For many professional athletes, the transition from modest beginnings to sudden wealth can be overwhelming. Darius Miles recently shared a striking anecdote that underscores this reality: he didn’t set foot in a bank until his fourth season in the league. This revelation sheds light on the financial challenges and learning curves faced by young athletes entering the world of professional sports.
Miles, who was drafted straight out of high school in 2000, was thrust into the limelight as a teenager. With lucrative contracts and endorsement deals, he quickly found himself navigating a world of wealth that he was unprepared for.
“Let me tell you how I used to spend my money. I had a credit card that I could just swipe for anything. My mom gave me a bank card, and she was like, ‘You put this code in, you can get $300 out a day.’
So basically, every day or every other day, if I needed some cash, I’d go and get $300 out of the ATM. Any other money I spent, I swiped on the card. I didn’t go into a bank until like my third year—until I got to Cleveland and realized, like, damn, I got like $800,000 in that bit. You spending $300 a day, you know what I’m saying? Coming from the hood, you never was taught to go in the bank. We got shoebox money.
The fact that it took him four years to visit a bank highlights a broader issue within professional sports: the lack of financial literacy among young athletes. Many players, like Miles, come from backgrounds where financial education is not a priority. As a result, they often rely on agents, advisors, or even friends and family to manage their finances—sometimes with disastrous consequences.
Miles’ story is not unique. Numerous athletes have faced financial difficulties despite earning millions during their careers. According to a 2009 Sports Illustrated report, an estimated 60% of NBA players are broke within five years of retirement. This statistic underscores the importance of financial education and planning for athletes at all levels.
Today, Miles uses his platform to advocate for financial literacy among young players. He emphasizes the importance of understanding basic financial concepts, such as budgeting, saving, and investing.
“If I could go back, I’d tell my younger self to take a financial literacy class before signing that first contract,” he said.
Miles’ journey serves as a cautionary tale and a call to action for the sports industry. Teams, leagues, and player associations must prioritize financial education as part of their development programs. By equipping athletes with the tools they need to manage their wealth, they can help ensure long-term financial stability and success.
