Former NBA star regrets not sharing his wealth with the black community

by Dr Boyce Watkins

I just read an interesting article about former NBA star JR Smith admitting that he has deep regret regarding the way he blew through $90 million dollars during his years in the NBA.

“You know how many people you can change [their] lifestyle with $10 million in our hood?” Smith said. “We’d rather go throw $60,000 in the strip club…than go feed 2,500 people in the hood.”

I've seen this a thousand times. It makes me sad every time I see it. The NBA gives a young kid enough money to fund 100 corporations. But unfortunately, toxic culture (that we see in music and media) makes him believe that his money should go into a stripper's thong rather than a trust fund.

Years later, the athlete is either broke or has serious regrets. So, while I am proud of JR for making this statement, I wish we could prepare black men a little better when it comes to making economic decisions. You'll never be a 21-year old NBA draft pick ever again.

This is part of the multi-trillion dollar destruction of black wealth and legacy that takes place right in front of our noses. The $90 million dollars earned by Smith during his NBA career, had it been invested wisely, could have taken his family to billionaire status within one or two generations. Instead, there are some very happy strippers, jewelers and luxury car salesmen who see black men as the ultimate economic suckers.

Hopefully, intelligent black men connected with the NBA will take the time to ensure that every incoming rookie has both financial literacy and a commitment to community. Black people bring the best and brightest to entertainment, sports and everything else, yet our communities are the most impoverished.

This makes absolutely no sense.

On an optimistic note, I'm very happy that JR Smith used his platform to help the next generation avoid his mistakes. This is the progress that gives me hope for our community. I spoke on JR Smith's statements on my podcast this morning, so feel free to take a look (you can also find The Dr Boyce Breakdown on Spotify).

As a reminder, July 29th - 31st is The Black Wealth Summit, hosted in Detroit by Herb Strather and Gary Shelton. You can learn more by visiting BoyceWatkins.com.