My first contract was 3 years, $2.6 million.

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Why it worked

The video features a high-profile celebrity sharing a relatable, 'behind-the-scenes' financial struggle that demystifies the reality of professional sports wealth, which naturally drives high engagement and curiosity.

Summary

Draymond Green recounts the story of receiving his first NBA salary advance and the harsh lesson he learned about how much of his income is taken by taxes. He explains the financial gap between being drafted and receiving his first paycheck, and how that experience changed his perspective on wealth.

Structure

1Draymond discusses his first NBA contract
2The financial gap between being drafted and getting paid
3Taking a salary advance and the shock of the tax deduction
4The realization that half of his income goes to taxes
5The lesson learned about managing expectations for wealth

On-screen text

MY FIRST CONTRACT WAS 3 YEARS, $2.6 MILLION GET DRAFTED YOUR FIRST CHECK UNTIL NOVEMBER 15TH BRIDGE THAT GAP SIGN MY CONTRACT IN AUGUST ANY MONEY BRIDGING THAT GAP, THE NBA ADVANCE OF UP TO 15% OF YOUR SALARY CONTRACT OUT A $60K ADVANCE 28 GRAND NEVER SEEN $28,000 IT'S RIGHT THERE CALLED MY AGENT $28,000 IN MY BANK ACCOUNT THE OTHER 32 MISSING SOME MONEY, THOUGH IT'S COMING, RIGHT TAXES WHAT ARE YOU TALKING ABOUT GET MONEY BACK FROM TAXES AT THE VERY BEGINNING UNDERSTANDING THAT ANYTHING YOU MAKE COUNT IT FOR HALF TO THE GOVERNMENT THERE ALONE IMMEDIATELY TAUGHT ME

Original caption

Draymond Green talks about learning his first major lesson about taxes and how much money he’s actually making ( YT // TheFutureGame ) #draymondgreen #michigan #NBA #money #basketball

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Transcript

My first contract was 3 years, $2.6 million. And so you get drafted. I think I got drafted June 26th, if I'm not mistaken. You don't get your first check until November 15th. So from June 26th to November 15th, there you have to find a way to bridge that gap before you start getting paid. And then once you sign your contract, which I didn't sign my contract until after Summer League because in a sense, as a second round pick, you have to make the team. And so I didn't sign my contract until sometime in August. I didn't have any money. Now, in bridging that gap, the NBA allows you to take out an advance of up to 15% of your salary as soon as you sign the contract. So I took out a $60,000 advance, and I and it hit my account and it was 28 grand. And so I'm excited. I'm like, I've never seen $28,000 and like, it's right there. And so I called my agent and I said, yo, this is amazing. There's $28,000 in my bank account. But where's the other the other 32? Like, where? I'm missing some money, though. But this is It's coming, right? You really think it is coming, right? And he's like, well, you know, taxes. Like, what you talking? What are you talking about? Like, yeah. I'm supposed to get money back from tax. He like, yeah, you're no longer in the position where you're going to get money back from taxes. And that right just learning that right there at the very beginning, and essentially understanding that anything you make, you can almost count it for half. Right. Cause half of it is going to the government. And that right there alone immediately taught me you don't have as much money as you think you have and you won't have as much money as you think you're about to make. And that was really big for me.