After helping Boston win their 18th NBA title, Jayson Tatum signed the richest contract in NBA history worth $314 million.
Managing Wealth with Family Agreements:
Tatum isn’t splurging his salary; he only uses money from endorsements. His mom, Brandy Cole, manages his finances and they agreed he’d save his salary and spend endorsement earnings instead.
With sponsors like Google, Subway, Nike, and Gatorade, Tatum is set to earn about $13 million this year just from endorsements.
#NBA Champion Jayson Tatum (@jaytatum0): Why I can't spend my $314M contract
— Graham Bensinger (@GrahamBensinger)
“Her and my accountant agreed,” Tatum said about the deal made before he was drafted in 2017. “They didn’t expect I’d make so much off the court.”
Why Save Money?
Tatum remembers financial struggles growing up. He respects his mother’s advice to save because of those tough times. “For most of my life I didn’t have money,” he recalled. “I remember what it’s like to struggle.”
Cole also has her reasons for being cautious. “We’re not that far removed from living check to check,” she explained. She handles big purchases for him because she knows he likes nice things but doesn’t want him to overspend.
Fans love how relatable this makes him seem.
Living a Balanced Life:
Even with these rules, Tatum enjoys life. Sometimes Cole reacts when she sees what he buys. “When he tells me the price, I’m like ‘What does this watch do?’” she joked. But Tatum always reminds her it’s not Celtics money he’s spending.
He takes trips with friends to places like LA or Miami and sometimes gets calls from his mom asking about big expenses: “‘Who is Mr. Jones and why did you give him $12,000?’”
Despite these luxuries, Tatum says he’s careful with spending because he remembers when he had less money.
By sticking to their agreement made when he was 19, JT allows himself some flexibility while still saving most of his earnings: “In my mind, I’ve gotta spend all that money,” he said playfully but responsibly adding “It’s gotta go; I’ve gotta enjoy it.”
