Amar'e Stoudemire spent 15 seasons in the NBA, playing for the Phoenix Suns, New York Knicks, Dallas Maverick and Miami Heat. In 2015, he was the seventh highest-paid player in the league, raking in $26.4 million in that year alone.
Now retired from basketball, Stoudemire has a simple piece of advice for younger players: Save your money.
"Live off your interest, if you can," he tells Wealthsimple in a recent profile.
Stoudemire emphasizes the importance of putting your own future first and not getting caught up in letting friends and family take advantage of handouts. "You have to prioritize," he says. "Meet with your financial advisors quarterly. Finalize a list of family and friends you want to take care of. But when that list is finalized, that's when it stops."