Not surprising. Many of these players come from a lower class background where financial literacy is not taught to them. They likely got through school with t

Not surprising. Many of these players come from a lower class background where financial literacy is not taught to them. They likely got through school with the minimum of effort, protected by coaches, teachers, and administrators because they "were good ball players". If they went to college, it was on a basketball scholarship where their preferential treatment would continue. In short, they've never had to think about anything besides basketball. They go from rags to riches without anyone telling them the obvious: it won't last. Their heroes spend big money on flashy cars and houses, and when you're staring at a seven figure cheque that might seem like a good idea. They likely grew up in a household where their parents lived paycheque to paycheque, and simply being able to provide for yourself and afford luxuries was considered being smart with your money. They probably thought of their houses and cars as investments, because thinking of them as million dollar wasteful extravagances is depressing. They wouldn't have made the connection that an investment is not something that's expensive, it's something that makes you money. The average NBA player is raised to play basketball, and that's it. They end up being very good at basketball, and little else. If they are amongst the small cadre who think about life after basketball, then they likely won't be broke. It doesn't even take any special knowledge to be able to live well off $100M in career earnings. They just need to go to a financial adviser and have someone else look after their money. But they don't.