Tracy McGrady Launches Money Management Program For Young Athletes

Tracy McGrady doesn’t want the little homies to go broke.

According to a recent report from Forbes, the NBA Hall of Famer is starting a financial advisory program to educate younger athletes about how to deal with money.

“You can relate to my story because I’ve made a lot of money, I’ve created a brand,” McGrady told the money magazine. “There’s some guys that have made hundreds of millions of dollars and have been broke five years after retirement looking for loans. I’ve had so many guys come to me and needed a loan or wanted to sell championship rings and s*** to me.

 

“It’s crazy the things that have come my way. And I’ve been a guy that’s maintained and elevated my lifestyle, even being retired six or seven years. So that will be my story to these guys. I didn’t have to change the way I’m living. I’m living the same way from when I was making $20, $30 million.”

Entering the program is also going to be a good economical decision for those that want to do it, given that it will be free. Joining McGrady in the initiative will be Grant Haas, managing partner of the Haas Portman Family Office, which has an investment portfolio that includes Uber, ChefsFeed, and StatMuse.

“When you first start playing in the NBA, you never really think about all this money or the endgame,” said McGrady. “We’re just so in the moment, just trying to be the best we can be and perfect our craft. So especially when you’re in your prime, things are going well, you’re making a lot of money, it’s about the moment. It’s about that moment in time. You’re never really thinking about life after basketball.”

Carron J. Phillips, Senior Columnist with The Shadow League, hails from Saginaw, Michigan. In 2016, he was named Journalist of the Year by the Philadelphia Association of Black Journalists. Phillips graduated with honors from Morehouse College in 2006 and received his Masters in 2011 from the S.I. Newhouse School of Public Communications at Syracuse University.