Mother of NBA Rookie puts salary in trust fund that he cannot touch for three years
One could argue that Michael Carter-Williams is the face of the Philadelphia 76ers. Standing at 6′ 6″, the 22-year-old point guard is a force to be reckoned with.
His nine steals set an NBA record for a rookie in his first game, and while he is a big-time star, his mother Mandy Carter-Zegarowski, is taking an active role in his transition to wealth.
His rookie contract guarantees him $4.5 million over his first two seasons. He could make a total of $10 million if the Sixers pick up the final two seasons of his contract. But his salary is deposited into a trust he can’t touch for three years.
Carter-Zegarowski, who runs her son’s management team along with her best friend, says the trust fund is a proactive approach to ensuring that he Carter-Williams does not go broke in a couple of years.
Carter-Williams lives off endorsement deals with Nike and Panini trading cards.
Thoughts on the set up?
Is this smart business or symptoms of an over-protective parent?
Sound off below!