Title: Kevin Garnett Continues to Receive Paycheck from Boston Celtics Years after Retirement
Former NBA player Kevin Garnett has found a way to secure his financial future even after retirement. Despite being out of the league for seven years, Garnett is still collecting a paycheck from the Boston Celtics. This unique arrangement stems from the way he structured his contract, opting to receive smaller payments over an extended period of time. Garnett’s strategic decision has allowed him to earn $5 million this year alone. Let’s delve into the details of his contract and calculate the total earnings he has amassed throughout his career.
Garnett’s Contract with the Boston Celtics:
In the summer of 2012, Garnett signed a three-year contract worth $36 million with the Boston Celtics. This was his final deal before retirement, and he ensured that he would continue receiving payments from the team beyond his playing days. By spreading out the payments, Garnett created a steady stream of income for himself. As a result, he is still benefiting financially from this arrangement.
Impressive Career Earnings:
During his illustrious 21-season career in the NBA, Garnett accumulated a staggering amount of wealth. In total, he earned over $334 million. His highest earning year was in 2004 when he made $28 million. This coincided with his league MVP award as a member of the Minnesota Timberwolves.
Garnett’s Major Contracts:
After being drafted fifth overall by the Minnesota Timberwolves in 1995, Garnett signed a six-year contract worth $126 million. Following the expiration of this deal in 2004, he inked another extension with the Timberwolves valued at $100 million over five years. In July 2007, Garnett was traded to the Boston Celtics, where he signed a three-year contract worth $51 million. His final contract before retirement was signed in 2012, worth $36 million. Garnett briefly played for the Brooklyn Nets in 2015 before returning to the Timberwolves to finish his career. During this final stint, he signed a two-year contract worth $16.5 million.
Garnett’s career accolades are numerous, solidifying his status as one of the greatest power forwards of all time. He was a 15-time All-Star, won a championship in 2008 with the Boston Celtics, was named league MVP in 2004, and earned the Defensive Player of the Year award once. Garnett’s induction into the Basketball Hall of Fame in 2020 further cemented his legacy.
Kevin Garnett’s wise decision to structure his final contract with the Boston Celtics has resulted in him still receiving a paycheck even after retirement. By opting for smaller payments over an extended period, Garnett has secured his financial future. Throughout his career, he earned over $334 million, with his highest earning year being $28 million in 2004. Garnett’s achievements place him among the elite in NBA history, and his strategic financial planning adds another layer to his legacy.