The NBPA (The union for NBA players) released a 56-page lockout handbook detailing tips to help prepare the players for a lockout this off season.
“There’s no magic pill,” Wasserman said. “As long as they’re thinking about what they’re spending, it’s a step in the right direction.”
The National Football League’s players union recently issued a similar handbook to prepare members for a lockout. The NBA guide includes tips on how to handle household expenses such as mortgages and rents; suggestions not to purchase new cars, clothing and jewelry, or travel to gambling destinations such as Las Vegas and Atlantic City, New Jersey; and advice on communicating with wives, children, agents and entourages.
“Clothing and jewelry often have little or no resale value, so if times get tough, you will not be able to liquidate it quickly,” the handbook says in the section labeled “Clothing and Jewelry.” ”Instead of making large purchases in the next year, save the money you were going to spend on clothes and jewelry in a lockout fund to protect yourself and your loved ones.”
Players Juwan Howard and Shaquille O’Neal, both of whom were in the NBA during the lockout-shortened 1998-99 season, also are quoted in the handbook.
“Remember the last lockout,” says Howard, now a member of the Miami Heat. “Remember the experience that we all had to go through. From a financial standpoint, please save your money. Invest right, budget yourself the right way, because it is very important — no matter lockout or not, you are supposed to save up for a rainy day.”