Rich Paul is best known as one of the biggest sports agents in the field at the moment. He has been working with athletes for several years now and is the proud CEO of Klutch Sports. Over the years, he has seen and worked with many sports legends. He mostly works with the NBA. Rich currently works with players like LeBron James, Anthony Davis, and Draymond Green.
However, being an athlete doesn’t always mean you’re wealthy enough to support multiple generations of your bloodline. The sports agent made a great point regarding NBA players spending more money than they should. He said, “I have got guys (that are) 22, making $200 million over the next four or five years. I got several of those guys, right? But the reality of it is I am constantly telling them that’s not a lot of money. Based upon where you’re starting, because you are starting from zero.”
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Rich Paul also brought up the fact that athletes have shorter careers than most others do. He added, “Not to mention, jeans today, the ones they want that they’re buying in excess, which they probably don’t need, cost two grand, it’s not the same, his jeans cost $25, the difference. And so, it’s all relative.” He added that making big purchases will also add on more tax which will reflect poorly on a bank statement. Taxes are incredibly high in the US and it makes Paul’s argument completely valid.
Rich Paul flies with Delta Air Lines despite his $120,000,000 net worth
Rich Paul helps LeBron James manage his work in the NBA. But despite being a billionaire, the agent claims it isn’t sensible even for James to travel in private jets. These days, athletes often try to put their wealth on display and take a lot of pride in it. According to Paul, such athletes do not know how to utilize their money and save it. Most athletes come from humble beginnings which is why they have a tough time understanding where to invest their money.
He said, “No athlete can afford to fly private all the time. Yet we see so many athletes on their Instagram, flying private. I fly Delta, I cannot afford to fly private and that’s okay with me… I’m just trying to get where I’m trying to go to make the money. I am not trying to spend the money, I am trying to get there.”
Rich Paul has an estimated net worth of $100 Million, according to @IBTimes. pic.twitter.com/UG87k5tYcQ
— Hoop Central (@TheHoopCentral) November 3, 2020
Rich Paul claims that he often advises his clients to spend their money wisely. Besides him, NBA greats like Shaquille O’Neal and Magic Johnson also encourage younger athletes to spend their money wisely and cut costs where they need to be. In reality, even though an athlete bags a $200 million contract, they will get at least or less than half of what they’re promised because of taxes.