Recently, San Antonio Spurs star Tim Duncan revealed that he had lost $20 million, which was allegedly stolen by his financial advisor.
Tim, who is a free agent, has made every indication that he would like to return to the Spurs, and that money will not be the motivator for his return.
I applaud Tim’s efforts to go public with this information and let everyone know about what happened to his money. The fact that he called out his financial advisor shows his willingness to bring this ongoing issue to the forefront. Almost every week, we hear another story of a professional athlete having issues with their finances.
As a pro athlete, when we find out that someone has taken advantage of us, we sometimes don’t want to take about it because we’re ashamed and embarrassed. For Tim, he didn’t let shame keep him silent. For him to relinquish those feelings, and let the public know that there are some really bad people out there and out for players’ finances, it could potentially help out a new generation of athletes. I hope this year’s NBA Draft class is taking note from Tim’s experience – especially when they are working on assembling their financial team.
When athletes are hiring financial advisors, understand that they are the experts when it comes to finances. But that doesn’t mean they should be given full autonomy to handle all of the funds. Professional athletes must continue to be vigilant with their finances. They must continue to see where they’re money is going and watch every dime. Being financially independent also means being financially aware.
What happened to Tim was very unfortunate. But I give him props from stepping in front of the situation and saying that he’s not running away from it, he’s going to fight and he wants to educate the next generation of players. If there are players out there who read this and can learn something from Tim’s experience, then something good can come out of this.