Charles Barkley Talks 80% of Professional Athletes Going Broke | CLUB SHAY SHAY

Fast money builds ego, slow money builds character. This is a underrated blessing we normal people have compared to athletes, entertainers etc. Its hard enough to maintain budgeting and financial discipline as a 9-5 now imagine as an "overnight" millionaire.

We had a 15 year MLB shortstop for the SF Giants living 5 houses from us. He was a 6 time All Star. We lived in a typical suburban neighborhood, nice homes but not gated or snooty. Met him walking his dog. Great guy. 3 nice kids, drove regular cars, talked regular talk. I think his last contract was in the multimillions. Smart man.

The key to this conversation is: stop wasting money trying to impress other people. Be it cars, watches, jewelry etc. Impress them with what you do for a living. Impress them with your accomplishments in life.

The first time you tell them NO! That is what they remember. My uncle helped so many people finish higher education, payed for school and housing but as soon as he retired and started telling people no! They all started talking beyond his back and saying he was a bad person.

Ulysses Lee "Junior" Bridgeman (born September 17, 1953) is an American businessman and former professional basketball player. Bridgeman played in the National Basketball Association (NBA) for twelve years from 1975 until 1987, beginning with the Milwaukee Bucks. Bridgeman is the current owner of Ebony and Jet magazines. Despite never making more than $350,000 a season during his NBA career, Bridgeman has a net worth of over $600 million, making him one of the wealthiest former athletes in the world. Source Wikipedia

As a guy entering his 40’s I’m so thankful for podcasts like this. So much knowledge is being given if you just listen. 🙏🏽

Compound Interest is your BEST friend!

So much practical wisdom in this clip. Especially the part when Chuck said no matter how much you took care some people the moment the first time you said "No" they will hate you for it. I saw this happen a lot in real life.

Barkley tells the same stories in every interview. I watch all of them so I can retell all of them. He is a national treasure.

"u still eat pig feet? I do" 😂

"I can't see the rims when I'm in the car" You also can't see the car when you are in the car.

Chuck would easily have been one of them if he was solely reliant on his basketball earnings. Losing 25m to gambling is not smart. That's more than his basketball earnings after taxes and fees. If not for TNT and his charisma he'd be one of the 80%.

Whether you are rich or just scrapping by, cars are the #1 factor that keeps people from building generational wealth.

Dr J. Pure class, gave Charles great advice.

You can only drive one car at a time, and a car is a depreciating asset.

Whole facts, this Wisdom is priceless

Between Dr. J and Moses Malone, Chuck had some really strong, positive influences who made him the guy we all like today. You can tell, he deeply appreciates those two for the mentorship they gave him - the different perspectives he never had before that helped him right the ship and become the Hall of Famer he is. Same type of things happen today. Rooks need vets, and all teams should have a seasoned, certified professional vet or two for the good of the team and younger players.

Barkley was well on his way to being in that 80%. In 2008 a Las Vegas casino was about to file charges against him for not paying his $400,000 debt. If it wasn't for TNT he would be broke from his gambling addiction.

All these young professional athletes should be taught money management and finance by each professional league, as well as how to deal with women who might want to take advantage of them financially…and I say this as a woman!!!

That is good advice, even for low to midde income people who are not athletes, and regardless of race. I made that same mistake when those first paychecks came in. A few years later, I learnt my lesson the HARD way. Buy what is REQUIRED, not to impress.