After contributing to Boston‘s record-setting 18th NBA title, Jayson Tatum has just stamped his signature to sign the richest contract in league history. The superstar will now play for the Celtics enjoying his $314 million supermax extension, but don’t think he’s bragging about it or finding ways how to spend his money.
The reigning champion has told the press in the past that he lives by the mutual agreement he established with his mother Brandy Cole, who manages his finances, that he will only spend the earnings he receives from endorsements, not his own salary.
The 26-year-old has plenty of sponsors to chose from, everything from Google, Subway, Nike and even Gatorade. Just this year he’s expected to bring in an estimated $13 million just from endorsements, according to Forbes.
#NBA Champion Jayson Tatum (@jaytatum0): Why I can’t spend my $314M contract pic.com/UhtTeNgnjI
— Graham Bensinger (@GrahamBensinger) July 2, 2024
“Her and my accountant agreed,” the All-Star recalled of the deal he struck with his mom just before he was first drafted to Massachusetts back in 2017. “They didn’t know I’d make as much as I did off the court.”
The reasons they are so careful about preserving these earnings are based on trauma. Tatum still remembers the financial insecurities he endured when he was young, and chose to respect his mother’s decision of saving as much as possible.
“For most of my life I didn’t have money,” Jayson reminisced on his tough childhood. “I didn’t have an investment account, checking account, a credit card. I remember what it’s like to struggle and not have.”
As for Cole, she’s got her own reasons for this lifestyle. “We’re not that far removed from living check to check,” the mother shared in the interview. “He knows what he never wants to go back to.”
Every time the athlete makes big purchases, it is Cole who processes the wire transfers, as she knows he “likes nice things, he likes nice watches,” and that “technically I can’t say no” to things he wishes to buy.
Despite the agreement with his mother, Tatum still gives himself some luxuries and is able to enjoy life to the fullest
Being a mother and protecting your child can be instinctive and uncontrollable. Sometimes when Cole sees what his son chooses to spend his money on, she can’t help but react. “When he tells me the price, I’m like ‘What does this watch do?'” Cole shared. “And then he’s like ‘But it’s not the Celtic money!’ That’s his little running joke.”
This is why Jayson’s mother still tries to keep his son in line, but the NBA player finds way to enjoy life despite the restriction. “Sometimes I take trips with my friends,” he said. “We’ll go out to LA, Vegas or Miami and she’ll call me in the morning and go ‘Who is Mr. Jones and why did you give him $12,000?'”
Nevertheless, Tatum doesn’t really consider these trips as a luxury, as he assures he’s gotten his spending “in moderation how. According to the Boston superstar, part of his wealth comes from remembering those days when he didn’t have much.
So rules are, as long as he sticks to the terms of the agreement he shared with his mother back when he was 19-years of age, JT gives himself a little flexibility to enjoy his life. “In my mind, I’ve gotta spend all that money,” he expressed. “It’s gotta go, I’ve gotta enjoy it.”
