Evan Turner Opens Up About Biggest Financial Mistake and the Importance of Financial Advisors
When Evan Turner joined the Philadelphia 76ers in 2010, he signed a two-year, $12 million contract. Now a retired NBA player, Turner reflects on the financial mistakes he made after signing his first contract.
One costly error was taking out a line of credit before receiving his first paycheck. "I just got stuff I really wanted," Turner admits. "Even buying a car was crazy." He soon found himself with $120,000 in debt.
Turner's situation is not uncommon among professional athletes. Sports Illustrated reports that 60% of NBA players face financial hardship within five years of retirement.
To avoid similar pitfalls, Turner emphasizes the importance of financial advisors. He sought one out and requested guidance on managing his finances. "I wanted to learn," he explains. "And my advisor was great at being careful with me but also sensitive to my ignorance about money."
Turner stresses the need for a close relationship with an advisor and open communication. "You should know what's going on day in and day out," he says. "And they should be speaking to you as much as possible."
After retiring from the NBA at 31, Turner is adjusting to a new financial reality. He's planning for his daughter's future and acknowledges that "the party's over, but life is still good and going on."
Turner's experience offers valuable lessons for managing financial wealth in professional sports. By avoiding common pitfalls, seeking expert guidance, and being mindful of spending, athletes can ensure a secure financial future.