Jalen Rose is a retired basketball player who spent $15,000 on a luxury cell phone after signing his first NBA contract and never even used it.
Jalen Rose spent $15,000 on a luxury cell phone after signing his first NBA contract and never even used it.
Many young NBA players are unprepared to become millionaires suddenly. They move from being poor college students to being wealthy beyond their wildest dreams after signing one piece of paper, therefore it may take them some time to learn how to manage their money wisely.
That was the truth for Jalen Rose, who earned over $2 million in his first two NBA seasons yet spent it all on things he didn’t need. One of the things was a $15,000 high-end mobile phone that he had never used.
After earning his first NBA contract, Jalen Rose went on a shopping spree.
Jalen Rose attends the AOL Studios event “Got To Give People What They Want” in 2015 | Getty Images/Santiago Felipe
Rose was a huge star at Michigan, but nothing could have prepared him for the fame and riches that the NBA would bring. Rose was chosen as the 13th overall selection in the NBA draft in 1994 and signed a six-year, $10.2 million rookie deal with the Denver Nuggets.
Rose earned $2.2 million in salary alone during his two seasons with the Nuggets, and he spent every cent.
“You spend it all on your first deal,” Rose recently told CNBC Make It. “Almost everyone spends all they have.”
True, but not everyone spends their money as carelessly as Rose did during his first NBA deal.
Jalen Rose spent $15,000 on a fancy phone that he never used.
Rose believed he was unstoppable when he got his first NBA deal and watched his bank account surge for the first time in his life. The newest Nugget began spending on luxury items just because he could afford them, and one of those items was a $15,000 mobile phone.
Rose told CNBC that when he went pro, he purchased a Vertu, a premium phone designed for “high-net-worth people.” It included 83 carats of sapphire crystal and a private butler service available 24 hours a day, seven days a week. And the most bizarre part? He didn’t even put it to use.
Rose stated, “I spent $15,000 for a phone that I never used.” “That was a bad decision.”
Although hindsight is 20/20, Rose, who earned more than $100 million during his NBA career, isn’t too enthusiastic about the acquisition years later.
Young NBA players should follow Rose’s financial advise.
Rose made a lot of errors early in his career when he first got wealthy, so he has lots of advise for new NBA players who suddenly become billionaires.
Money “doesn’t have to alter you,” he added, “but it will affect how everyone else sees you.”
“Instruct individuals on how to fish.” “Don’t just feed them fish,” Rose told CNBC. “Make smart decisions.”
Rose may not have made the best decisions as a naïve 20-year-old, but he learned from his mistakes and has done well for himself since leaving from the NBA. According to Celebrity Net Worth, the former athlete and current ESPN commentator has a net worth of $50 million.
Consider how many Vertu phones he could now purchase.
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RELATED: Jalen Rose’s NBA Career Was Underappreciated and He Was Once Kobe Bryant’s Favorite Player
Jalen Rose has spent $15,000 on a luxury cell phone after signing his first NBA contract and never even used it. Reference: overtime elite.
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