During the 90s and early 200s, the world saw an influx of people proudly flaunting their money and all of its material assets. From the big chains to the high-end brands, luxury and the allure of wealth were in excess.
Fast forward to today, and not much has changed. However, some people who had that flashy mindset years ago have changed their perspectives on how they use money and maintain wealth. Former NBA superstar Matt Barnes is an example of those who admitted he needed to mature as it related to his relationship with wealth. Maybe Biggie and the squad were right – “Mo Money Mo Problems.”
Barnes entered the NBA in 2002 as the 46th draft pick of the Memphis Grizzlies. He was immediately traded to the Cleveland Cavaliers on draft night and eventually landed a spot in the NBA’s D-League. He would soon land with the Los Angeles Clippers and play for several separate teams before he retired in 2017.
His first official contract was a one-year deal with the Clippers worth $249,531. According to Spotrac, his most lucrative deal would come during his final season in the NBA with the Sacramento Kings in a two-year deal worth $12,525,625, all guaranteed.
According to Celebrity Net Worth, Barnes earned a net worth of $13 million. And while his success is evident today, Matt Barnes admits it wasn’t always this way.
Matt Barnes recently appeared on the “Iced Coffee Hour” podcast to discuss basketball and finance. During the conversation, Barnes pointed out that at the beginning of his career, he entered each summer broke.
“So, my deals were $300,00, $400,000, $500,000 – and to be honest with you, at the end of every summer, I was broke. Because financial literacy is something that’s talked about often now, but you think late 90s, early 2000s, it wasn’t talked about,” Barnes said on the podcast.
Family Changed His Perspective
Admitting that he came from food stamps and drugs, Barnes noted that he didn’t have the tools to help him understand the value of wealth building. However, it was his kids that helped change his perspective on money.
“My light turned on when I started having kids. I came to the league at a like 21. I had twins at 28, so probably seven, eight years in, it started being less about me and more about my kids,” Barnes explained.
A New Path Forward
Today, Barnes has leveraged his expertise as a basketball player to co-host the popular “All The Smoke” podcast alongside fellow former NBA player Stephen Jackson.