Dwyane Wade once revealed in an interview that he made a rookie mistake early in his career that cost him a lot of money. In other words, the NBA legend didn’t consult a financial adviser after entering the NBA to guide him in his financial decisions. Therefore, Dwyane Wade lost over $2 million because he didn’t have anybody to put checks and balances on his expenditure.

In 2003, the Miami Heat selected D-Wade fifth overall in the NBA draft. As a result, he became a millionaire overnight. However, the 6’4″ shooting guard had little idea on how to conserve his resources.

In an interview with Men’s Health, Wade addressed how he squandered his more than $2 million salary on unnecessary purchases despite having the goal to save about a million dollars. As a result, he had to reconsider his decision of not hiring a financial adviser.

Dwyane Wade lost over $2 million because he didn’t have a financial adviser

During the interview, Dwyane Wade talked about his experience growing up in the inner city. As it turns out, the three-time NBA champion didn’t have the right guidance to prepare him for a millionaire lifestyle.

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As a result, he didn’t deem it necessary to hire a financial adviser. “Early in my career, I didn’t have a financial adviser,” Wade told Men’s Health.

“I didn’t trust anybody. I didn’t know anybody,” he added.

As it turns out, Wade didn’t hold back on his expenses and bought whatever he liked. He didn’t have somebody to contest his judgement on finances. Therefore, it didn’t take long to dissipate even his outlandish salary.

Wade’s advice to youngsters coming into money

Wade advises young athletes and new millionaires to positively hire a financial manager. “I regret not having someone early in my career to help teach me about all of this money,” he stated in the interview.

Therefore, he recommends young NBA players to not repeat his mistake. According to the Miami Heat legend, an athlete should defer to an expert when it comes to matters of finances.

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However, despite Wade’s initial troubles with saving money, the 13-time NBA All-Star has amassed a net worth of a staggering $170 million. In 2021, he also secured minority ownership of the Utah Jazz.