Kevin Garnett broke away from the status quo with his financial decisions during his first decade in the NBA, opting for an unconventional approach that set him apart from his peers.
The South Carolina native was drafted into the NBA in 1995 as the fifth overall pick by the Minnesota Timberwolves, notes ESPN. The power forward signed a three-year rookie contract worth $5,397,120, according to Sportico. He remained with the team for 13 years before being traded to the Boston Celtics.
For the majority of his time with the Minnesota Timberwolves, Garnett had an unconventional way of keeping track of his paychecks, which he attributes to a lack of financial literacy.
“I was kind of raised with a certain pedigree and mindset so I wasn’t introduced to wires or just fintech. I wasn’t financially savvy. I didn’t know about direct deposit. I didn’t know none of this,” Garnett admitted during an interview on “Jimmy Kimmel Live.”
Garnett opted to cash his earnings and store it under his mattress instead of a bank.
“I had a whole little system,” he commented.
This habit would continue for nearly a decade. Garnett earned $334,304,240 across three teams before retiring in 2016 as a 15-time All-Star and 2004 NBA MVP. He was also still making $5 million a year since retiring until 2024, as AFROTECH™ previously reported.
Today, Garnett has become a savvy businessman. He launched a 3×3 street basketball league in 2023 in partnership with Pro League Network, with its next event scheduled for Jan. 19, 2025, at the George Gervin Youth Center in San Antonio, TX.
Garnett also founded the Anything Is Possible Fund, which provides education in sports business, coding, and esports management for underserved communities, its website mentions. The fund also supports criminal justice reform and runs a business incubator that offers grants and mentorship, further solidifying Garnett’s commitment to giving back.
