It’s not a secret that I’m a huge Golden State Warriors (GSW) fan (I blame the BF). So, it’s no surprise that I’m incredibly excited for opening night tonight! Hopefully, the BF and I will be able to attend.Pro-tip: want to go to an event for a lot cheaper than usual? Take a chance and wait until the day of to purchase your tickets! Last season, the BF and I bought lower level tickets for $8 each the day of the game! Sometimes procrastination works in your favor! 🙂
In honor of opening night, I wanted to start a discussion about one of the Warriors: Klay Thompson.
Klay Thompson is a 23 year old shooting guard for the Golden State Warriors. If you don’t know Klay, you may know his father, Mychal Thompson, who played in the NBA from the late 70’s to the early 90’s, most notably with the Lakers.
Most GSW fans know Klay as 1/2 of the Splash Brothers with teammate Steph Curry. When fans talk about Klay, they talk about his 3-pointers and his resemblence to Cory Matthews from Boy Meets World (okay, maybe that’s just me). But what most fans don’t know is that Klay Thompson receives an allowance from none other than his daddy.
That’s right y’all: Klay is 23 years old and he still receives an allowance from Papa Thompson.
Although he makes about $2.3 million a year, the NBA actually writes the checks to Mychal and Julie Thompson, his parents. Klay is then given rent money ($3,000 a month) and “play money” ($300 a week). The rest is put into a bank account saved for Klay’s post-NBA career (source).
Some may argue that Mychal is being too controlling of his son’s situation. For instance, not only was Klay fined $35,000 by the NBA for his involvement in the Warriors/Pacers brawl last season, his allowance was also $35,000 less than what it normally is! Basically, if Klay gets fined, he pays double – once to the NBA, and once to his father.
On the other hand, you can say that Mychal is only looking out for the good of his son. He knows all too well what the post-NBA career looks like. In fact, approximately 60% of NBA players are completely broke within 5 years of retirement from the game (source)! That’s a lot.
So why do so many athletes go broke after they retire? One of the reasons why bankruptcy is so prominent with former NBA and NFL players is because players usually don’t know how to handle such a huge amount of money. Think about it, if you were given millions of dollars suddenly, is your first thought, “Hmm… what investment house I should set up my retirement funds with…”? If the answer is yes, then you’re obviously a pf nerd like me – yay! But most people are probably thinking about buying a huge mansion, or a nice car, or even a luxurious vacation. There are a ton of players who don’t spend responsibly, instead opting to inflate their lifestyles right away, leaving almost nothing for retirement.
Mychal Thompson is trying to prevent his son from living a typical NBA star’s life by helping Klay set up a good future for himself so that he doesn’t end up like most NBA players – broke.
What do you guys think? Do you think Mychal is coddling his son? Or is Mychal doing a good thing for Klay’s future?