Former NBA player Josh Childress explains why players go broke and how he did not

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made $60 million explains what really happens to your money when you sign an 8-figure contract</h1> <div id="content" class="content"> <div class="post-top">  <div class="flex byline"> <div class="flex-auto byline-icon"> <a class="author-photo author-photo-square" href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/author/cork-gaines"> <img class="author" src="https://web.archive.org/web/20171227164233im_/http://static3.businessinsider.com/image/56413ec16bb3f7157a2cf75c-100-100/cork-gaines.jpg"> </a> </div> <div class="flex-item"> <div class="list-pipes no-pipe"> <ul> <li class="single-author"><a href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/author/cork-gaines" rel="author">Cork Gaines</a></li> <li> <div class="contact"> <a href="https://web.archive.org/web/20171227164233/mailto:cgaines@businessinsider.com" data-toggle="tooltip" data-placement="top" title="" data-original-title="cgaines@businessinsider.com"><i class="fa 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sprites very-hot views"></span> <span class="very-hot" title="Engagement">806,683</span> </li> </ul> </div> </div> </div>  <div class="share">  <div class="rrssb-baseline share-container ks-share-top clearfix" data-share style="display:block;">  <ul class="rrssb-buttons rrssb-top clearfix"> <li class="facebook ks-byline-fb"> <a href="https://web.archive.org/web/20171227164233/https://www.facebook.com/sharer/sharer.php?u=http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4" title="facebook" class="popup"> <i class="fa fa-facebook-square"></i> <span class="text">facebook</span> </a> </li> <li class="linkedin ks-byline-linkedin"> <a href="https://web.archive.org/web/20171227164233/http://www.linkedin.com/shareArticle?mini=true&url=http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4&title=Ex-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contract&summary=The first mistake players make is simple math." title="linkedin" class="popup"> <i class="fa fa-linkedin"></i> <span class="text">linkedin</span> </a> </li> <li class="twitter ks-byline-tweet"> <a href="https://web.archive.org/web/20171227164233/http://twitter.com/share?url=http://read.bi/1FZHZca&via=SportsInsider&text=Ex-NBA+player+who+made+%2460+million+explains+what+really+happens+to+an+8-figure+contract" title="twitter" class="popup"> <i class="fa fa-twitter"></i> <span class="text">twitter</span> </a> </li> <li class="email button-email ks-byline-email" data-href="http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4"> <a href="#" title="email"> <i class="icon-email light"></i> <span class="text">email</span> </a> </li> <li class="printbtn ks-byline-print"> <a href="javascript:window.print()" title="print"> <i class="fa fa-print"></i> <span class="text">print</span> </a> </li> </ul>  </div>  </div> </div>   <div class="clear-both"> <div class="KonaBody post-content"> <div> <p> <span class="KonaFilter image-container display-table image on-image" data-post-image=""> <img src="https://web.archive.org/web/20171227164233im_/http://static2.businessinsider.com/image/552ff9fb6da811545db27f82-1356/josh-childress.jpg" alt="Josh Childress" data-mce-source="Getty Images"><span class="source-only source">Getty Images</span> </span> </p> <ul> <li> <strong>Josh Childress is a former NBA player who has made more than $60 million in his career after graduating from Stanford.</strong> </li> <li> <strong>Childress has been able to avoid聽the financial problems that some other athletes have faced.</strong> </li> <li> <strong>Childress explains that a big mistake players make is overestimating how much they actually get paid.</strong> </li> </ul> <hr> <p><br> Josh Childress, a former NBA player who has made more than $60 million in his career after graduating from Stanford, is now playing professionally in Australia. </p> <p> During an interview with <a href="https://web.archive.org/web/20171227164233/http://www.gritmedia.co/">Grit Media</a>, Childress was asked how professional athletes go broke. </p> <p> Even though he's making less money now than he did when he played in the NBA, Childress says he has been able to avoid聽<a href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/espn-30-for-30-broke-quotes-2012-10">the financial problems that some other athletes have faced</a>. </p> <p> Childress, who was the sixth pick of the 2004 NBA Draft and signed a four-year rookie contract worth $11.7 million, says the first mistake athletes make is overestimating how much money they have. </p> <p> "The first mistake is, people say, 'Okay, I've got $11 million,'" Childress said. "You've got five [million dollars after taxes] over four years. So that million-dollar house that you thought you had $11 million, that you had $10 million more, that house then becomes more expensive. Most guys buy their mother a house or a car or something. They buy themselves a car. You've got a 2-to-4% agent fee. You got the NBA escrow. So that check gets eaten up." </p> <p> Childress says that another big factor is the influence of veteran players who make a lot more money. </p> <p> "Some of my veterans spent a little more than others," Childress explained. "If those are the guys taking you under their wing, that's what you get used to. So that's how you think it has to be and that's how you think the life is and you get caught up in that and you end up spending way more than you should." </p> <p> Childress says he did fall into a similar pattern in his career, but was able to keep his spending in check. </p> <p> Here is the interview, which is worth watching in full: </p> <p> <div> <iframe width="560" height="315" src="//web.archive.org/web/20171227164233if_/http://www.youtube.com/embed/gaW6pVuEdMU" frameborder="0" allowfullscreen></iframe> </div></p> <p> <em>This post was originally published in 2015.</em> </p> </div> <div class="margin-top popular-video"> <h3>NOW WATCH: <a href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/how-floyd-mayweather-spends-his-money-boxing-2015-4">Here's how Floyd Mayweather spends his millions</a></h3>  <div id="video-popular" data-popular-video data-media-id="NaZHi1tf" data-auto-start="false" data-ad-tag-url="http://pubads.g.doubleclick.net/gampad/ads?sz=640x480&gdfp_req=1&env=vp&output=vast&unviewed_position_start=1&impl=s&url=http%3A%2F%2Fwww.businessinsider.com%2Fjosh-childress-nba-players-bankrupt-2015-4&correlator=TIME_STAMP&cust_params=vp_abl%3D1%26tag%3DNBA%2CBankruptcy%26authors%3DCork-Gaines%26mpt%3DJWPlayer&cmsid=642&vpos=preroll&vid=NaZHi1tf&pagetype=post&description_url=http%3A%2F%2Fwww.businessinsider.com%2Fjosh-childress-nba-players-bankrupt-2015-4&iu=4442842%2FDesktop%2Fsportspage" data-show-ad="true" data-ad-placement="pre" data-show-recommendations="true" data-recommendations-id="4yvN3aI1"> </div> </div> </div>  <div class="category-wrapper" data-category-wrapper> <div class="tags-top align-right"> More: <a href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/category/nba">NBA</a> <a href="https://web.archive.org/web/20171227164233/http://www.businessinsider.com/category/bankruptcy">Bankruptcy</a> </div> </div> </div> </div> <div id="social-reader-notification" class="alert clear-both" style="display:none;"></div> <div id="facebook-notification" class="alert" style="display:none;"></div> </div> <div class="bottom-share-module clearfix clear-both">   <div class="rrssb-baseline share-container ks-share-bottom margin-top margin-bottom clearfix" style="display:none;">  <ul class="rrssb-buttons rrssb-bottom clearfix"> <li class="facebook ks-byline-fb"> <a href="https://web.archive.org/web/20171227164233/https://www.facebook.com/sharer/sharer.php?u=http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4" title="facebook" class="popup"> <i class="fa fa-facebook-square"></i> <span class="text">facebook</span> </a> </li> <li class="linkedin ks-byline-linkedin"> <a href="https://web.archive.org/web/20171227164233/http://www.linkedin.com/shareArticle?mini=true&url=http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4&title=Ex-NBA player who made $60 million explains what really happens to your money when you sign an 8-figure contract&summary=The first mistake players make is simple math." title="linkedin" class="popup"> <i class="fa fa-linkedin"></i> <span class="text">linkedin</span> </a> </li> <li class="twitter ks-byline-tweet"> <a href="https://web.archive.org/web/20171227164233/http://twitter.com/share?url=http://read.bi/1FZHZca&via=SportsInsider&text=Ex-NBA+player+who+made+%2460+million+explains+what+really+happens+to+an+8-figure+contract" title="twitter" class="popup"> <i class="fa fa-twitter"></i> <span class="text">twitter</span> </a> </li> <li class="email button-email ks-byline-email" data-href="http://www.businessinsider.com/josh-childress-nba-players-bankrupt-2015-4"> <a href="#" title="email"> <i class="icon-email light"></i> <span class="text">email</span> </a> </li> <li class="printbtn ks-byline-print"> <a href="javascript:window.print()" title="print"> <i class="fa fa-print"></i> <span class="text">print</span> </a> </li> </ul>  </div>   <div id="bottom-share-links"></div> </div>  <div id="taboola-below-main-column"></div> <script type="text/javascript"> window._taboola = window._taboola || []; 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Former NBA player Josh Childress explains why players go broke and how he did not - Business Insider