Basketball
Joseph Leynard Smith, a.k.a. Joe Smith is an American born former professional basketball power forwarder who was signed to NBA’s Los Angeles Lakers before retiring in 2011. Setting a record by playing 12 out of 30 franchise in NBA, he has an estimated net worth of –ve $157,000. The negative figures indeed might shock many as during his active years; he made millions of dollars per annum.
Born on 26th July 1975, the 42-year-old is not only a basketball player as he recorded his solo rap album and used the pseudonym Joe Beast while he was still playing for The Oklahoma City Thunder,
Moving along, here we are going to share some information about the former professional basketball player’s net worth, earnings, and much more.
As we mentioned above, Smith has an estimated net worth of –ve $157,000 as of 2018. The negative figures are something that many might not agree with it as back in mid-2000s, his net worth was estimated to be around $25 million, and the difference between sums are indeed shocking.
Joe Smith while playing for LA Lakers SOURCE: Wikipedia The primary reason behind the figures going down is the fact that he has been having a tough time after his league days. Matter of fact, he is reported to be in debt of over six figures, and he has also been selling his assets here are there through the years which we will talk about more below.
Throughout his 16-years-long career in NBA, he was able to collect a massive $61 million after paying taxes, management fees, and others. However, the actual sum, he took home $18 million only, even though the figures are something ordinary Americans will even be able to see in a lifetime.
The last big paycheque he received was back in 2010-11 when the amount was worth $1,352,181.
Watch Joe Smith's top career plays.
Additionally, the player has been very open about how got broke and even has spoken out about what people actually things about being signed to a league and the reality.
He also blamed the lavish lifestyle he was used to living while his salary was no less than $1.3 million a year, the divorce and bad investments which completely wiped away his bank account. And things went south when he had to work as a coach for 10 to 15 hours a week at a lower wage.
Watch the episode of Back in Game featuring Jow Smith.
While he appeared on CNBC’s Back in the Game with Alex Rodriguez, Rodriguez’s personal financial planners gave them a plan regarding the budget which is going to help them pay 30% of their debt in a year meaning they will be debt-free in three years if they stick to the plan offered by Rodriguez.
Joe, during his appearance on CNBC’s Back in the Game, spoke about how he had to splurge on a new estate every time he got traded and was already losing money at the time. However, at the time, he still had those properties worth millions which he could easily sell and get money out of.
Joe Smith-as-a-basketball-coach SOURCE: CNBC But now, he is in his hardest time as he has been reportedly selling all his properties to live a life. Back in 2015, it was reported that he sold his Scottsdale, Ariz mansion up for sale for a price tag of $2.75 million.
The mansion which features a spa, swimming pool, fire pit, sports court, and much more was bought by Smith in 2005 for $2.225 million.
Joe Smith-Scottsdale,-Ariz-mansion SOURCE: Los Angeles Times Likewise, he has also sold the majority of his cars and other assets which sounds very sad.
Hopefully, he will now get back on track with the help of Alex Rodriguez as he is helping Smith revamp his coaching career by taking on more clients and offering premium private basketball lessons. According to Rodriguez, Smith will be able to make ten times more with his plan as compared to what he did before his help.
