worth people”. It had 83-carat sapphire crystal and a private 24-hour butler service. And the craziest part? He didn’t even use it.
“I paid $ 15,000 for a phone that I never used,” said Rose. “This is a stupid buy.”
In hindsight, it’s sure to be 20/20, but considering that Rose has made more than $ 100 million during his long NBA career, he isn’t overly excited about the purchase years later.
Rose made more than a few mistakes early in his career when he became a rich man. Hence, he has a lot of advice for young NBA players who become millionaires overnight.
He said money “doesn’t necessarily have to change you, but it will change how everyone else sees you”.
“Teach people how to fish. Don’t just give them fish, ”Rose told CNBC. “Choose wisely.”
Rose may not have chosen himself wisely as a naive 20-year-old, but he has learned from that experience and has done pretty well after leaving the NBA. The former gamer and current ESPN personality has amassed a net worth of $ 50 million, according to Celebrity Net Worth.
Imagine how many Vertu phones he could buy right now.
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