The stereotypical professional athlete is careless with money and a bit too eager to splurge on material items. There’s nothing inherently wrong with that, but when such large percentages of professional athletes go bankrupt just a handful of years after sports careers which garnered millions of dollars, it has become something of an epidemic that needs to be addressed.
Andre Iguodala looks well on his way to bucking that trend, though. Iguodala joined CNBC’s “Squawk Box” to discuss monetary issues.
Playing in the heart of Silicon Valley has allowed Iguodala to take advantage of business opportunities within the tech community.
“I’ve had a lot of help,” Iguodala said, specifically mentioning venture capitalists like Marc Andreesen and Ben Horowitz. “They’ve helped me out a ton.”
— Squawk Box (@SquawkCNBC) July 12, 2016
When Iguodala first came to the Warriors in 2013, he and his manager realized that they were in a unique position to immerse themselves in businesses that help the Bay Area thrive. Iguodala began investing money in famous Silicon Valley technology and science companies like Facebook, Apple, Twitter, and Tesla.
Iguodala is working hard to prepare not only himself for life post-basketball, but also reaching out to other players to offer his guidance. In partnership with the National Basketball Players’ Association, Iguodala is leading the inaugural NBPA Technology Summit.
Most athletes are never taught how to properly manage the wealth they earn while playing, and Iguodala is trying to bestow the same lessons that he has learned since being a professional basketball player.
He has been a vocal presence regarding financial opportunities for athletes, and realizes that because of the ignorance many athletes have about finance in general, it’s understandable that so many players end up going bankrupt.
“When you get to college, they’re never teaching you how to start a credit line or get a loan on a car, things of that nature,” said Iguodala.
Iguodala hopes to pass on the knowledge and skills he has developed in large part thanks to not only his having an open mind, but also from living in an environment of innovation like the Bay Area.
Iguodala is making an effort to help bestow knowledge to his fellow athletes, so that hopefully they won’t be a cautionary tale involving the mismanagement of money.