This transcript is automatically generated
Story about a professional athlete going broke it's hard to imagine how that happens I mean you think about the people surrounding the managers agents even only eight.
Would protect them along the way well now the NBA is essentially forcing players to set aside money for retirement.
Starting next C -- its season players must contribute five to 10% of their salaries to their retirement and -- they specifically opt out.
But not all players think this is a good idea and joining me now is Danny Green.
Of the San Antonio Spurs Danny thanks so much for joining -- and that's -- lucky.
You're in New York for basketball camp you on over the next few months Ireland's if we can't work with -- So would think about this and what do you think about forcing players to save for retirement good -- -- I think it's a great idea on measures have a lot of players go you know -- have a lot of financial struggles leaving -- game because -- -- from the transition.
From living a lifestyle and kind -- downgrading their lifestyle and you know they have -- rookie -- programs that many programs and many meetings to -- to try to get to you know save your money tell you this this is and so many guys that you don't -- -- go broke -- -- -- and -- investor money wisely.
And some of -- latest scare type in the sense comes truth lot of facts because you have to.
Life's been -- currently four years on average and if you have a ten year you know less than we still have thirty to forty years to live your life near panic them when he last over the thought that the -- -- Without question I worry about the mechanics of this what has been here five to 10% at a weighted and you hear you know there's a union in new idiot somebody else controlling your money right now.
You know an -- we're getting away from unions sort of controlling pension fund.
Do you know a lot of details about this.
I'm not all the specifics -- but I do know of the there's a lot of guys that do shuttle after they leave and -- -- -- -- -- -- that don't like the fact that they have been told to do with the money but they also have the decisions opt out.
So they can say they don't wanna do when they're not do but I think it's a good idea -- -- little like they're gonna really need them when.
I didn't think about as a player when you see people like you know Scottie -- you see it with Charles -- spree well you -- Antuan walker -- and maybe 800 million dollars.
Is bankrupt down the road what do you think about.
The -- to say no and so a lot of people and a lot of reasons why they go broke or the struggle financially is because they have a lot of friends family is on its rises and they like to make everybody happy and the same time you -- -- kind of do have a sense community very Smart and pick and choose who to listen to.
Who you can say yes to but is that what I've learned from is that really save your money it and kind of be smarter with their investments and when you put -- money into so what are you doing specifically.
Obviously have is considered.
Of course -- -- as you did you know bigger consulates and that's been better bigger context the long term.
-- on investing in stocks and bonds some of those things on some as a real estate settles some things -- branch into it right now -- saving us with the biggest key Airbus told me to do.
Are the younger players like you are they getting the message they have to be financially responsible or -- -- unique -- own.
I don't know someone let things do get because we have so many meetings that the market has this program -- guys have to go it.
And I think it's kind of instilled in us as meaning first come into the NBA you know that you need to save your money.
But mostly as a newcomer -- -- kind of -- in their ways and you know Lotta time that we'll get the chains chain some that have seen some people's minds what the most by -- -- I think it does help them.
Yeah SEC you are looking at -- completely differently and you're thinking when you look on the rise and how many years do you think you're playing -- when you think -- you can start living large how much would you have to have in the bank to feel good about your.
Future like number like this that you have to -- -- very careful with -- -- any present for years.
And -- guys do you context -- freak accidents happened on very careful never know how long -- -- you know be playing.
Fortunate enough clout to sign a three year deal with the spurs and I'm looking -- three years we never know how long that's gonna last month.
I think you need a good at least ten million in the bank to be you know -- -- at least -- but I think the -- numbers probably had a from a -- -- -- myself to a higher standard but I think at least ten million for most average thousands bank.
When you hear this that they want -- to put five or 10% away if they control that retirement account would you wanna do -- do you feel confident the -- you're doing things on.
-- -- I think would do little -- I would feel confident doing I don't know in mind doing realize that I am on big -- big on -- spent a million wisely asked and no saving wisely so emphasis on the that I would look into it.
-- -- child options also see what other things I could do my own my own then you know work from there it.
The good investor good neighbor Dana great thanks for coming on English you know your timing good luck to -- who.