When Iman Shumpert signed a four-year, $7.5 million contract with the New York Knicks in 2011, the rookie didn't go on a spending spree.
In fact, "the schedule was so crazy I just didn't have time to spend the money I was making," he says in an interview with Wealthsimple.
Today, the the NBA star earns an average of $10 million a year with the Cleveland Cavaliers, but his spending habits haven't changed much. It helps that his team as a whole "isn't big on expensive stuff," he says. "For as much money as we make, we're all pretty cheap. We split the bill at dinner. We're smart about our coins, man."
Shumpert has been following one money rule throughout his entire career, he says: "Since I entered the league, half of my checks have always gone into a separate account. … I pride myself on doing that. I've done it no matter the size of my contract or salary."
One simple strategy helps him stick to the rule: He's made saving automatic.