According to data from Personal Capital, the average NBA player spends roughly $42,500 a month on everything from clothes to Uber. By comparison, the average income of U.S. hoseholds was $53,657 in 2014, according to the most recent Census data.
Personal Capital, a Bay Area wealth management company, has a deal with the NBA Players Association and provides a program that allows players to track their spending on a daily, weekly and monthly basis. According to the San Francisco Chronicle, more than 50 players signed up for the service.
The spending snapshot from December through March shows that players spend the bulk of their definable money on clothing and shoes, followed by cars, travel and dining out. There’s a large chunk of cash that goes unaccounted for, though, with 39 percent of their spending falling into the “other” category — rent/mortgage, bills and other spending of that kind likely falls under that umbrella.
The group of players spent $6.9 million over the four-month period, and retailer Express got the biggest quantifiable piece of the pie, followed by Whole Foods, Neiman Marcus, Delta and Louis Vuitton.
“The goal is educating the players about where they are in their financial lives, cope with sudden wealth and hopefully gain a longer term perspective,” Mark Goines, Personal Capital’s chief marketing officer, told the Chronicle.
Goines told the paper that while his company does offer wealth management services, which it charges for, it didn’t solicit players who used the expense tracker, which is a free service.
Personal Capital, a Bay Area wealth management company, has a deal with the NBA Players Association and provides a program that allows players to track their spending on a daily, weekly and monthly basis. According to the San Francisco Chronicle, more than 50 players signed up for the service.
The spending snapshot from December through March shows that players spend the bulk of their definable money on clothing and shoes, followed by cars, travel and dining out. There’s a large chunk of cash that goes unaccounted for, though, with 39 percent of their spending falling into the “other” category — rent/mortgage, bills and other spending of that kind likely falls under that umbrella.
The group of players spent $6.9 million over the four-month period, and retailer Express got the biggest quantifiable piece of the pie, followed by Whole Foods, Neiman Marcus, Delta and Louis Vuitton.
“The goal is educating the players about where they are in their financial lives, cope with sudden wealth and hopefully gain a longer term perspective,” Mark Goines, Personal Capital’s chief marketing officer, told the Chronicle.
Goines told the paper that while his company does offer wealth management services, which it charges for, it didn’t solicit players who used the expense tracker, which is a free service.
