Three-time NBA champion Dwyane Wade advocates for the league to prioritize financial literacy among players to ensure long-term financial security, as he admits to having struggled with the concept as well.
Prior to entering the league, Wade had never had large sums of money before. While accumulating a fortune playing for the Miami Heat, and briefly for the Chicago Bulls and Cleveland Cavaliers, financial illiteracy led him to mismanage his millions over the years, as he recently explained to CNBC.
Young Millionaire
At just 21 years old, Wade was being drafted out of Marquette by the Miami Heat in the 2003 NBA draft. During his recent reflection, he addressed the rising stars of today, such as Caitlin Clark, who are earning substantial sums at a young age. Wade expressed his wish that these newcomers navigate their financial paths more effectively than he did at the start of his career.
“It’s really amazing that they’re having access to this money so young, but you’re also kind of fearful not knowing who they have around them that know about money,” Wade told CNBC’s “Make It” for his promotion of a partnership with Google Workspace. “I came into the league as someone who had never really handled more than $500 at a time, and [suddenly] I’m making millions of dollars.”
Before his basketball fame, Wade held a summer job when he was in high school, and it was working as a porter at a Bob Watson car dealership in Illinois, his home state.
As CNBC reported, he admits that his commitment to playing basketball in school during his youth meant that he was only able to work during the summer, spending his earnings on whatever he wanted.
“During high school, one of my jobs was as a porter for a car company, Bob Watson. I’d prepare cars for customers, washing and prepping them. Organizing the cars in the lot was also part of my responsibilities. It was enjoyable, and I was learning to drive while being careful not to damage any vehicles. My paychecks were spent on things I wanted — clothes, accessories, sneakers — since I only worked during the summer due to basketball and school commitments throughout the year,” Wade said.
Wade earned a total of $198 million in salary alone during his 16-year NBA career, according to Clutch Points, which does not include his additional earnings from endorsements, investments, and other business ventures which contributed significantly to his reported net worth of $170 million as of 2024.
He co-owns the Utah Jazz with a minority ownership stake in the NBA team alongside majority owner Ryan Smith and other minority investors like the Miller family, The Salt Lake Tribute reported.
