Chris Bosh learned a lot in his 13-year NBA career. As one of the most skilled power forwards of his generation, CB4 amassed a considerable fortune and understood how finances truly worked for an elite professional athlete.
In a quick interview with The School of Hard Knocks, Bosh shared a few important key points to remember once you’re already making millions in your career. When asked why most pro athletes and new millionaires go broke, Bosh noted some of the most commonly overlooked aspects in finance.
According to the 11-time All-Star, many high-earners not only in sports but also in other fields tend to forget about their taxes. More often than not, they only realize that they have to pay huge taxes when they have already spent a large sum of their income.
“People have to remember a million dollars doesn’t come with a conversation or an education,” Bosh began. “It’s this thing called taxes. Hahaha. Nobody tells you about that when you’re a younger person; you find that out the hard way, right? They don’t teach it in school. When you make millions of dollars, you pay millions in taxes.”
Bosh also emphasized the importance of understanding the distinction between gross and net income.
“Here’s another lesson: The difference between gross and net,” CB$ added. “That’s why people go broke too. Everybody says you made $100 million. Not true. [It should be] I grossed 100 million. I have not made 100 million. Huge difference.”
Bosh was no stranger to big figures. In total, the 6’11” big man reportedly earned around $239 million in salary as an NBA player. While that figure was more than enough to live a comfortable life these days, Bosh, who was forced to retire against his will due to blood clots, pointed out that no amount of money could equal having a healthy body.
“It feels good, man. It’s kind of weird now. I wanted to play more years. I had to retire,” Bosh opened up. “Because of a medical condition. Health is the ultimate wealth, so I had to listen to my body. Blood clots, man. So [if you’re] short of breath. Go to the doctor.”
Intriguingly, the rare health condition that abruptly ended Bosh’s NBA career also opened the door for him to dip his toes into the world of business. His blood clots led to a partnership with Janssen Pharmaceuticals, the maker of the blood thinner Xarelto.