A look at what NBA players do with their money shows they spend a lot on Apple products, and at the stores Whole Foods, Target, and Neiman Marcus, among others. No surprises there. But they spend by far the most of their money at the clothing store Express. Yes, Express. A store that until 2000 only sold women’s clothing.
The NBA Players Association teamed up with the personal finance app Personal Capital last fall to help players keep track of their spending, benefits and net worth.
So far, 50 of the league’s roughly 440 players are using the app regularly, according to Mark Goines, Personal Capital’s chief marketing officer.
One possible explanation for all the spending at Express is that the league’s current Most Valuable Player, Stephen Curry of the Golden State Warriors, was a brand ambassador for the chain from December 2014 to December 2015.
Express President and chief executive David Kornberg said he was “thrilled” to hear that players were shopping so much at his stores.
“Express is all about offering our customers…fashion in a way that fits their individual lifestyles. While our partnership with Stephen Curry has ended, we continue to partner with professional athletes, including our current men’s brand ambassador, Kris Bryant of the Chicago Cubs,” he told MarketWatch.
Tim Masthay, of the Green Bay Packers, and his wife Amanda are the best team in the NFL when it comes to personal finance.
Personal Capital compiled data from December 2015 to March 2016 and shared with MarketWatch what it has learned about the players’ finances. For example, the average 401(k) balance of the 50 players, who are a mix of both veterans and guys who are new to the league, is $338,951.
The average NBA salary for the 2013-2014 season was roughly $5 million. Rookies make a predetermined salary based on where they are drafted. For the 2015-2016 season, the No. 1 pickin the NBA draft made $4.7 million, and the No. 30 pick made $940,000.
When it comes to spending, the players average an outlay of $42,498 a month. One player spent a noteworthy $501,000 between December and March. Where’s all that money going? Here’s a breakdown:
