Former NBA star Dwyane Wade, a three-time champion with a successful career both on and off the court, recently spoke to CNBC Make It about his journey to financial literacy. Wade, who has amassed close to $200 million in career earnings, admits that it took him years to feel confident in managing his finances.
Reflecting on his early days in the NBA, where he went from handling small amounts of money to suddenly earning millions, Wade acknowledges the challenges he faced in understanding how to manage his newfound wealth. He emphasizes the importance of seeking guidance from knowledgeable and trustworthy individuals, a lesson he learned through personal experience.
Wade encourages young athletes, like emerging basketball star Caitlin Clark, to educate themselves about financial matters from the outset of their careers. He stresses the significance of seeking advice from those who have experience managing substantial sums of money, even if it means admitting one's own lack of knowledge in the subject.
The retired athlete acknowledges his own pride and reluctance to seek help early in his career, ultimately realizing the importance of being open to guidance and learning. Wade hopes that sports organizations will prioritize financial education for their players, setting them up for long-term financial success and generational wealth.
In conclusion, Wade's story serves as a reminder of the challenges athletes face in managing their finances and the importance of seeking advice and education in this area. By sharing his experiences and insights, he hopes to empower the next generation of athletes to make informed financial decisions and secure their financial futures.