NBA superstar Chris Paul, who was drafted into the league in 2005, has shared an intriguing story about his early financial decisions influenced by his parents. Before making his big move to the NBA, Paul was a student at Wake Forest. With only $151 in his bank account at the time, Paul’s parents played a crucial role in his financial choices as he transitioned into professional basketball.
Paul recalled the moment vividly: “I had $151 in my bank account when I declared for the NBA Draft,” he admitted. Facing his new reality, he hired a financial advisor who suggested he accept an upfront offer of $100,000. However, Paul’s parents intervened, insisting that the sum was too large. As a result, Paul accepted $25,000 instead.
In a conversation with Forbes, Paul recounted his parents’ influence: “My financial advisor who we hired said they would send me $100,000 and my parents said, ‘No that’s too much.’” He further elaborated in an interview with “The Shop,” describing his naivety about money: “You know what happened? I was at Wake in Winston. I went to the bank right up the street just so I could see what the statement looked like, right? ‘Cause we young, we don’t know. We ain’t never had no money like this. I went and got the statement that said $25,151… No education came along with it.”
Despite the modest beginning, Paul made significant strides in the NBA, utilizing his initial $25,000 wisely, including buying a BMW 750. His career has since skyrocketed, with Paul amassing total earnings of $389.9 million, according to Spotrac.
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In addition to his basketball achievements, Paul made headlines in 2022 when he graduated from Winston-Salem State University with a bachelor’s degree in communications. In a generous act, he gifted each of his fellow graduates $2,500, as reported by Sports Illustrated.
Throughout his career, Paul has been a staunch supporter of Historically Black Colleges and Universities (HBCUs). He has significantly contributed to these institutions by launching an internship pipeline at North Carolina A&T and producing a docuseries highlighting the challenges faced by HBCU athletic programs. He has also been involved in basketball showcases promoting HBCUs.
“I speak about it every now and then when I get a chance, but I think HBCUs are so important for trying to make sure that we level the playing field,” Paul told the Arizona Republic. “Make sure that they’re provided with the same opportunities that a lot of these other schools are blessed with, and the guys are just as talented, if not more talented, they just need the platform. They need people to see them, to believe in them.”
Paul’s journey from a young man with $151 in his bank account to an NBA icon and advocate for HBCUs is a testament to his determination, intelligence, and the foundational values instilled in him by his parents.
