Fformer New York Yankees third baseman Alex Rodriguez was not only one of baseball’s best players throughout his MLB Careerhe also successfully ventured into the business world as a businessman and entrepreneur, not to mention his altruistic side.
In addition to the successful businesses the retired baseball player is involved in, Rodriguez has also helped a number of people who have encountered financial problems, including a former NBA star.
Alex Rodriguez helped Joe Smith solve his financial problems
What A rod was to offer himself as a consultant, creating a rescue plan Joe Smithhelping him put behind him the financial problems he was facing after wasting $61 million that he accumulated over a 16-year basketball career.
Thanks to a program designed by Rodriguez, Smith and his fiancée, Kisha Chavis, were to get out of debt in about three years by cutting unnecessary spending, according to CNBC.
Smith, who played for teams such as Golden State Warriors, Minnesota Timberwolves and Los Angeles Lakerssaid he had failed to make the most of the fortune he had amassed because of the excessive luxuries he had offered himself on in the past.
How did Smith spend $61 million?
The former NBA star recalled that instead of investing in properties or businesses that would bring him profits, he bought late-model cars from brands such as Corvettes, Bentleys and Range Rovers.
While they averaged more than $1 million a year tax-free and after retiring from the NBA, in 2011 Smith and his wife had just $26,000. The retired basketball player had to work as basketball personal trainerand tutoring young people to earn extra money.
However, with Rodriguez’s help, Smith could earn more than 10 times what he charged for the sessions thanks to the plan he had in place, paying off his debts and cleaning up his finances.