Retired NBA player Tristan Thompson says sudden wealth can come with decisions young players are not ready to make.

Many are handed life-changing money before they fully understand how professional basketball money works, Thompson said last month on the "One On One with Kris Fade" podcast.

"When you grow up in inner city, you don’t know nothing," he told podcast host Kris Fade. "They don’t teach you nothing about finance. You don’t know how to pay your tax. You don’t even know checks and balances. You don’t even know what an audit is. You probably can’t even spell audit."

He also spoke about rookie contracts, financial advisers and planning for life after basketball.

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Thompson joined the NBA after the Cleveland Cavaliers selected him with the fourth pick in the 2011 draft. He later won a championship with the team, but said the money moved differently than many young players expect.

His first contract paid about $16 million over four years, but Thompson said deductions quickly reduced that figure.

He told Fade that taxes could take roughly 40% to 44% of a player’s income, while agents earned another 4%.

"So, you’re basically playing for half," Thompson said.

He said NBA players are paid every two weeks during the season. Thompson chose to spread his payments across 12 months because he preferred consistent income throughout the year.

After signing with the Cavaliers, Thompson said he received an advance, bought himself a Cadillac Escalade, and started helping his mother, who worked multiple jobs while raising him and his brothers.

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According to Thompson, once the checks start coming, young athletes still have to decide who they can trust with the money.

"I remember I had teammates that said like they’ve hired a financial guy just because a guy walked in with a Gucci outfit," he said.

Thompson told Fade his own approach changed as his career grew. His first adviser was conservative and "old school," which he said worked early in his career.

As he made more money and wanted to diversify, Thompson said he moved toward larger institutions and broader investment options.

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Thompson said time away from an NBA roster has given him more room to focus on his children and build business interests, including his Basketball Fun venture, a blockchain-based live sports prediction app.

He framed that work as part of a larger plan for life after basketball. Thompson said the average NBA career lasts about three and a half years, making it important for athletes to think beyond their playing days.

"At the end of the day, you know, all good things come to an end," he said. "You got to look at your career, what’s next."

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This article Former NBA Player Tristan Thompson Says Young Players Make Millions Fast But Know 'Nothing About Finance' — 'You Probably Can't Even Spell Audit' originally appeared on Benzinga.com

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