Former NBA player Tracy McGrady is on a mission to empower athletes to make smart decisions when it comes to money management. According to Forbes, the Florida native is launching an advisory program to help young athletes make sound financial choices during their careers, so they won’t find themselves in financial trouble after retirement.
The financial advisory program is a collaborative effort between the former San Antonio Spurs player and investor Grant Haas who serves as the managing partner of the Haas Portman Family Office. Through the initiative, which is being run under Haas’ company, the pair will foster connections between athletes and leaders in the finance and venture capital space. The program will offer free services for athletes interested in getting involved and aims to prevent athletes from going bankrupt.
For McGrady launching the advisory initiative is personal. After dealing with several injuries during his final years in the league he started focusing on constructing a life outside of sports. He also witnessed many of his NBA counterparts end up in financial binds shortly after retirement due to reckless spending habits and bad investments. McGrady—who is now a sports analyst on ESPN—believes athletes must start considering these things while they are young.
“When you first start playing in the NBA, you never really think about all this money or the endgame,” he said in a statement. “It’s about that moment in time. You’re never really thinking about life after basketball.” Haas says he’s excited about the partnership with McGrady and believes the program will be instrumental in changing the trajectory of a young athlete’s financial future by helping them manage copious amounts of money. “The No. 1 goal, and the reason I’m so excited to launch this program with Tracy, is to educate players and help them make sound financial decisions,” he said. “It’s what we want for players who have a chance to write their own futures during and after their careers.”
Programs like the one being led by McGrady are needed. According to CNBC, 60 percent of NBA players have financial troubles within five years of leaving the league.