Dec 2, 2013, 12:45 PM EST
Tales of pro athletes burning through the millions they’ve made are too commonplace these days.
The one about Allen Iverson never bringing bags on the road and purchasing new clothes in every city they went to is a personal wtf/fave of mine.
But every now and then a guy comes along and wins Player of the Week honors in his first days in the NBA. And he also just happens to have family around to keep his finances in check. Or, more specifically, in the case of Philadelphia 76ers rookie Michael Carter-Williams, keep his paychecks locked up in a trust for a couple of years before he can ever touch them.
From a profile on the talented rook by the Inquirer’s Keith Pompey (via CBS), talking about MCW’s mom keeping things in order:
Nowadays, Carter-Zegarowski and her best friend, Tracie Tracy, are running his management team. They are taking a proactive approach to make sure he doesn’t spend all his money in a couple of years.
His rookie contract guarantees him $4.5 million over his first two seasons. He could make a total of $10 million if the Sixers pick up the final two seasons of his contract.
But his salary is deposited into a trust he can’t touch for three years. Carter-Williams is living off endorsement deals with Nike and Panini trading cards.
This is amazing for multiple reasons. First, that lady’s name is Tracie Tracy. Amazing. And second, players of MCW’s caliber do so well financially they can live off of their second or third income alone. Baller.
Hopefully he’ll turn into an All-Star down the road in Philly and those paychecks coming from the team will balloon to the point where that $4.5 million is just fraction of his wealth.
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