According to a new study conducted by Personal Capital, NBA players are spending, on average, $42,500 per month which works out to about $500,000 annually.
Only 50 of the NBA's 450 players took part in the experiment, but Personal Capital's chief marketing officer, Mark Goines, has said that his company struck a deal with the NBA and the Players Association in 2015 due in large part to the financial struggles many ex-NBA players face.
It's worth noting that the average NBA salary is $5 million per year so it's all relative, but once these guys aren't making millions of dollars a year and they get used to dropping $40K per month, that savings account will dwindle quickly.
"They have unique income and expense circumstances," Goines said. "The goal is educating the players about where they are in their financial lives, cope with sudden wealth, and hopefully gain a longer term perspective."
The study also took a look at exactly what it is that NBA players are spending their money on and found that a large percentage is spent at retailers like Apple, Louis Vuitton, Mercedes-Benz, Whole Foods and even Walmart.
But the top retailer? Express, which may be due to their tall and extended sizes of clothing.
In fact, during the four-month evaluation, the players surveyed by Personal Capital spent roughly $221,000 at Express, more than three times the amount of the second most popular spending spot- Whole Foods.
NBA'ers really dropping racks at Express and Whole Foods like that?
[Via]
