Warriors star's money philosophy is summed up by cracked phone
Golden State Warriors standout and savvy tech investor Andre Iguodala wants to help fellow NBA players hold on to their money and prepare for life after professional basketball.
"[In] the majority of NBA players' upbringing, there's not much financial education," Iguodala told CNBC's "Squawk Box" Tuesday. "When you get to college, they're never teaching you how to start a credit line or get a loan on a car, things of that nature."
There are horror stories all the time about pro athletes losing all their money. Last week, three-time NBA All-Star Antoine Walker shared his story with CNBC about how he made more than $108 million but filed for bankruptcy two years after retiring from the league.
For his part, Iguodala, who's on a $48 million four-year contract, stressed the importance of saving money. He used an example from his life to make his point.
"I do have a cracked phone," he admitted. "I didn't feel like I should buy another one. ... I have my vices, but I try to save as much as possible."
Before becoming a free agent and joining the Warriors in 2013, Iguodala said he and his manager got into investing in tech stocks. He started out with names like Facebook, Twitter, Tesla and Apple.
Due to his proximity to Silicon Valley — Golden State plays home games at Oracle Arena in Oakland, California — Iguodala said he's had some high-profile investing mentors over the years. "I've had a lot of help ... from Marc Andreessen and Ben Horowitz, venture capitalists. They've helped me out a ton."
"I also got a chance to meet Warren Buffett once," he recalled. "I've been able to meet interesting people who have helped me. And in turn, I want to help out my fellow NBA players."
Working with the National Basketball Players Association, Iguodala will be leading the inaugural NBPA Technology Summit next week. Among the tech heavyweights participating are Menlo Park, California-based venture capital firm Andreessen Horowitz and San Francisco-based seed fund SV Angel.
"We're doing a crash course in the tech industry," Iguodala said, aimed at providing players with an understanding of the evolving space and how they might capitalize off the court. "NBA players, we're directly involved in the tech world whether we know it or not. Media content and wearables directly influence us every day."
The average career in the NBA is just three to four years, he said. "We always try to give our players many options post-retirement ... because there's many, many years of life when you're not playing."
"I'm OK. For basketball, it was good," said Iguodala, who led the Warriors past the Cavs in last year's finals, giving Golden State its first NBA championship since 1975.
For the 2016-2017 season, the Warriors are adding Kevin Durant from the Oklahoma City Thunder, with a $54.3 million two-year contract deal with a player option after the first year.
"It's a great addition," Iguodala said of Durant. "I was in a few meetings trying to persuade him to come our way. ... I'm just happy he's going to be a big impact on our team."
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