“We Spent $30,000”: Taking Lessons of Saving Money from an NBA Legend, Charles Barkley Remembers His Mentor Going on a Spending Spree

Charles Barkley, the NBA star turned NBA analyst, has had his fair share of controversies regarding gambling. He has acknowledged that he lost a sizable sum of money playing blackjack and other casino games. In 2006, Barkley admitted that he had lost more than $10 million through gambling. The former NBA player had also once lost $2.5 million in just six hours. He mentioned losing $1 million on roughly 10 to 20 separate instances in an interview from 2016. Barkley’s gambling issues have been widely publicized over the past few years.

Meanwhile, it appears that gambling isn’t the only way Barkley spent his money in the past. The Chuckster recently recalled how he went on a spending spree with his mentor. The same mentor who taught him to save money.

Charles Barkley reveals going on a spending spree with mentor who gave him financial advice

In a recent episode of the ‘Spittin’ Chiclets’ podcast, Charles Barkley appeared as a guest on the show. While on the show, he talked about many things ranging from his love for hockey to having a mentor to look up to while growing up.

Barkley revealed how Dr J or Julius Irving was the one who taught him how to save money and how to be financially responsible. He explained how Dr. J had once inquired how many vehicles  Barkley had. At that time, he had around five to six.

When Barkley replied that he had several, Erving reminded him that he could only drive one vehicle at a time. This caused Chuck to reevaluate his car ownership and start making better decisions. He also revealed an anecdote from back in the day when he spent almost $30,000 only on clothes, in a single day!

Chuck revealed how Dr. J also gave him advice on how to dress professionally. He urged Chuck to wear suits instead of casual warm-up suits, especially since he was playing professional basketball. Erving also urged that Chuck purchase appropriate clothing. He then spent close to $30,000 on suits, jackets, and sports coats when they went shopping.

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In the podcast, Barkley said, “I remember the first time they took me shopping. It was a famous uh clothing store in Philadelphia called Boyd’s and we spent $30,000.  And I guarantee that’s not a person in my family that ever made thirty thousand dollars in their entire life. And they made me buy all these suits and jackets and sports coats and things. When I got the bill it was like 30 31 some like that.”

He also revealed how he asked his agent to pay for the bill. Even his agent was shocked that he spent $30,000 on clothes.

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Meanwhile, it seems like all the financial lessons that Dr. J gave Barkley seem to be working out as he has garnered a net worth of  $70 million. What are your thoughts on this?