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.