Charles Barkley On Why Most Professional Athletes Go Broke, Sends Message To Black Kids About Money And 'Friends'

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Charles Barkley, in a candid conversation on Club Shay Shay, shared valuable insights into the financial pitfalls that many professional athletes face and imparted wisdom on managing money and relationships. Barkley reflected on his own experiences, admitting to initially splurging on extravagant purchases like multiple cars, only to realize the folly of his ways later on.

“When I first was an idiot when I got my money, I had like three or four cars. And Dr. J says, how many of those cars can you drive at the same time? I said, what do you mean? He says, how many of those cars you can drive at the same time?”

“I says, one. He says son don’t waste all your money on cars. Everybody know who you are. He said you pull up an Kia. They know oh that’s Charles Barkley. You pull up in a Mercedes Benz or a Rolls Royce. That’s Charles Barkley. But the problem is that money is not the fact that you can’t afford that car.”

“It’s the fact that that $300,000 you spent on that Bentley, if you bought a car for $70,000 or $80,000, you would have had $200,000 more in the bank, and it would have been growing and growing. And in one year, three years, five years, 20 years, that $200,000 is going to be worth more.”

“Young guys they think like I always tell them I say yo man we know stuff we like I ain’t trying to hate on no young guy I’m trying to because I don’t want you to be on that list what list is that 80 percent of professional athletes go broke I don’t want you on that f***ing list.”

One of Barkley’s key takeaways was the importance of financial prudence and avoiding unnecessary extravagance. He recalled a conversation with Dr. J, who advised him against overspending on luxury cars as a means of impressing others.

Barkley emphasized the significance of making sound financial decisions that prioritize long-term wealth accumulation over short-term displays of wealth. He warned young athletes against falling into the trap of trying to impress others with lavish possessions, urging them to focus on building their financial security instead.

Barkley also cautioned black kids about saving their money over taking care of family and friends all the time.

“The young black kids, and I’m talking to them, man, save your money. Yes. And another thing, you don’t have to take care of all your family and friends.”

“You don’t have to take care of everybody. Right. Cause you’re going to go broke. You know, uh, so now I tell these young kids, young man, if you want to do something nice for your mom and dad, you want to do something nice for a brother or sister, that’s fine.”

“They don’t have to be on the payroll. Right. You don’t like, no, you don’t owe them. That was their job to take care of you.”

Barkley addressed the common trend among professional athletes, particularly within the Black community, of feeling obligated to financially support extended family and friends. He cautioned against overextending oneself financially to accommodate the needs and wants of others, stressing the importance of setting boundaries and managing expectations.

Barkley shared a poignant piece of advice from Grant Hill’s mother, who warned him about the dangers of becoming a perpetual source of financial assistance to others.

“Grant Hill, his mom, rest in peace, gave me the best advice ever. I said, because we were at the Olympics, actually here in Atlanta in 96. And her and Calvin, they came down for a couple games. They said, Chuck, we’re going to be here a couple days and we got to get back to work.”

“And I says, Grant just signed the first $100 million contract in NBA history. She says, sit your ass down, Charles. I said, Ms. Hill. He said Charles I’m gonna just give you some advice. Do not start taking care of your family and friends because number one they never gonna stop and it’s gonna ruin all your relationships.”

“She says when you start giving people money they’re never gonna ask you for money one time. Right. But he said she said the second thing is no matter what you do for them, the first time you tell them no, they hate you. And I said, what? And I had to learn. People I have been giving money to, the first time I told them no, they like, no, no, no, we’re not friends anymore. That was a tough and painful lesson for me.”

He underscored the potential strain such arrangements could place on personal relationships and highlighted the importance of maintaining boundaries to protect one’s financial well-being and emotional health.

Barkley’s message serves as a sobering reminder of the challenges that come with sudden wealth and fame, especially for young athletes. His candid reflections and practical advice offer valuable lessons on financial responsibility, the importance of setting boundaries, and the need to prioritize long-term financial security over short-term gratification.

By sharing his own experiences and the wisdom he has gained over the years, Barkley hopes to empower the next generation to make informed decisions and avoid the pitfalls that have befallen many before them.

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