I’m a former No. 1 pick who earned $61million but blew it all on luxury cars and buying houses in 12 cities
Joe Smith’s NBA career did not pan out as it was supposed to after he was drafted with the No.1 pick. The power forward’s college performances saw him drafted by the Golden State Warriors ahead of All-Stars Kevin Garnett, Antonio McDyess, Rasheed Wallace, and Jerry Stackhouse. GettySmith spent three seasons with the Milwaukee Bucks, averaging 10 rebounds in the playoffs[/caption] Even though Smith didn’t hit the heights many predicted when he entered the league, he still racked up $61million in a 16-year career that took him to 12 teams. But just seven years after retirement, he was asking former MLB star and businessman Alex Rodriguez for help on CNBC’s ‘Back in the Game’ after falling $157,000 in debt. “A lot of people think once you sign that contract, you’re just an automatic millionaire,” Smith said on the show. “But it doesn’t work like that. Nobody really explained that and broke that down to me, that Uncle Sam, out of that $3million, Uncle Sam is going to take probably $1.5 [million] of that. That was just something I had to learn.” After taxes and management fees, Smith would have taken home around $18million – still a huge sum of money. But a series of poor financial decisions chipped away at his fortune and ended up in a brutal divorce. Smith would buy a new place to live every time he moved team – an expensive habit for a journeyman who made 15 switches. “Once I got traded, it was always tough to unload those homes,” he told Rodriguez. “I was always losing money.” Smith rubbed shoulders with some of the greatest to ever do it – his enviable list of former teammates includes LeBron James, Kobe Bryant, Carmelo Anthony, Kevin Durant, Allen Iverson, and Latrell Sprewell. His car collection was just as star-studded, featuring a Corvette, Bentley, and two Range Rovers. Smith has put his skills to use as a coachGetty GettyThe 49-year-old played in 12 different cities over 16 years[/caption] Smith retired in 2011 and within months had been handed divorce papers which had a massive impact on his mental health. “As a man, you don’t even wanna go outside,” he told the Above The Rim podcast. “Because you know people are gonna recognize you and people are seeing what they’re seeing. “Now you’re kind of embarrassed about what you’re going through, what you may have lost, just the entire overall situation. “I just wanna let folks know that regardless of what y’all might think about me or about us as players or about celebrities in general, that we go through s***. “When I first retired, I thought I was gonna play one more year. But as soon as I retired, I went through my first divorce and it was months apart. “So I’m like, ‘Damn, basketball season over. My family gone.'” View Tweet: https://t.co/XPTmZIN6Py By the time he turned to Rodriguez for help, Smith was coaching 10-15 hours a week. He and his then-fiancee Kisha Chavis, who he married later that year, were bringing home a combined $26,000 a year with a lifestyle costing them $133,000. Rodriguez helped Smith ramp up his coaching business with the 49-year-old offering private lessons for higher fees and putting on camps to increase his income tenfold. The couple also agreed to downsize their house, with Rodriguez’s own financial planner holding them to account. “I knew it was a big hole, but I didn’t know it was like that,” Smith admitted. “Just to see the numbers and see the breakdown just catches you off guard.” Smith is still coaching in the Atlanta area and his son Amir is also in the game. The 27-year-old is playing in France after signing for the Metz Canonniers in September.
Joe Smith’s NBA career did not pan out as it was supposed to after he was drafted with the No.1 pick.
The power forward’s college performances saw him drafted by the Golden State Warriors ahead of All-Stars Kevin Garnett, Antonio McDyess, Rasheed Wallace, and Jerry Stackhouse.
Even though Smith didn’t hit the heights many predicted when he entered the league, he still racked up $61million in a 16-year career that took him to 12 teams.
But just seven years after retirement, he was asking former MLB star and businessman Alex Rodriguez for help on CNBC’s ‘Back in the Game’ after falling $157,000 in debt.
“A lot of people think once you sign that contract, you’re just an automatic millionaire,” Smith said on the show.
“But it doesn’t work like that. Nobody really explained that and broke that down to me, that Uncle Sam, out of that $3million, Uncle Sam is going to take probably $1.5 [million] of that. That was just something I had to learn.”
After taxes and management fees, Smith would have taken home around $18million – still a huge sum of money.
But a series of poor financial decisions chipped away at his fortune and ended up in a brutal divorce.
Smith would buy a new place to live every time he moved team – an expensive habit for a journeyman who made 15 switches.
“Once I got traded, it was always tough to unload those homes,” he told Rodriguez. “I was always losing money.”
Smith rubbed shoulders with some of the greatest to ever do it – his enviable list of former teammates includes LeBron James, Kobe Bryant, Carmelo Anthony, Kevin Durant, Allen Iverson, and Latrell Sprewell.
His car collection was just as star-studded, featuring a Corvette, Bentley, and two Range Rovers.
Smith retired in 2011 and within months had been handed divorce papers which had a massive impact on his mental health.
“As a man, you don’t even wanna go outside,” he told the Above The Rim podcast. “Because you know people are gonna recognize you and people are seeing what they’re seeing.
“Now you’re kind of embarrassed about what you’re going through, what you may have lost, just the entire overall situation.
“I just wanna let folks know that regardless of what y’all might think about me or about us as players or about celebrities in general, that we go through s***.
“When I first retired, I thought I was gonna play one more year. But as soon as I retired, I went through my first divorce and it was months apart.
“So I’m like, ‘Damn, basketball season over. My family gone.'”
By the time he turned to Rodriguez for help, Smith was coaching 10-15 hours a week.
He and his then-fiancee Kisha Chavis, who he married later that year, were bringing home a combined $26,000 a year with a lifestyle costing them $133,000.
Rodriguez helped Smith ramp up his coaching business with the 49-year-old offering private lessons for higher fees and putting on camps to increase his income tenfold.
The couple also agreed to downsize their house, with Rodriguez’s own financial planner holding them to account.
“I knew it was a big hole, but I didn’t know it was like that,” Smith admitted. “Just to see the numbers and see the breakdown just catches you off guard.”
Smith is still coaching in the Atlanta area and his son Amir is also in the game.
The 27-year-old is playing in France after signing for the Metz Canonniers in September.
