Picture this: Dwyane Wade, fresh out of college, steps into the NBA and suddenly finds himself with a mountain of cash. “I regret not having someone early in my career to help teach me about all this money,” Wade reflects, acknowledging the whirlwind that was his early career. Despite spending 16 years in the league and raking in millions from contracts and endorsements, he realizes that had he been more careful with his finances, he “would be a lot richer today.”

In a recent chat on Angel Reese’s podcast, Unapologetically Angel, the Miami legend opened up about his rookie experience and the shock of handling his first major paycheck. He admitted he was well-prepared for the league, but when it came to the money side of things, it was a different ball game.

“So now I signed a check for, you know, three years, whatever the deal was for 10 million,” he said, recalling his transition from a college budget of about $200 to suddenly having millions at his fingertips. And let’s not forget, he was already juggling family responsibilities at just 22 years old.

Nevertheless, Wade finds comfort in knowing that today’s players earn more, but he stresses the importance of financial guidance. He believes there should be a system in place to help young athletes navigate their newfound wealth. It’s not just about having money; it’s about understanding it. “Hopefully, it’s a process and there are people in their lives that can help them understand how to take care of their money,” he suggested on the podcast.

Over the years, Wade admitted multiple times that he faced challenges because of a lack of guidance. Earlier this year, he told CNBC Make It, “It’s not that I didn’t have good people around me. It’s that no one was making the level of money that I was making.”

Wade also confesses he was too proud to ask for help at the beginning of his NBA journey. Even when he sought financial advice, he often found himself lost in translation. “You don’t want people to think less of you because you don’t know something like how much money you have or what to do with your money,” he reflects, shedding light on the challenges young stars face when entering the limelight.

Dwyane Wade learned the hard way

Before Dwyane Wade became a three-time NBA champion with the Miami Heat and earned millions each season, he had humble beginnings in Chicago. “I went 20 years of my life where I didn’t have nothing,” Wade revealed in 2018.

In fact, one of his first jobs was at a car dealership, washing cars for customers. “I had to wash it up, I had to get it nice for them,” Wade recalled. That sense of responsibility from a young age stayed with him, especially when it came to finances. “The fear of not having is a terrible feeling,” he admitted, and it’s something he says never quite leaves.

As a father of four, Wade now ensures his kids don’t make the same mistakes he did. “It’s really trying to do something for them that I didn’t have,” he said, emphasizing the importance of teaching his children about saving.

Now, at 42, Wade’s financial game is much stronger. He meets with a financial advisor regularly to keep his goals on track. As Wade said, a failure to plan is a plan to fail.