Josh Childress is a former NBA player who has made more than $60 million in his career after graduating from Stanford.Childress explains that a big mistake players make is overestimating how much they actually get paid.
"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.
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