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.

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