Every year we hear about former professional athletes who have fallen on hard financial times. Despite millions of dollars in salary and sponsorship dollars, the world surrounding a players’ finances can be toxic with fees, hangers-on, and poor decisions. That’s why the parents of Sixers rookie Michael Carter-Williams are taking precautions to set him up using his rookie salary.
Nowadays, Carter-Zegarowski and her best friend, Tracie Tracy, are running his management team. They are taking a proactive approach to make sure he doesn’t spend all his money in a couple of years. His rookie contract guarantees him $4.5 million over his first two seasons. He could make a total of $10 million if the Sixers pick up the final two seasons of his contract.
But his salary is deposited into a trust he can’t touch for three years. Carter-Williams is living off endorsement deals with Nike and Panini trading cards.
This isn’t the first we’ve heard of a player’s parents looking out for his financial future. Klay Thompson, star shooting guard for the Golden State Warriors, was given an allowance by his parents as recently as last season.
Source: Bossip
