The cease NBA draft picks will assign hundreds and hundreds—and Shaq has some money recommendation for them – CNBC

The cease NBA draft picks will assign hundreds and hundreds—and Shaq has some money recommendation for them – CNBC

The New Orleans Pelicans can hang the vital overall own in the 2019 NBA Draft, held on Thursday, June 20, at 7 p.m. The Memphis Grizzlies hang the second own, and the New York Knicks will draft third.

In total, 60 avid gamers would maybe be drafted. The cease 30 picks, these chosen in the vital round, are projected to draw better than $1 million each and every in their rookie season. The 30 avid gamers chosen in the second round obtained’t assign decrease than the league minimal wage, which is over $560,000.

The Pelicans are broadly expected to seize Zion Williamson, the 18-year-dilapidated star from Duke College, who turned the third freshman ever to get the Naismith Men’s Player of the 365 days award last year.

The first own comes with the supreme wage. NBA rookies’ pay is determined by a wage scale that changes each and every year in step with the proportion by which the league raises teams’ wage caps. Closing year’s No. 1 own, Deandre Ayton, signed a two-year, $17.7 million contract and earned a unfavorable wage of $8.2 million his first year in the NBA.

Basketball hall-of-famer Shaquille O’Neal, a No. 1 draft own himself, has some recommendation for these rookies who are coming into an extraordinarily good deal of money. It be the identical recommendation he desires he might maybe perchance perchance maybe expose his 20-year-dilapidated self, who blew thru $1 million in an hour, and he sums it up with a straightforward analogy:

“Alright kids,” he acknowledged whereas talking to CNBC’s Bob Pisani at BITG’s Charity Day in 2018. “Here’s $100,” he continued, motioning to a blank sheet of paper. “What it’s best to attain is, it’s best to rip the $100 in 1/2.”

Eradicate one 1/2, he says, and “put it. Create not ever touch it. Build it away. Create not even survey at it. Now you hang purchased $50 left. Now, the orderly other folks … the billionaires of the area, they’ll get 1/2 of that $50 and assign all that away,” he says, whereas in conjunction with one other quarter of the a part of paper to the “put pile.”

“This appropriate right here,” he says of the last quarter, is your relaxing money: “You take care of to must seize houses, it’s best to seize vehicles, it’s best to seize planes, it’s best to disappear? This appropriate right here is what you might perchance hang relaxing with.”

Briefly, O’Neal recommends saving and investing seventy five% of your earnings for retirement and other lengthy-duration of time objectives, and living off the last 25%.

“A man taught me that a lengthy time ago, and it’s been working for me,” he tells Pisani.

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Zion Williamson #1 and the Duke Blue Devils bench

Grant Halverson | Getty Photos Sport | Getty Photos

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June 20, 2019

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