The COVID-19 pandemic has undoubtedly had an impact on Americans and people throughout the world.
This is certainly a scary time now as we continue to navigate through these uncharted waters, while also continuing our efforts to level the curve.
With so much uncertainty out there, so many have been hurt financially throughout the country.
But, can this really affect the finances of some NBA players?
With the NBA still in suspension to help limit the spread of COVID-19, difficult decisions about the rest of the season are being discussed, which include a significant reduction in payments to NBA players.
Guard shot Trail Blazers CJ McCollum joined former NBA player Jay Williams at the digital event Meeting room, Which is intended for what really changes the game.
McCollum shared his opinion on how he believes 150 NBA players from 450 currently live paycheck to paycheck.
– Jay Williams (@RealJayWilliams) April 6, 2020
“I would say there are a number of people in the league who are injured at the moment because clearly there is a work stoppage, there might be a payment stoppage. “We will lose about 23.5 percent of revenue this season,” McCollum told Williams.
The average salary for an NBA player in 2017 is $ 2.5 million, in accordance with the Basketball Reference, while the average salary for an NBA player is $ 6,936,154.
So, some people out there might ask, but how is it possible for players to live paycheck to paycheck?
The minimum NBA salary, in 2019-20, for players without prior NBA experience, is eligible to get a minimum salary of $ 893,310 with a minimum set of 90 percent of the salary limit.
There is obviously a slight difference in the players who are paid lower to the highest paid, but there are more than that that depend on the next salary as explained by McCollum.
I think a lot of people will get hurt especially those at the minimum or those who don’t just budget properly and don’t expect this to happen. Maybe they lent money or paid money to the family. Maybe they take care of many people and now there is work stoppage and for many people in America. – CJ McCollum said in ‘Meeting Room’
“I would say of 450 players … 150 maybe a living salary for a salary,” McCollum added.
Among players who are taxed at the highest level and do not budget properly when trying to live a certain NBA lifestyle and support family and friends, now face a pay cut – there are many who go into nearly a third of the NBA’s living salary to check salaries.
McCollum has long talked about investing and has a backup plan.
“I have invested strategically,” McCollum the word. “Diversifying my portfolio. Learn more about other businesses and interesting things where I am stable even though the market is bad. I have enough variety where it doesn’t really hurt me. Others must be advanced thinkers. Not just a basketball player. Not just people in the world of sports. But people in general. Life happens quickly. You must have a Plan B, a backup plan and really look for ways to have a different income path and only a road to happiness. That’s what really matters, making peace and having that happiness. “
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