He was once the number one pick in the NBA Draft, a future legend in the making. However, life can be tough, and Joe Smith faced many challenges. He was a millionaire many times, but his journey took a big turn when he lost all the millions he earned over the years. But this story has a twist that is about getting back up and returning to where it all started.
Joe Smith is back in Virginia Beach, and this time he is here to give back. He is working with City Council Member Class Jackson Green to start a youth basketball camp for kids in Hampton Roads. “We are excited,” Green said with a lot of energy. “The City of Virginia Beach, we are really about sports tourism… and what better way to show that than having an NBA legend like Joe Smith in the house,” Green also said “This is about our kids, and it is more than just sports. It is about education, mentorship, and heart, and Joe brings all of that.”
When asked how the idea started, Joe Smith smiled. “I was at the basketball academy, something I started years ago,” Smith said. “I started out in California, moved to Atlanta, and then I wanted to bring it back here. I partnered up with my business partner Tommy Davidson, who runs a technology and solutions company, and we hit the ground running.” He added, “We did a couple of camps here in Norfolk last year and met Councilman Green at an event. Before he was even a councilman, we felt his energy and wanted to support him. When he got elected, the partnership just bloomed.”
The program starts at Salem Middle School, and it is all about helping the community. “We need fire starters, people to spread the word,” said Green. “We are going to teach the kids how to sign up, show them some moves, and let them feel that excitement. This is about the future.” Joe Smith said, “This is not just basketball. It is life lessons, it is discipline it is showing kids how far they can go.”
But what makes this program even more powerful is the man behind it, because Joe Smith isn’t just teaching kids how to dribble or shoot. He’s teaching them about falling down and getting back up. He has seen it all! From rags to riches to rags again! And if his story can help even one kid avoid the mistakes he made, then everything he went through has meaning.
Joe Smith’s near-bankrupt situation
Before the comeback, there was the crash. Smith earned $61 million in the NBA, but by 2011, it was gone. “Nobody really explained that out of that $3 million contract, Uncle Sam was going to take probably $1.5 million,” Joe Smith told Alex Rodriguez on CNBC’s “Back in the Game.” He added, “That was just something I had to learn.”
Despite never making less than $1.3 million a year, Joe Smith ended up living paycheck to paycheck. “Every time I was traded, I bought a home. And every time I got traded again, I lost money on that home,” he said. Add in a costly divorce and a garage full of luxury cars – Bentley, Corvette, two Range Rovers—and the damage was done. “I knew it was a big hole,” Joe Smith admitted. “But I didn’t know it was like that.”
Then came Alex Rodriguez. “The first thing we had to do was face the numbers,” Rodriguez said. Joe Smith and his fiancée were bringing in $26,000 a year, living in a home that cost $133,000 to maintain. Rodriguez helped Smith rebuild, revamp his coaching business, and create a plan. “If they stick to it,” Rodriguez said, “they’ll be debt-free in just over three years.”
Now, Joe Smith is showing kids a better path. It’s his way of saying, ” I made mistakes, but now I get to use them to help somebody else win.” And that, ladies and gentlemen, that’s the biggest comeback of all.
The post Rescued From 6-Figure Debt by Alex Rodriguez, Former Wolves Star Repays Hometown for Unwavering Support appeared first on EssentiallySports.
