In his prime, Gilbert Arenas was one of the best point guards in the league. He wasn't afraid to take a shot from anywhere on the court, and even with some lackluster seasons toward the end of his career, he still posted per-36 minute averages of 21.2 points, 4 rebounds, 5.4 assists and 1.6 steals.
However, Arenas' abilities on the court are overshadowed by an off-court incident in 2009 when he was with the Washington Wizards, in which he pulled a gun on a teammate during a locker room scuffle. He ended up being suspended for the rest of the NBA season. While he did return, he was never the same player.
Prior to that, Arenas signed a $111 million contract in 2008. That deal ended up being paid out over eight years, and the final installment will come to Arenas on October 31.
Unfortunately, Arenas has gotten pretty comfortable living the glamorous lifestyle. So much so, in fact, that once his last paycheck rolls in, the three-time All-Star will have to make some concessions. One thing that might not make the cut: private school for his four kids, which comes out to $91,600 per year.
"I anticipate that the children will need to transfer to public schools in 2017 and beyond," Arenas said and added that he stands to make just a shade under $170,000 in investment income over the course of a year.
In his 11-year career with the Wizards, the Golden State Warriors, Orlando Magic and Memphis Grizzlies, Arenas made more than $160 million in salary alone. He also earned tens of millions from endorsement deals. So how could he have gone through it all already?
Certainly, his flashy lifestyle didn't help, but Arenas also had the wrong people managing his money. He sued Boulevard Management, Inc. last year for $40 million, accusing the company of being reckless and negligent in managing his money and doing so with willful intent and/or intentional disregard. Arenas' former assistant was also charged with stealing money.
Still, you'd think he could make a few other cuts in his life to keep his kids in private school. An education is important, after all. Or perhaps Arenas could make sure that the next time he's entrusting ample sums of money with someone, they're not taking advantage of him.