When a player signs a big fat contract during free agency every summer, one would think that they'd be set for life.
A lot of times, these contracts are close to nine figures.
Sports Illustrated cites risky investments, misplaced trust, family problems and providing for an athlete's friends as the main reasons why players go broke after retirement.
In other words, pro athletes are not well equipped to handle their finances.
The reason for this is simple. There are only 13 states that offer financial literacy programs at the high school level in the United States.
Also, 34 percent of African-American NBA players grew up in households earning less than 150 percent of the poverty line. More likely than not, financial literacy courses aren't stressed in these low-income regions.
This is a problem that needs to be addressed. A non-profit organization called Moneythink, co-founded by Ted Gonder at the University of Chicago is doing just that.
They're helping raise awareness regarding financial literacy in inner cities so that we won't have to read depressing stories about guys like Allen Iverson and Scottie Pippen blowing away all of their fortunes.
In fact, their efforts have been recognized by the White House. They have been selected as one of 15 finalists out of 1400 applicants for the White House Champions of Change awards.
Meanwhile, here are nine of the most financially irresponsible players in NBA history. They could've used some help in managing their hard-earned money.
Among all the ways one can blow away their money, gambling may be the most foolish way to do it.
In 2006, Charles Barkley claimed he'd lost around $10 million just by gambling.
At least he recognizes that he had a problem. Luckily for him, he's got a pretty good gig with TNT right now.
Here's a guy that needs more than just financial literacy education, he can use some sex education, too.
Jason Caffey had 10 children with eight women and he was arrested in 2007 after failing to pay child support to one of the women.
He later filed for bankruptcy.
The former Bull made close to $35 million in his career.
Kenny Anderson played 14 years in the league and earned close to $63 million.
However, monthly child expenses for seven children from five different women is not a great recipe for future financial stability. These payments were well over $40,000 per month.
When Anderson's career ended, he was left broke and had no college degree.
Fortunately for him, he eventually got his degree in 2010 and he's trying to turn things around.
Folks, Eddy Curry is still in the league and he made this list.
He's had a difficult NBA career off the court. Throughout his 10 years in the NBA, he's been charged with sexual harassment from his chauffeur, been tied up and robbed at gunpoint in 2007 and had his nine-month-old daughter murdered on a separate occasion.
Curry had no control of the aforementioned misfortunes (aside from him yelling slurs at his chauffeur), but he squandered away $60 million and that's all on him.
Back in 2008, he was loaned $580,000 at an astronomical 85 percent interest rate.
Curry said that he didn't have a clue how he lost all his money. This just shows that he wasn't keeping a watchful eye on his funds. He completely mismanaged it all and that's a big reason why he lost all of his money.
Most notably, Curry would pay $16,000 monthly allowance to friends and relatives. Although it's a nice gesture, it's these kind of acts that end up sucking all the money away from players. Athletes need to learn how to say no in these situations because it's detrimental to their financial future.
Here is an example of a guy who placed all of his eggs in two dangerous baskets: real estate and Rolexes.
Derrick Coleman made close to $87 million throughout his career and he ended up owing creditors $4.7 million after a series of poor real estate investments in Detroit, a city that was hit hard by the recession.
When the market crashed, Coleman's assets went aflame.
He also had a collection of watches.
Now, the clock is ticking on whether Coleman will ever be able to pay off his debts.
It's one thing to squander $10 million.
It's another thing to blow away $110 million.
That's what Antoine Walker did.
However, it must be mentioned that he didn't blow all of the money on himself. Despite purchasing two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade and a bright red Hummer, Walker was too generous.
His generosity led to his bankruptcy. He would support 70 friends and relatives with allowances that made him yet another cash-strapped former NBA star.
Worst of all, he was arrested by Las Vegas authorities for writing ten fraudulent checks to casinos.
Scottie Pippen blew away $120 million with irresponsible and lackluster financial decisions.
One of those decisions was purchasing a $4 million jet that didn't even work. He had to pay another $1 million to repair it.
Pippen also made a series of other poor investment decisions that led to the downfall of his fat wallet.
Latrell Sprewell once choked his head coach, P.J. Carlesimo, and was suspended for 68 games.
Then, he arrogantly declined a three-year, $21 million contract extension saying that he had "a family to feed."
Well, Latrell, looks like you could've used that money the Minnesota Timberwolves offered you. He declined the contract and never played in the NBA again.
Sprewell's Milwaukee house was going to be foreclosed since he had outstanding payments of over $295,000.
He also was forced to sell his $1.5 million yacht for about half the price.
Sprewell made close to $96 million throughout his career.
Talk about a waste of an illustrious NBA career.
Allen Iverson made over $200 million in his storied career, but he's the most recent player to go broke now. This number includes both NBA salary and endorsements.
Iverson was always a headcase on and off the court. He served four months in prison before his NBA career and no one will ever forget his infamous "practice" rant.
Iverson had about 50 friends and relatives that he would support and he's been banned from casinos in Atlantic City and Detroit.
The man most famously known as "The Answer" is now looking for one to pay off his debts.
That solution may come from an indoor soccer league, of all places.