Saturday September 30, 2023

Caron Butler Preaches Gospel Of Saving Money To Current Pro Athletes

  • Ex-NBA All-Star Caron Butler focused and planned financially for his life after sports.
  • Now Butler's talking to guests like Master P on his new 'Tuff Juice' podcast about how they make, and keep, their money.
Front Office Sports Today

Donovan McNabb and the State of Football

From Taylor Swift to the Prime Effect, there's a lot going on in the world of football.
Listen Now
September 29, 2023 | Podcast
Linkedin
Copy Link
Link Copied
Link Copied
Ex-NBA star Caron Butler was one of few pro athletes to smartly plan financially for retirement. Now Butler's sharing his tips on new 'Tuff Juice' podcast.
Caron Butler Interviews podcast guest Master P. Photo Credit: HiStudios

When Caron Butler was 12 years old, he was dealing drugs on the streets of Racine, Wisconsin and looking up to pimps and drug dealers as his role models.

Now at age 39, the former NBA star admires successful athletes who have turned business moguls like Magic Johnson and Michael Jordan. 

As Butler launches his new HiStudios original podcast, “Tuff Juice,” the ex-NBA star wants to spread the word to athletes that the time to become financially literate and plan your future is now – before you retire from the game.

“I always tell people, when they put ‘ex’ in front of your name, the doors close and it’s really tough. But if you open up those doors while you’re active, then your opportunities increase,” said Butler.

“If you’re active, people want to hear from you, they want to hear your thoughts. Once you retire, it’s tougher, it really is. Your assets and opportunities are more limited if you don’t create that momentum for yourself while you are active,” said Butler, who also authored a book,“Tuff Juice: My Journey from the Streets to the NBA.” “People say that’s not true. But it’s 100% true. As a matter of fact, it’s a 1,000% true.” 

Butler had a tough upbringing. He was arrested more than a dozen times before the age of 15  years old, he told Oprah Winfrey on national TV. Busted for possession of a pistol and drugs, the teenager ended up in solitary confinement at a maximum security center. 

There, during the lowest moment of his life, Butler wrote letters to his Mother, vowing not to hurt her again. “It was from this moment I knew that I could do anything in life,” he told Winfrey.

Realizing basketball was his ticket out, Butler earned Big East Player of the Year honors at the University of Connecticut. 

All through his 14-year NBA career, with nine different teams, Butler was preparing financially for life after basketball.

While still in the NBA, the two-time All-Star took business classes at Harvard Business School and Duke University. 

During his championship run with the Dallas Mavericks, he asked billionaire owner Mark Cuban to shadow him on his rounds. 

As a youth, Butler worked at Burger King. Figuring that was one business he knew from the ground up, he invested in Burger King restaurants. Butler now owns six nationwide. 

The key for pro athletes is to formulate a personal/financial plan and stick to it, according to Butler. His checklist didn’t end with beating the odds to make it as a pro athlete. Instead, it started there. Butler’s ultimate goal is to win at the game of business.

“That’s always been the mission. One of my goals was to make it to the NBA. Check. To win a championship and be an All-Star. Check. Check. In life after basketball, to be the best possible husband and father I could be – and make a seamless transition into the business space. If you want to make a seamless transition in life, you have to be ready and prepared.” 

That’s where Butler’s new podcast comes in. He’s lined up an eclectic group of guests, including rapper Master P, ESPN’s Cari Champion and former drug dealer Freeway Rick Ross, who was the real-life inspiration for the FX show “Snowfall”, to talk money.

It’s rare to find athletes like former New England Patriots tight end Rob Gronkowski who lived off their endorsement dollars while banking their paychecks, noted Ryan Kwiatkowski, a former pro volleyball player turned wealth advisor at Retirement Solutions in Naperville, Illinois.

READ MORE: Derek Carr Intent On Providing Others With Opportunity

Instead, he said, many young athletes waste their money on expensive purchases like houses, cars and jewelry, while failing to save for retirement.

Consider 3-time NBA All-Star Antoine Walker. Over his 12-year career, he burned through $108 million in salary due to overspending, lousy real estate investments and gambling. Two years after retiring, he filed for Chapter 7 bankruptcy protection By that time, he had $12 million in debt – and only $4 million in assets. 

Kwiatkowski’s financial advice to athletes sounds similar to Butler: “Have a roadmap before that first dollar ever hits your bank account. A lot of guys should really sit down and understand what that roadmap looks like for them financially. And how long they want to make that money last?”

READ MORE: Aaron Donald Emerges As One of NFL’s Most Marketable Players

The National Basketball Players Association offers multiple programs to help educate young players about finance and possible post-playing careers, said spokesman Kiran Prakash. Both the Rookie Transition Program and Top 100 Camp focus on financial education.

“Our programs at the NBPA are focused on helping players explore different career tracks (real estate, broadcasting, entrepreneurship, tech, etc.) so they can maximize their platform while they are playing and also be prepared for their post playing career,”  Prakash said.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Lillard And Giannis Pairing Could Be Big For The NBA, Too

Bucks to be featured on national TV 19 times this season

Magic Johnson Open To Knicks Minority Ownership Stake

Basketball Hall of Famer only interested in specific NBA franchise
Golden State Warriors GM Mike Dunleavy Jr. recognizes the impact the NBA’s new second tax apron rule could have on his organization.

Warriors GM Feels ‘Targeted’ With NBA’s New Tax, Rest Rules

"They're making rules to prevent you from succeeding,” Mike Dunleavy said.
Golden State Warriors majority owner Joe Lacob walks alone the baseline during the third quarter against the Los Angeles Clippers at Chase Center.

Warriors Owner Reportedly Adding A Bay Area WNBA Franchise

An official announcement could come as soon as early October.
podcast thumbnail mobile
Front Office Sports Today

Donovan McNabb and the State of Football

0:00
0:00

Featured Today

Ryder Cup’s Future Hanging In The Balance Amid Saudi Disruption

An unexpected change could be coming to the Ryder Cup.
September 29, 2023

Colorado Has Become the Hollywood of College Football. This Weekend Proves It.

Folsom Field will welcome dozens of Hollywood stars on Saturday.
Toy Story
September 29, 2023

‘Toy Story’ Success Could Lead to More Disney-Branded NFL Kid-Casts

A successful ‘Toy Story’ game could open the door for other franchises.
Kansas City Chiefs tight end Travis Kelce on field after the game at GEHA Field at Arrowhead Stadium.
September 29, 2023

Taylor Swift Shaking Up Travis Kelce, Chiefs Prop Betting Market

Sportsbooks are capitalizing with Taylor Swift-themed prop bets.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
Chicago
Fanatics
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
Mahomes’ restructured Chiefs deal will pay him $210.6 million through 2026, the most in NFL history over a four-year span.

Patrick Mahomes Restructures Chiefs Contract for Historic Payday

Mahomes' restructured deal breaks the NFL record for a four-year span.
Simona Halep
exclusive
September 18, 2023

Former World No. 1 Simona Halep Says ‘There Is No Proof’ Behind Doping Ban

Simona Halep continues to fight her doping ban.
Eli-Manning-New-York-Giants
September 15, 2023

Eli Manning: Keep MetLife Field Turf

Eli Manning feels that MetLife Stadium should keep its artificial turf field.
September 12, 2023

Rodgers’ Season-Ending Injury Carries Huge Business Impacts

Marquee quarterback lost for entire season just four plays into first game
Joe Burrow’s $275 million deal makes him the league’s highest-paid player, with an average annual salary of $55 million per year.
September 11, 2023

The 10 Highest-Paid NFL Quarterbacks

Burrow's $275M extension is second to Patrick Mahomes' Chiefs deal.
Novak Djokovic of Serbia celebrates with the championship trophy after his match against Daniil Medvedev in the men's singles final on day fourteen of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center.
September 10, 2023

Novak Djokovic Extends Majors, Money Records With U.S. Open Win

Djokovic extends his all-time record men’s major victories (24).
Coco Gauff of the United States celebrates with the championship trophy after her match against Aryna Sabalenka in the women's singles final on day thirteen of the 2023 U.S. Open tennis tournament at USTA Billie Jean King Tennis Center.
September 9, 2023

Coco Gauff Arrives With U.S. Open Victory, Secures $3M Payday

Gauff earns $3 million for her first career Grand Slam victory.
Travis Kelce
September 7, 2023

Travis Kelce Talks Positional Values, Players Sports Betting Ahead of NFL Season

Kelce says tight ends should be paid off of production metrics.