Tracy McGrady had millions in the bank at 18 years old, but he didn’t know what to do with any of it. Growing up in a household where the highest salary was maybe $40,000, the transition from poverty to NBA riches left the future Hall of Famer struggling to navigate his new reality.
How Did Tracy McGrady Handle Going From Nothing to Millions?
The latest episode of Carmelo Anthony’s podcast, 7PM in Brooklyn, was released on Thursday. This episode featured a special guest: seven-time NBA All-Star and two-time scoring champion Tracy McGrady. Former NBA player Rudy Gay and Emmy award-winning host Kazeem Famuyide also joined in.
In one segment of Thursday’s episode, McGrady opened up about his difficult childhood and shed light on how players react when they suddenly become millionaires after coming from backgrounds where they didn’t have much money.
During every episode of the podcast, there is a special segment where the hosts quiz the guests about their “7PM in Brooklyn” moment. At this moment, the guest had two options and had to pick one that would set them on their path. When quizzed about his “7PM in Brooklyn” moment, the former Houston Rocket opened up about his childhood.
“Like going from the NBA to the pros [is one thing], going from the hood to the pros [is another],” McGrady said. “You can only imagine a hood kid at 18 years old going into millions of dollars, where growing up, I didn’t learn anything about financial literacy. Like, no one taught me this. The highest, you know, salary in my family probably is $35,000–$40,000. You see what I’m saying?”
The former star guard then opened up about his childhood struggles and said: “Had to raise myself in terms of mom going to work, grandma going to work, I gotta get myself up as a kid to go to school, get myself dressed, get food, walk to school, walk across major highways… Like, this is shit I was doing [at] 10 years old. So that was challenging for me.”
Who Helped McGrady Navigate His Financial Journey?
McGrady then spoke about the challenges that came when he signed big contracts with the Toronto Raptors and Adidas and said, “How do you juggle all this s***, man? How do you do this at 18 years old, bro? How do you maneuver through that? Like, that was the challenge for me. So, I had a good support system, but it was a challenging f****** time, bro, to really maneuver through, um, having that much money and where I came from.”
When asked if there was someone to guide him through this period, McGrady lauded NBA legend Kobe Bryant and noted how he used to call the Lakers great for advice. The former Most Improved Player added that the duo was able to form a close bond since they both shared the same agent and were both Adidas athletes at the time.
Despite the challenges he faced early on, McGrady seems to have found his way, especially in terms of his finances. According to Celebrity Net Worth, he has a net worth of $70 million. His financial decisions have gone beyond endorsement deals, and today, he is part of a group of investors who hold minority ownership of the Buffalo Bills.