Miles never quite lived up to the high expectations the basketball world had for him as a teenager. He never made an NBA All-Star team, but he did manage to play in the league for four teams over eight seasons, earning a total of $61.9 million in career salary in that time, including a high point of $9 million from the Portland Trailblazers in 2008, according to the website Basketball Reference. His NBA career that was prematurely cut short by a knee injury and he declared bankruptcy only about six years later.
Despite the fact that there are countless cautionary tales of young star athletes who blow their paydays on "buying Ferraris or whatever," Miles says that wasn't necessarily his problem. Instead, his advice is to avoid bad investment opportunities.
"Listen, it takes a long time to go broke buying Ferraris," Miles says. "What makes you go broke are shady business deals. They'll make the money disappear quick."
When it comes to exactly how bad business deals sank his finances, Miles does not go into great detail in The Player's Tribune. But he reportedly lost more than $100,000 in one 2008 California real estate deal that he noted when he filed for bankruptcy protection two years ago. Miles reportedly listed $1.57 million in total liabilities, including $282,041 in debt to the Internal Revenue Service and a $20,000 child support debt.
Meanwhile, Miles also lost money as part of an investment group — which also featured other St. Louis-based stars like former NFL running back Marshall Faulk and rapper Nelly — after a bad real estate deal in downtown St. Louis resulted in multiple multi-million dollar lawsuits in a legal battle with a local lender.
Miles also notes that personal issues exacerbated his financial problems, including suffering from depression for several years following his mother's death from cancer in 2013.
After declaring bankruptcy, Miles was forced to auction off many of his belongings in order to raise money to pay off his debts in 2016. The auction included items of sports memorabilia like an autographed LeBron James jersey that sold for $1,500, as well as thousands of DVDs and video games and expensive firearms, like a Ruger AR-556 (a rifle that can cost more than $900), according to the St. Louis Post-Dispatch.
Miles describes his rough upbringing inends his personal essay in The Player's Tribune by noting that, after the bankruptcy, he moved to Florida to live near his friend and former teammate, Richardson, and that he's now doing "alright."
Here's how much the first pick in the 2018 NBA Draft will make as a rookie
Former NBA star Chris Bosh: I have millions and know nothing about money
Like this story? Subscribe to CNBC Make It on YouTube!