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Basketball Fan
03-01-2013, 06:04 PM
At least he won't appear on "Broke"

http://probasketballtalk.nbcsports.com/2013/03/01/klay-thompsons-dad-will-cut-his-allowance-after-league-fine-im-not-kidding/


Klay Thompson’s dad will cut his allowance after league fine. I’m not kidding.

Klay Thompson is 23, a part of the young core of the Golden State Warriors, a guy who already is considered one of the league’s better shooters. He’s still on his rookie deal, so he’s “only” going to make $2.2 million this season, and not much more next season.

He’s going to make a little less this week — the league fined Thompson $35,000 for his involvement in the dust up with the Pacers this week.

But Klay won’t notice because doesn’t get his bi-weekly checks from the Warriors anyway — they go to his father, Mychal, who gives him a weekly allowance. Seriously. And is dad is going to cut his allowance after that fine. Just for the record again, Klay is 23.

Mychal — the former No. 1 overall pick and part of the Showtime Lakers who is now a Lakers radio broadcaster — has said on the air in Los Angeles more than once that he gets Klay’s checks and puts them in the bank then gives his son a $300 a week in spending money. The elder Thompson takes care of all the bills.

CSNBayArea.com had excerpts of a recent Mychal radio broadcast talking about his son’s finances.

“He will [figure it out] when he sees that cash envelope show up a little short this week,” said Mychal, a two-time NBA champion in his own right.

Mychal, while watching the ruckus unfold, was hoping Klay wouldn’t lose his temper and get involved.

“Then Roy Hibbert turned his back & [Klay] was like ‘now’s my chance’!” Mychal said. “I was like ‘you idiot’!”

On some level, I wish more parents would do this for their NBA player sons — or could be trusted to do it without blowing the money. Far too many NBA players start living like they’re Jay-Z once the game checks start rolling in, living basically paycheck-to-paycheck. The average NBA player is in the league less than five years, those checks dry up and then there is nothing left. It would be great if someone helped more of those young players build for their futures (some do, it should be noted).

But Klay Thompson has not only his rookie deal but also a couple nice contracts coming after that — if you can shoot the rock you can play in the league a long time. Klay is averaging 16.2 points per game this season (better than his father’s career average of 13.7) and is shooting 38.1 percent from three (but just 41.4 percent overall). At some point, once there is a nice next egg built up, Klay should take charge of his own finances. Just an idea.

cdash
03-01-2013, 06:06 PM
Honestly, it's easy to make fun of, but it's probably for the best. I mean I think he should be paying his own bills and such, but I think a majority of the league's young players could use someone who saves them from themselves.

CableKC
03-01-2013, 06:07 PM
I know that it sounds like Klay is being treated like a kid that gets a weekly allowance.....but it's probably all for the better that a trusted Family member that pays attention to the $$$ that he earns is managing his finances than he himself going out and buying a gold-plated SUV with a hot tub in the trunk.

Basketball Fan
03-01-2013, 06:13 PM
I see both sides of it

However this is something they both agreed upon and his dad is the Mychal Thompson so he knows how easy this $$$ goes out. I do think its cold for him to put this out publically though.

rabid
03-01-2013, 06:16 PM
$300 though? Seriously?

Basketball Fan
03-01-2013, 06:24 PM
$300 though? Seriously?

That can't last long in SF though? I mean groceries alone.

I'm guessing its just for him since everything else is paid for(living expenses etc.)

BobbyMac
03-01-2013, 06:24 PM
$300 though? Seriously?

Remember that does not include his bills, Those are paid by his dad. So, house, car, etc are not included.

J7F
03-01-2013, 06:27 PM
Great Dad... And I had no idea that Mychal was his dad... I must have missed that memo...

Derek2k3
03-01-2013, 06:30 PM
$300 though? Seriously?

No expenses though. $1200 cash/month goes a looong way when your Dad's paying your bills.

joew8302
03-01-2013, 06:44 PM
After watching Broke on ESPN I think this is a great idea. Mychal sounds like a great dad.

LetsTalkPacers84
03-01-2013, 06:58 PM
I dont see this being any different than using an accountant. Except he avoids accountant fees.

Sandman21
03-01-2013, 07:38 PM
Despite the fact this gives Area 55 and G2 all sorts of ammo for next season, I think Klay's parents are more fair than the league office.

Hicks
03-01-2013, 07:43 PM
I can appreciate a parent wanting to teach their child financial responsibility, but the level of control here seems disturbing and strange to me. He's a 23-year-old. He should get his own damn paycheck in my opinion.

LetsTalkPacers84
03-01-2013, 07:50 PM
Yea but he is a 23 year old celebrity that makes millions. Not a college kid working at WalMart.

Hicks
03-01-2013, 09:45 PM
But he's not even a college kid anymore; he's past that and this is his professional career. Can you imagine if this was a professional in a different field than sports?

graphic-er
03-01-2013, 09:50 PM
But he's not even a college kid anymore; he's past that and this is his professional career. Can you imagine if this was a professional in a different field than sports?

BUt thats exactly it, history shows that most young men in sports squander their money away. He's a good dad for looking out for him. Klay could end the agreement anytime he wants. Its his money.

CooperManning
03-01-2013, 09:54 PM
I would bet Klay and his dad made this agreement for Klay's rookie contract. Klay stays focused, really gets paid, then he'll be getting the checks. He'll be 25 then. Pretty smart IMO.

Hicks
03-01-2013, 10:32 PM
It just smells like one of those situations where the word agreement has to be put in quotation marks based off of what could be an overbearing father.

pizza guy
03-01-2013, 10:45 PM
I'll be 25 Sunday and I kinda wish I had my dad do this for me. And I make nowhere near "only" $2.2 million.

Pacergeek
03-01-2013, 10:59 PM
Klay obviously comes from money, and has never had to worry about managing his own money. Even if Klay wasn't an NBA player, he is still set for life. I wouldn't be surprised if playing in the NBA is his first job in his life. If he has never had the responsibility of budgeting, saving, etc, then this is a great idea to teach Klay how to manage money. $300 per week is plenty of money to get by on when its just basically "play" money. He probably gets most of his meals paid for, and I wouldn't be surprised if he has a special gas credit card his father pays for. What more does a 23 year old really need to buy besides movies and video games

vnzla81
03-01-2013, 11:01 PM
Antoine Walker wishes he had a dad and mom like that, he threw away 100+ millions.

Pacergeek
03-01-2013, 11:01 PM
how hilarious would it be if Klay had to negotiate the $300 limit? I could see his father only wanting to send a max of like $150 per week

Pace Maker
03-01-2013, 11:13 PM
I'd much rather hear a story about this than one about a former player broke as dirt to be honest.

ChicagoJ
03-01-2013, 11:26 PM
Just think, the Pacers essentially traded the right to draft Mychal #1 overall for Johnny Davis and Rick Robey.

And they drafted Robey because they couldn't afford to "waste" a pick on a draft-eligible guy from French Lick who was going to spend another year in Terre Haute before turning pro.

What a disaster of a draft that turned out to be. At least we got something for Robey - trading him midseason to bring back Billy Knight.

AesopRockOn
03-02-2013, 12:03 AM
I dont see this being any different than using an accountant. Except he avoids accountant fees.

My accountant would never call me out in public for getting into a fight.

Also, I don't have an accountant.

Kid Minneapolis
03-02-2013, 12:06 AM
This to me is the opposite end of the spectrum from those riches-to-rags story. It's a frugal lesson, I spose, but it's still pretty extreme. It's one thing to be frugal, but to not let a man have some semblance of freedom, independence, and responsibility is almost disrespectful to Klay as a man. Teach Klay from age two years... the value of money, good decision-making, the importance of conserving, let him learn and make his good decisions but also allow him to take his lumps and learn lessons... that's called parenting, from Day 1. Controlling his bank at age 25 or whatever is just... overboard. Be an advisor, a parent, guide him towards the right decisions... I guess it's not so much even the $300 weekly limit, as much as the kid has absolutely no say in his money. That to me is wrong. Of course it's wrong to make $100,000,000 in your career and be broke, but I firmly believe in raising a kid right and that won't happen. You gotta do the work early, not later... as a parent. That's what that sounds like to me. Or maybe they did start in with the control early and never relinquished it... which is plain over-bearance. It even sounds like his dad is managing his bills. I just don't see how that is supposed to prepare him at all for anything. Even reading the article from today when Mychal watched Klay go over and shove Hibbert, he called him an idiot. What kind of parenting job is this? Do everything for him, stifle growth, and then call him an idiot.

rabid
03-02-2013, 12:23 AM
It just smells like one of those situations where the word agreement has to be put in quotation marks based off of what could be an overbearing father.

Yeah the key factoid I think is the fact that dad is going to cut out some of the allowance because Klay got into a fight in a game. That goes well beyond any sort of money-management thing and straight into "I'm your dad and I'm going to punish you." It does seem awfully weird.

Having said that, I guess it's better then the opposite extreme where an athlete earns hundreds of millions only to lose it all and end up totally broke. Mike Tyson anyone?

A-Train
03-02-2013, 10:28 AM
It just smells like one of those situations where the word agreement has to be put in quotation marks based off of what could be an overbearing father.

He's an "overbearing father" who has seen first hand how professional athletes can squander millions and end up broke. I would have to think he has shared those cautionary tales with his son over the years and that they came to this arrangement together. If not, and if Klay decides he doesn't like the arrangement anymore, he's not a minor, I'd have to think he could back out any time.

I'd love to see the particulars, legally or otherwise, of their arrangement, though.

TinManJoshua
03-02-2013, 10:51 AM
I don't think Klay is learning a damn thing about financial responsibility. What he's learning is that Dad'll take care of it.

A-Train
03-02-2013, 11:00 AM
I don't think Klay is learning a damn thing about financial responsibility. What he's learning is that Dad'll take care of it.

So, you think his father gives him his allowance, but offers nothing else along with it? Nothing about financial responsibility, nothing about the importance of saving your money, no cautionary tales, nothing?

"Just take your allowance, son, and shut up. I don't owe you any explanation or words of wisdom!"

Yeah, that's probably how it goes.

TinManJoshua
03-02-2013, 11:31 AM
So, you think his father gives him his allowance, but offers nothing else along with it? Nothing about financial responsibility, nothing about the importance of saving your money, no cautionary tales, nothing?

"Just take your allowance, son, and shut up. I don't owe you any explanation or words of wisdom!"

Yeah, that's probably how it goes.

We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's not through experience.

A-Train
03-02-2013, 02:22 PM
We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's through experience.

You're right, we don't know.

vapacersfan
03-02-2013, 03:38 PM
We don't know how it goes. You have no inside knowledge of how it works. Sure, maybe he's trying to teach his son how to be responsible with money, but look at it from an outsider's perspective. 23 year old guy is getting an allowance from his own paycheck. Someone else is determining his weekly spending budget. Someone else pays his bills on time. Someone else pays his taxes and balances his checkbook. If he's actually learning how to be responsible, it's through experience.

Do you?

Let the kid mess up on his own and he loses everything. People say what a terrible teacher you must have been and how you should have been more hands on

Help the kid out, pay his bills, tax care of his other expenses, and give him a stipend*, and you are an overbearing parents.

Damned if you do, damned if you dont

*minus the stipend part, dont most athletes have agents and accountants to help out with exactly the same stuff?

There is always room for a middle ground, but unless you raised the kid and know him personally, I am going to give the dad the benefit of the doubt.

I never made millions (come on powerball!), and I have learned plenty in my young life, but I would have loved to have had someone helping me out when I was a young man

ilive4sports
03-02-2013, 04:31 PM
You guys know there is a middle ground right? I think his Dad has definitely gone over the top here. Having the checks in the parents name and everything.... its a bit much. There are plenty of ways to make sure your son doesn't waste all his money that are less controlling than this. And I think they would be more beneficial to Klay as well.

TinManJoshua
03-02-2013, 05:13 PM
Do you?

Let the kid mess up on his own and he loses everything. People say what a terrible teacher you must have been and how you should have been more hands on

Help the kid out, pay his bills, tax care of his other expenses, and give him a stipend*, and you are an overbearing parents.

Damned if you do, damned if you dont

*minus the stipend part, dont most athletes have agents and accountants to help out with exactly the same stuff?

There is always room for a middle ground, but unless you raised the kid and know him personally, I am going to give the dad the benefit of the doubt.

I never made millions (come on powerball!), and I have learned plenty in my young life, but I would have loved to have had someone helping me out when I was a young man

No I don't. I can only go off of what the article says. The article says Klay's paychecks are written in his parent's names and that he receives a weekly stipend for spending money. Based on the knowledge I have from the article, the conclusion I came to was that his dad is not only his accountant but treating him like a teenager still. YMMV. That's fine I didn't say I was right, just expressing my opinion based on the information given in the article. Maybe Klay learns by being told. I don't know, but the majority learns by doing. He's not doing the "doing", based on what is presented in the article.

Steagles
03-02-2013, 05:27 PM
I have a feeling that his dad knows what he is doing. Being employed with others in the same scenario and witnessing them being dumb with money is something that strikes him more than any of us will know. Also, teaching your son about the values of saving money will help... until he is making $2M and is surrounded by idiots throwing their money away. Monkey see, monkey do, anybody? I think its just fine for him to be doing this because he knows his son could fall into the same trap as many others, so wants to show him how to conserve and live on a sliced paycheck to ready him for post rookie deal life.

rexnom
03-02-2013, 06:22 PM
This is the equivalent of having an accountant or investor handle your money. Good for the Thompsons.

mattie
03-02-2013, 06:45 PM
Quick note - Young people who receive money lose it period. Regardless of profession. The military is a great example of that.

Sandman21
03-04-2013, 11:43 AM
So apparently everyone got punked?

darren rovell ‏@darrenrovell

Story that Mychal Thompson receives son Klay’s paycheck and would deduct $ for fight was a joke. Warriors pay Klay directly.
Expand

TinManJoshua
03-04-2013, 11:51 AM
I'm not so prideful that I can't admit I was wrong. I was wrong.