Darius Miles’ financial story is a warning to all young athletes, regardless of their race or family background.
In an intriguing story compiled by Mislav Puljiz of MSN’s BasketballNetwork.net, Miles’ life is examined through current and past interviews. It includes cautionary tale of how six years after retiring – and earning $62 million before taxes – he filed for bankruptcy.
Miles starred at East St. Louis Lincoln and East St. Louis High School and had signed a letter-of-intent to play for coach Mike Jarvis at St. John’s in New York. The impoverished kid raised by a single mother had a bright future.
He would skip college and was selected by the L.A. Clippers with the third overall pick in the 2000 NBA Draft. His first contract was for five years at $3 million per year. He was traded to Cleveland in 2002, where he was paid $7 per year.
After missing two seasons on the court following microfracture knee surgery, Miles played for the Portland Trailblazers in 2008-08 ($9 million annually.)
He finished his career with the Memphis Grizzlies during the 2008-09 season – and was on his way to financial insecurity.
“When you’re young, you think the money is gonna last forever,” Miles shares.
“I don’t care how street smart you are, or who you got in your corner, when you go from not having anything to making millions of dollars at 18, 19 years old, you’re not going to be prepared for it.”
Miles reportedly lost $100,000 in one real estate deal in 2008. He also surrendered “a significant amount” as an investor in a group purchasing real estate in downtown St. Louis. It led to “multiple multi-million-dollar lawsuits.”
Miles’ mother succumbed to cancer in 2008, and he said depression played a role in his financial downfall along with child support payments.
“Listen, it takes a long time to go broke buying Ferraris. What makes you go broke are shady business deals. They’ll make the money disappear quick,” he said.
Miles has found a way to share his story with young players of all sports.
He is a co-host of The Knuckleheads podcast with former Clippers teammate and childhood friend Quentin Richardson. Posted on The Players Tribune website, Miles and Richardson interview former and current professional basketball players from the perspective of ex-NBA players.
It includes “totally unguarded conversations about sports, culture, and basketball nostalgia.
A recent guest was former NBA All-Star Alex English, who shared how the NBA Draft I the 1970s was much different than today’s version.
The Reid Roundup
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