Jalen Rose, after his 1994 NBA draft with the Denver Nuggets, went on to earn high recognition in the league due to his dominant style of play. He played for six renowned NBA teams in thirteen NBA seasons before his 2007 retirement and amassed different lucrative contracts.
Rose, now a podcaster, had reminisced on his spending habits during his glory days in the NBA, which he boldly talked about in his dumbest purchase ever, while he also disclosed squandering his rookie’s check.
Jalen Rose lifts the lid on his “dumbest purchase ever”
Former NBA player Jalen Rose is the latest athlete to boldly talk about his dumbest purchase ever. Jalen Rose revealed his dumbest purchase in a video he shared, which was one of his interviews, as he talked about the worst buy he has ever made.
Rose recalled, “I was in Toronto one time and there was a day off.” Rose disclosed that he felt like buying something for himself on that trip. The fact that he is size 15, couldn’t encourage him to buy shoes, and also being 6’8 prevented him from buying any tailor-made suits. So in an aim to “spoil” himself as he was “feeling rich” that day, he concluded that electronics would be the best choice for him.
Rose said “I paid $15k for a Vertu phone, thinking that Oh! it’s custom crafted by the same people who make Rolls Royce.” Certainly, Rose was greatly informed of the benefits of having the phone, but unfortunately, it only lasted for a short while. Later, Rose’s wish to treat himself with a gift turned into the dumbest purchase ever.
Jalen Rose revealed how he spent all the money from his rookie contract
Oftentimes, NBA players who come from humble backgrounds and later earn big money in the league can be affected by financial shocks that can lead to tough lessons. Jalen Rose is one NBA player who fell victim to financial mismanagement during his early NBA career. During an interview for Uninterrupted’s Kneading Dough, Rose recalled how he spent his rookie’s check. Rose had disclosed that he wanted to change a lot of things in his family and his appearance after securing the rookie’s check.
Rose said “I wanted to take care of my mother, the other thing I wanted to do is I wanted to move out of the hood. I was like, if I get a chance, like I’m gonna lift my family, I’m gonna change the dynamic. I’m gonna change the game. Like I’m gonna leave the hood and be able to give back to it.” Unfortunately, Rose wasn’t taught financial literacy, which he ended up blowing through his rookie checks, which he later labeled “stupid motivations.” Rose told CNBC Make It “Your first contract, you spend it all, almost everyone spends it all.”
Rose, further recalled cutting into his earnings to buy a $15,000 luxury Vertu phone, which came with 24/7 butler service, and handmade’s finest materials like sapphire crystals. Nevertheless, Rose on his way to earning a life-changing rookie contract, had played for the Michigan Wolverine from 1991 to 1994, in which he formed the Michigan’s iconic “Fab 5,” along with Chris Webber, Juwan Howard, Jimmy King, and Ray Jackson. Rose in the 1994 NBA draft with the Nuggets, received $2.2 million in salary during his 2 years in the league.
Fortunately, Rose, in his second contract, had learned from his mistakes in the first one. He understood that he was the source of real income for his family, and he aimed to be more financially responsible. However, it’s evident that Rose, after earning $100 million per Spotrac in his NBA career, and currently worth a whopping $50 million, was able to manage his fortune effectively afterward.
