John Stockton, NBA’s all-time assists and steals leader, warns that poor money management, costly divorces, and lavish spending drive many ex-players to bankruptcy.
Hall of Fame point guard John Stockton, now 63, is one of the most respected floor generals in NBA history.
John Stockton
John Stockton
Position: PG
Age: 63
Height: 185 cm
Weight: 79 kg
Birth place: Spokane, United States of America
A Utah Jazz legend who spent 19 straight seasons with the franchise, Stockton still holds the league’s untouchable records for assists (15,806) and steals (3,265).
Recently, though, the former Jazz star has been making headlines for a different reason: his candid commentary on the financial collapse many NBA players face after retirement. Despite earning more than $65 million from 1990 onward, Stockton attributes his stability not to his income, but to how carefully he managed his money.
“It doesn’t take much when the money is that big,” Stockton said on The Maverick Approach podcast.
“If you don’t pay your taxes one year, penalties and interest eat it up in a heartbeat. Then you get married and divorced — that cuts it in half. You buy things that don’t continue to have value, like a bunch of cars or jewelry. All of a sudden, everything jumps on you.
And to repay those kinds of debts? Can't happen. You can't then go back to normal life when you're not making the $50 million a year and pay those penalties. It could happen easier than you think. But it's good reason to have your head on your shoulders and pay attention," he added.
Stockton also highlighted the cultural pressures players face when they come into wealth. Many, he explained, come from humble beginnings and immediately spend heavily to support parents, siblings, and lifelong friends. Cars, homes, private schooling, jewelry, and clothes quickly drain what initially feels like endless money.
The data supports Stockton’s concerns. According to CNBC, 78% of NFL players face financial hardship just two years into retirement. The NBA numbers are slightly better, but still alarming: 60% of former players go broke within five years of leaving the league.
Former New York Knicks center Chris Dudley, now a senior wealth planner, adds perspective:
“Players must understand that one year of big pay often has to last for 60 years. Sustainable spending and a manageable lifestyle are of the utmost importance.”
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