Cautionary advice for the many Fritterati readers destined to be wealthy NBA players

NBA basketball
Credit: Rondo Estrello via Flickr

Josh Childress began his professional basketball career in 2004 with the NBA's Atlanta Hawks as the sixth pick in the draft. 

In this YouTube video uploaded by Grit Media, the Stanford star talks about the mistakes players make when they have money for the first time in their lives. The video is part of a series Grit is doing on three American basketball players who are going overseas to ply their trade.

Childress first left the NBA in 2008, turning down a five-year, $33 million offer by the Hawks to take a $20 million deal from a professional team in Greece. He returned to the NBA in 2010, bouncing around with several teams before heading to Australia in 2014.

Basic math is the first stumbling block for players who sign big contracts, Childress says. In his case, that $11 million contract he signed really gave him a bit more than $1 million a year over four years.

"So that million-dollar house ... you thought you had $10 million more," Childress explains. "That house then becomes more expensive.”

Of course, your mom needs a new house and car, and you need a new car. But that's OK -- because you've got $10 million more!

Also, do not underestimate agent fees and NBA escrow. They are check eater-uppers, Childress says.

Free-spending veterans on the team may be the worst influence, he says. If you don't watch out, you "end up spending way more than you should."

So when you hit The Big Show, remember to keep it real.

This story, "Cautionary advice for the many Fritterati readers destined to be wealthy NBA players" was originally published by Fritterati.

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