David Harrison
Former NBA basketball player, David Harrison, who had earned
$4,400,000 during his pro career with the Indiana Pacers, ended
up broke and working at fast food restaurant McDonalds for
minimum wage. His story is a sobering reminder of the perils of
poor financial planning.
First of all, Harrison should be commended for obtaining
honest employment at McDonalds, which must have been an
emotionally difficult experience, after playing professional
sports for millions of dollars. Harrison should also be
applauded, as he is one of the few who actually made it to the
pros, which is an accomplishment in itself.
However, as the Judiciary Report has done many times in the
past, let's take a look at what transpired regarding his
finances, with the hope of helping other athletes avoid similar
pitfalls. Harrison was overextended, having made too many
financial commitments regarding a lavish home, cars and helping
others in his family and circle. His home went into foreclosure
and his cars in jeopardy of repossession. He also owed
child support payments.
The Judiciary Report has emphasized in the past, it is best
to purchase a starter home (equity), rather than paying rent,
when the financial opportunity presents itself. As your income
increases, you can rent out the starter home and upgrade to an
affordably larger property (
Olympic
Athletes Should Seek To Make The Most Of Their Money And Career
Opportunities).
Many times mortgage professionals pre-qualify individuals for
mortgages based on the first one or two years of income, which
often declines. The athlete purchases a home for the maximum
amount they qualified for, when their income often changes year
after year. Many stars' homes have gone into foreclosure for
this reasons. Ask in advance what the payments will be for your
mortgage and make sure it will be something within your means in
the long-term.
Buying too many cars can also create financial problems.
Motor vehicles depreciate the second you take them off the car
lot. Therefore, be mindful of what you buy and the fact it will
not be worth nowhere near as much in the coming years (so don't
take on too much).
Harrison revealed he did not have a university degree to fall
back on when his career ended after a few short years. Some, not
many athletes, go to university in the off season, which is a
great way to obtain a degree. As stated in the past, it is also
wise to start a small business, which can create steady income.
Harrison also developed a drug problem, smoking marijuana
everyday during the off-season, which spilled over into his game
when his downtime was over. He was suspended and fined for
violating league rules with marijuana use.
STORY SOURCE
From McDonald's All-American to
McDonald's worker: How David Harrison lost his way after the NBA
By Marc J. Spears March 13, 2015 1:58 AM Yahoo Sports - David
Harrison was the 29th overall pick of the 2004 NBA draft. Former
Indiana Pacers center David Harrison, a little more than a
decade removed from being a first-round pick in the NBA draft,
has struggled to make a consistent living since his basketball
career ended – to the point he said he took a job working at
McDonald's two years ago.
"I was embarrassed because of where I could be in life,"
Harrison told Yahoo Sports. "Everybody has to work and make a
living somehow. I have two children. They don't care where I
work. They just need to eat. "People were showing up trying to
take my car. My house was in foreclosure. I didn't have any
income. I just had everything going out. I have child support to
one son. I have a really big family and I have to take care of
them, even through I'm not playing in the NBA. I needed money."
Harrison made $4.4 million before taxes during four seasons
with Indiana and also played in China professionally for three
seasons. He said almost all of that money is gone. Now 32 and
without a college degree, Harrison said he's having a hard time
finding a job. "An NBA career is a fragile thing," said Dallas
Mavericks coach Rick Carlisle, who coached Harrison with the
Pacers. "It tips on the slimmest of margins one way or the
other. There are a lot of guys who get a taste of it. David had
some pretty good years for us when I was there."
Harrison played in the McDonald's All-America Game in 2001
after being a two-time Mr. Basketball in Tennessee. The 2004
All-Big 12 first-team pick was a starter in three seasons at
Colorado and averaged 17 points and 8.8 rebounds as a junior
during the 2003-04 season. The Pacers drafted him with the 29th
overall selection in the first round of the 2004 NBA draft. ...
Harrison said he smoked marijuana in the offseason during his
first three seasons, but not during the season. Frustrated with
his role under O'Brien and his lack of playing time, Harrison
said he smoked weed daily – including before and after practices
– during the 2007-08 season. He was suspended five games that
season for violating the league's anti-drug policy because of
his marijuana use...
Harrison became a free agent following the 2007-08 season and
never played in the NBA again. He averaged 5.0 points and 2.9
rebounds over four seasons with Indiana. He played
professionally in China the next three seasons and played eight
games for the D-League Reno Bighorns during the 2011-12 season.
He last played for the Dallas Mavericks' summer league team in
2012. Harrison hasn't received any calls from NBA teams over the
past three seasons. Nor have there been any overseas offers...
