Ahead of the 2023 NBA draft, veteran Goldman Sachs wealth manager Nicole Pullen Ross says rookies would be wise to build a trustworthy business team to avoid falling victim to financial fraud.
Tall Order: Victor Wembanyama, projected to be picked No. 1 in the 2023 NBA Draft, would be wise to guard his finances.
Aurelien Meunier/Getty ImagesI
n April, ahead of the NFL Draft, Nicole Pullen Ross, head of private wealth management for the New York region at Goldman Sachs, gave the incoming class of rookies a game plan for their careers: “Think like a CEO,” she advised them.
Pullen Ross, a partner at Goldman who advises professional athletes, went on to explain that regardless of which team players join, they have to start building their own team and surround themselves with trustworthy advisors much as a chief executive does.
Now, with the 2023 NBA Draft tipping off on June 22 at the Barclays Center in Brooklyn, Pullen Ross wants NBA rookies to heed the same wisdom. As teams prepare to transform at least 30 players into multimillionaires, including 7-foot-5 French phenom Victor Wembanyama, who is projected to be the No. 1 pick, Pullen Ross is pushing the new rookie class to guard their finances by acting like a top executive.
“A CEO thinks about every decision they make, not just decisions that impact today,” Pullen Ross says. “It’s making decisions with the end in mind.”
A 23-year veteran at Goldman Sachs, Pullen Ross is responsible for helping athletes grow their earnings into generational wealth. She notes that some of the challenges rookies face include reckless spending, failing to account for state-by-state taxes, and not understanding “what you actually have” for income.
A Whole New Game: Goldman Sachs’ Nicole Pullen Ross thinks professional athletes should act and think like CEOs.
Photo provided by Goldman SachsThis week, Wembanyama is widely expected to be selected first by the San Antonio Spurs in the draft, and according to the NBA’s collective bargaining agreement, top picks make 8.9% of the league’s overall salary cap. Next season the players’ association estimates a record $134 million cap, which means that Wembanyama can expect to make north of $11 million (pre-taxes) in his first season. That money can rapidly disappear, however, especially as expenses rack up.
Pullen Ross believes the CEO comparison is apt for professional athletes because their salaries are comparable. According to Pullen Ross, the average salary of an S&P 500 CEO was around $18 million to $20 million in 2022. By comparison, NBA players will make about $30 million to $40 million over their first four seasons in the league. “But we also understand that for many players, the length of their career will be relatively short,” Pullen Ross says. “They won’t have that 20 years of annual earnings like a CEO might have.” So when they are thinking about their career paths, she advises them: "You should be frugal at the beginning of your career, like anyone should as you’re learning and growing, and have the vision to turn up the risk and growth opportunity over time.” Among the first moves Pullen Ross advises incoming rookies is to rent before buying a home and to live frugally until they have a better understanding of their new wealth.
Another vital aspect of financial preparedness for Pullen Ross is due diligence.
According to a 2021 Ernst & Young study, professional athletes alleged roughly $594 million in fraud losses over the previous 15 years—with NFL players alleging losses of a combined $140 million to fraud and NBA players alleging over $100 million in losses.
Tim Duncan made more than $200 million in earnings throughout his NBA year career.
Getty ImagesIn one of the most famous examples of financial malfeasance, Tim Duncan, the Spurs’ last first-overall pick in 1997, fell victim to wine industry businessman and financial manager Charles Banks, who pleaded guilty in 2017 to defrauding the NBA Hall of Famer for $13.5 million. Banks was sentenced to four years in federal prison and agreed to pay Duncan a $7.5 million settlement.
“It was disappointing but not shocking,” Pullen Ross says of the Ernst & Young report. “What happens too often is the people they are relying on to have their best interest in mind don’t always show up that way. And it’s not specific to this [sports] industry, but the numbers are so big when you think about fraud in this case.”
A Columbia University business school alumna, Pullen Ross was the first Black partner at Goldman Sachs’ private wealth division. But she is quick to add, “I wanted to be the first, not the only. For me, it’s really important to make sure I spend a lot of time bringing others below—or around me—up.”
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Jabari Young, Forbes Staff
https://www.forbes.com/sites/jabariyoung/2023/06/20/why-nba-rookies-should-act-like-ceos-to-avoid-losing-the-millions-theyre-about-to-make/
By: Jabari Young, Forbes Staff
Title: Why NBA Rookies Should Act Like CEOs To Avoid Losing The Millions They’re About To Make
Sourced From: www.forbes.com/sites/jabariyoung/2023/06/20/why-nba-rookies-should-act-like-ceos-to-avoid-losing-the-millions-theyre-about-to-make/
Published Date: 06-21-2023
Frequently Asked Questions
Who did the first basket in NBA basketball?
Ossie Schetzman, an American professional basketball athlete, was the first to score a basket in the Basketball Association of America. The NBA would become the National Basketball Association later. It was scored in a match between the New York Knickerbockers and the Toronto Huskies on November 1, 1946. Schectman's historic first basket was the opening of the inaugural season for BAA.
Who is the NBA's best defender ever?
Anyone who is familiar with basketball will not be surprised to find "The Dream" at top of the list. Hakeem Olajuwon blocked 3,830 points over his 18-year NBA experience, more than any other player. He was also an All-Defensive player (9 times) and 2-time DPOY (2 times), leading his team to two NBA Championships. As a defender, he was among the best; his footwork, timing and athleticism allowed him to be an excellent shot blocker and rebounder. He was an opponent's nightmare because of his ability to defend any position on the court. He was not only one of the best offensive players, but also had a great ability to guard any position on the court. He was quick and agile with a great array of spin moves. This allowed him score in the post. His versatility meant that he was one of the most skilled players and even defenders. Hakeem Olajuwon deserves to be at top of this list, it is obvious.
Bill Russell barely makes #2 on this list due to his average of 15.1 ppg, but he was the best defender during his era and gave opposing teams nightmares. Bill Russell is a legend, having won 11 NBA Championships during his career. His rebounding and defensive skills were crucial to the Boston Celtics' remarkable success. His ability to anticipate plays and understand opponents' strategies made him an intimidating presence on the court, which is why he is considered by many as the most decorated defender in NBA history.
This is the third place list, with Dennis Rodman. He was a unique player in the NBA's history and made an immediate impact on the game. Rodman's tough defense, rebounding skills, and ability to score without the ball allowed him to be a consistent winner for his team. Dennis Rodman was a seven-time All-Defensive Champion, eight-time All-Defensive Player and two-time DPOY. He also became a five-time NBA Champion. His defensive end tenacity was exceptional, and he always seemed in the right place at just the right time. He was also a great rebounder. He often out-jumps taller players and takes boards from them.
What is the NBA salary cap
The salary cap in the NBA is a set amount that limits the total salary of each team's roster. Each year, the league decides what this limit is. This is to ensure that teams do not sign multiple high-priced players or create an unfair advantage. Teams must stay under the cap to sign free agents or make trades. They can exceed it if they use certain exceptions, such as signing a player with Bird rights or offering a player a contract with portions of their salary counted against the cap and the remaining portion paid out as a bonus. The league salary cap is an integral part and helps to maintain a balanced team roster.
Which NBA Player is considered the NBA's all-time scoring leader?
Lebron James holds the NBA's record for scoring most points. He has 38,388 career points as of February 7th, 2023. LeBron was in second position till Tuesday February 7th, 2023 Karl Malone, who has 36,928 point is in third. Kobe Bryant comes in fourth place, scoring 33,643 Points. Michael Jordan is fifth with 32,292 points.
Who is the best free throw shooter of all time?
While the answer to this question is still controversial among basketball fans, most people agree that Stephen Curry of Golden State Warriors is the greatest free-throw shooter. With 402. This remarkable player is the record holder for the most 3-point conversions in one season.
Karl Malone currently holds a record for the most free throws made over a career with 9,787 success shots. At 13,188 attempts, he has attempted 74.20% of all free throws.
Who holds the record of the most consecutive NBA playoff wins?
LeBron is one of today's most sought-after basketball stars, having won an incredible 174 NBA Playoffs wins and played 266 games.
Which NBA player has made the most blocked shots during a single season
Mark Eaton, in 1984-85, set all-time records at blocks (456) and blocks per minute (5.56), respectively. Eaton's total for that season is the highest single-season NBA record.
Hakeem Olajuwon holds currently the NBA record of most career blocks with 3,830. Olajuwon had an average of 21.8 points and 11.1 boards over his 18-year playing career, which included 1,238 games. He also had 2.5 assists and 3.1 block per game.
Statistics
- The opening game of the 2020 Finals between the Los Angeles Lakers and Miami Heat brought in only 7.41 million viewers to ABC, according to The Hollywood Reporter. (en.wikipedia.org)
- An estimated 800 million viewers watched the [105]2017–18 season. (en.wikipedia.org)
- As of 2014, 45 percent of its viewers were black, while 40 percent were white, making it the only top North American sport that does not have a white majority audience.[102]As of 2017Democrats than Republicans.[103]Outside (en.wikipedia.org)
- The 2013–14 season opened with 92 international players on the opening night rosters, representing 39 countries and over 20 percent of the league. (en.wikipedia.org)
- Meanwhile, the opening night rosters include a record-setting 234 players with some G League experience, according to the NBA ( Twitter link ). (hoopsrumors.com)
External Links
sbnation.com
nba.com
bleacherreport.com
- Which NBA Teams will Join the Victor Wembanyama Teamathon?
- Latest NBA Intel - Sources Expect Zach LaVine Re-Sign with Chicago Bulls
sports.yahoo.com
- Yahoo Mail, Weather, Search & Videos
- The lowest ever recorded viewership for Game 1 of the NBA Finals is seen in ratings history
How To
How do you get a NBA jersey?
Buying an NBA jersey is easy, especially with the number of online retailers that specialize in selling official team merchandise. It is important to research the quality and size of your jerseys before you make a purchase.
Be sure to remember these things when you are shopping online for your NBA uniform. First, make sure you choose the right size. Refer to the size chart for your team, and make sure the jersey is in inches. Make sure you choose the size that best fits your body.
Also, make sure you find out what fabric is used for the jersey. Most NBA jerseys are made from 100% polyester, but some may use a blend of different materials to achieve the desired look and feel. You should also verify that the product is authentic or a knockoff.
Finally, read up on customer reviews before making your purchase. This will allow you to determine the quality of the customer service. You can compare prices at different online stores once you've located an online store with a great reputation.
