According to a study done by Kathleen Ponder of the San Francisco Chronicle and based on data compiled from Personal Capital, a wealth management company, your average NBA player spends $42,000 a month.
— Arun Sundaresan (@ArunSundaresan) June 9, 2016
According to recent data from the Social Security Administration, in 2015 51 percent of Americans made less than $30,000 per year.
We all know that professional athletes live an enchanted life and have obscene amounts of discretionary income, but the fact that an NBA player, on average, spends 25 percent more in a month than the majority of Americans make a year is mind boggling.
Here is a breakdown, percentage wise, of how that money is spent:
Clothing/shoes: 11 percent
Automotive: 9 percent
Travel: 8 percent
Restaurants: 7 percent
Charitable giving: 7 percent
Entertainment: 6 percent
The fact that 11% of the $42,500 average or nearly $5,000 a month is spent on clothing and shoes is definitely excessive. They spend more on this on average than cars, travel, charity or the very vague category of entertainment. This comes as a bit of surprise and shows just how into fashion NBA players are these days.
Unfortunately this is where their thousands of dollars per month are going…
— Michael Kinney (@EyeAmTruth) May 22, 2016
It’s worth noting that the study included 50 NBA players, or 11 percent of the NBA and only followed players for four months.
Still pretty interesting to see what your favorite athletes choose to do with their oodles of money.