When the prospects taken in Thursday's NBA Draft sign their first contracts, many of which are multi-year, multi-million-dollar deals, it doesn't mean they're just set for life.
ADVERTISEMENT
Former NBA player who spent 12 years in the league explains the costs of signing 8-figure contracts that most don't realize
Federal, state, local, and "jock" taxes, plus the cost of hiring assistants all chip away at the multimillion dollar contracts NBA players sign.
The Warriors took Adonal Foyle with the eighth pick.
ADVERTISEMENT
Recommended articles
There are several unexpected costs to signing seven- and eight-figure deals that people may not realize, according to Adonal Foyle, a 1997 first-round pick who played 12 years in the NBA.
While speaking to Business Insider to promote his new book " target="_blank"The Athlete CEO," Foyle broke down some of the lesser-known costs of being an NBA player, including the actual participation in games.
"
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
10 least powerful African passports in 2024
Top 10 African countries with the largest labor force
Video footage of Asian man beating two Africans sparks racism comments online
East Africa’s future in energy shines brighter on the continent
Infinix NOTE 40 Series takes centre stage with all-round fastcharge 2.0
Here are the new causes of Nigeria’s inflation according to the CBN governor
Russian troops have entered base housing US military forces in Niger
Digitalisation: A revolution in financial services
