Why NBA Athletes Go Broke | How Tyler Herro Spent His First $1 Million
Tyler Herro was one of the guests on GQ Sports' show How I Spent My First Million which allows an athlete to share how they spent their first million dollars after getting drafted.
Tyler spent money on a purse for his mom, two cars for himself, a car for his dad, and plenty of accessory expenses.
It's cliche that many professional athletes go broke and this episode sums it up pretty easily. Within 6 months of entering into the NBA, Tyler had already spent half a million dollars on items that are liabilities and would not be generating any money.
Professional athletes go broke for many reasons and spending money recklessly when thinking a second payday is guaranteed is one of the main reasons. Tyler isn't married which is generally the #1 reason why professional athletes go broke.
The video only set aside $400k for taxes, investments, and savings. Based on his base salary of $3.6 million, Tyler would probably spend at least $1.5 million on taxes, agents, lawyer, accountant, manager, chef, etc. which isn't accounted for if they are only setting aside $400k for taxes, investments, and savings.
This video will provide you with a general idea of personal finance and how to invest for beginners.
---------- SOCIAL MEDIA ----------
★ Instagram ★
↪ https://www.instagram.com/spencercornelia1/
★ Facebook ★
↪ https://www.facebook.com/spencer.cornelia/
★ TikTok ★
↪ https://www.tiktok.com/@spencercornelia?lang=en
★ LinkedIn ★
↪ https://www.linkedin.com/in/spencercornelia/
---------- POPULAR VIDEOS ----------
★ Why Your Favorite Musicians Are Broke ★
↪ https://youtu.be/2Ad1sNtqQ5Y
★ Part 2: Why Your Favorite Musicians Are Broke ★
↪ https://youtu.be/o7OZLFGEDiI
★ Why Your Favorite Athletes Go Broke ★
↪ https://youtu.be/ntHXyA-S5LM
★ Why NFL Athletes Go Broke Ft. Dwayne Haskins | YouTube Financial Advisor ★
↪ https://youtu.be/pxvyoZW_aRc
★ Will Tua Tagovailoa Go Broke..? | My First Million | GQ Sports ★
↪ https://youtu.be/ztlvOEu0Cts
---------- MY BOOK LIST ----------
https://docs.google.com/spread....sheets/d/15l6h6y87CV
