A short time after receiving his first NBA paycheck, Richardson went to the mall and purchased three Cartier bracelets. He later arrived at his condo building lugging a handful of bags and he set them down to press the elevator button.
Richardson made it back to his condo — the bag with the bracelets never did.
It was a brutal lesson to learn, and something he now calls the “dumbest purchase” he’s ever made.
Richardson says he’s learned a lot since that day and the six NBA seasons ever since.
“I’ve always been super cheap,” Richardson said after sharing his biggest money mishaps. “Now the (lesson) is to only spend my contract money when I need it.”
Mavs’ guard Jalen Brunson couldn’t help but chuckle at the story and trolled back at his teammate.
“Hey man, I don’t know if you regret losing it or paying for it,” Brunson joked.
After going through a rare Dallas Mavericks practice Tuesday afternoon, the pair stepped off the court and logged onto the computer Tuesday night for an Instagram Live event hosted by Jersey Patch sponsor, Chime, called the Money Moves game show.
[Note: take the quiz at the bottom of the page]
Mavericks play-by-play broadcaster Mark Followill hosted the event and fans were able to help Brunson and Richardson answer important questions like the average credit score needed to buy a car (660) and the average overdraft fee cost ($33.47).
“The categories for each round fall under Chime’s financial literacy themes for this month,” Followill announced, “which are Savings, Overdraft Fees, Money Habits and Credit.”
Brunson and Richardson eased through most of the questions but struggled with others like how much Chime saved members in overdraft fees from 2012-2020 with SpotMe.
The answer was $5 billion.
“Billion? Like with a B?” asked Brunson and Richardson with an astonished look.
SpotMe lets you make debit card purchases that overdraw your account with no overdraft fees. Limits start at $20 and can be increased up to $100 depending on the account. Chime will “spot you” when you need that little extra cushion to cover an expense.
After whizzing through other questions, the duo — along with the help of fans — answered at least six questions correctly and won $15,000 for five local charities focused on financial literacy.
Chime also doubled the donation for a total of $30K donated to these five charities: The Way Back House, Lone Star Justice Alliance, Oasis Center, Greater Dallas Habitat for Humanity, and Dallas County Promise.
During the game show, Brunson and Richardson also joked and pointed out unnecessary expenses that some players make daily, like Luka Doncic, who apparently enjoys eating out too much.
They also provided important financial lessons, tips and mindsets that have helped them along the way.
For instance, Brunson always sleeps on any money decision for 24 hours before making a big financial purchase, like the time he bought his family a house along the Jersey Shore.
“I don’t think I’ve had a purchase that I regret,” Brunson recalled. “I’m still young at heart. Whenever I have to make a big purchase, I always call my mom and ask ‘hey, should I do this?’”
Brunson said only then, if it feels right, he’ll make the purchase.
Even though Mavericks players make considerably more money than the average person, they still explained how financial literacy is important to learn, no matter the tax bracket.
Brunson recalled how he was a basketball referee back in the day (he only lasted a few weeks) and learned to be frugal when eating out with friends and other expenses. That job also taught him early on how to budget. Since then, he’s doing his best to make healthy financial decisions.
“For me, I don’t want to just be set for myself, but for my family and my future family,” Brunson said. “I’m always looking and preparing for the worst. You never know what can happen and so I always try to be responsible. This lifestyle can go out the door tomorrow.”
Richardson shared similar thoughts.
“I think financial literacy is important because it gives you more confidence in life in everything you’re doing,” Richardson shared. “Also people can’t get one over you. You know what’s happening with your money and you’re not completely trusting somebody else to take care of your money.”
April is Financial Literacy Month, a time when financial well-being for consumers of all ages is in the spotlight. Whether you’re just starting out or have been earning your way for quite some time, it’s never too late to learn about saving and improving your financial outlook.
Leaders say developing a budget and building financial knowledge is the foundation for a brighter future.
In fact, Gen Z is the first generation born with a smartphone in their hands and the Mavs and Chime will work together to help boost financial excitement for people of all ages, especially those born in the digital age. In the past, children and teens learned to save by utilizing piggy banks and walked through the doors of brick-and-mortar banks to cash their allowances and hard-earned checks.
Now financial technology companies, like Chime, are teaching those same values and lessons in a modern digital age.
Just next week, topics like this will be discussed along with many other financial empowerment lessons during the Mavericks next installment of the HUDDLE: Closing the Wealth Gap, presented by Chime, on April 28 at 12pm CT.
The HUDDLE is a virtual event open to the public. The panelists will take part in conversations with participants able to submit questions and engage remotely. There is no charge to watch the live stream, however registration is requested.
For more information and to register, visit Mavs.com/TheHuddle.
1. The median American household has $____ amount of money saved?
A: $500 B: $5300 C:$30,000
2. Which of these answers are considered an unexpected expense?
A: A new shoe drop. B: A yearly eye exam C: A broken air conditioner
3.What is the average overdraft fee cost? A: $1 B: $5 C: $33.47
4. How much did Chime save members in overdraft fees from 2012-2020 with SpotMe?
A:1 Million B: 100 Million C: 5 Billion
5. Which of one of the following strategies aren’t considered budgeting money moves?
A: Line Item Budgeting B: Envelope Budgeting C: Sunglass Budgeting
6. What is one easy activity you can enjoy that will save you money this summer?
A: Go out to eat all the time B: Walk places since the weather is nice C: Buy all new summer clothes to show off
7. What is the highest possible credit score you can have?
A:500 B: 650 C: 850
8. What is the average credit score usually needed to buy a car?
A:660 B:500 C: 800
9. What’s the average score increase Chime members have seen after using the Credit Builder card and making regular on-time payments?
A: 5 Points B: 30 Points C: 300 Points