We can safely say that Joe Smith and money don’t get along too well. The number 1 of the 1995 draft had no luck since the beginning of his economic career and, although he ended up winning a more than decent sum, he was wasting it.
He was chosen in ’95, just the year the NBA changed the type of contracts that franchises could make to rookies. Thus, the previous year Glenn Robinson had been able to sign 10 years in exchange for 69 million. He could not pass less than 9 kilos in exchange for three.
In his first two league seasons with the Warriors, he signed the best numbers of his career. He had a contract extension offer in exchange for 80 million dollars, but he rejected it to go transferred to Filadefia, where he barely played 30 games in 1998 and was not renewed.
With the Wolves, Smith starred in one of the biggest economic scandals in NBA history. Officially, the player signed in 1998. in exchange for 1.75 million and was going to collect 2.5 in 1999. It was very little. The reason, that the Wolves had signed a contract that hid the NBA by jumping the 7-year, $ 86 million salary limits. The league hunted him down, heavily sanctioned the Minnesota ones, and Smith ran out of his big contract once again.
At the end of his career, Smith ended up playing on 12 teams and earning just over $ 61 million. Much less than he could have gotten, but a lot of money after all. Money, however, that wasted with astonishing ease.
In each new city where they were going to play, they bought a luxurious and expensive house that they later sold, losing a lot of money in each transaction. The same thing happened with several luxury cars. That caused, shortly after the end of his NBA career, his bank account had a negative balance. He also tried to be a rapper, something that only cost him even more money …
We know that today he has redirected his life and that he dedicates himself to training. Let’s hope he doesn’t waste what he has again.