Truth & Rumors > NBA

Thompson hit with another fine ... from his parents

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08:05 AM ET 03.01 | Roy Hibbert merely had to apologize to his mom, but the stakes were higher for Warriors guard Klay Thompson. [Thompson] is getting "fined" by more than one "governing body" this week. Klay's parents, Mychal -- the No. 1 overall pick in the 1978 NBA Draft -- and Julie control their son's finances. In addition to the $35K fine levied against Thompson for his involvement in the Warriors' brawl in Indiana Tuesday, his parents are taking a cut from his weekly stipend. Mychal revealed that info over the Los Angeles airwaves Wednesday when he said on his radio show that the younger Thompson wouldn't be receiving his full $300 paycheck this week.

CSN Bay Area

Klay Thompson, US Presswire Klay Thompson, US Presswire
March 1, 2013  08:23 AM ET

I'd take half my son's paycheck if I didn't have to lend him the money to penalize him...

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March 1, 2013  09:28 AM ET
QUOTE(#1):

I'd take half my son's paycheck if I didn't have to lend him the money to penalize him...

I know what you mean.

March 1, 2013  09:32 AM ET

You Will Always Be Their Child, Bro.

March 1, 2013  09:37 AM ET
QUOTE(#2):

His parents control his finances?SmhHow old is he 12? No wonder why all these guys are broke when they retire

If more NBA players let someone control their finances maybe they wouldn't end up broke when they retire...

March 1, 2013  09:49 AM ET
QUOTE(#2):

His parents control his finances?SmhHow old is he 12? No wonder why all these guys are broke when they retire

At least the parents will most likely have their son's best interests in mind.

Comment #9 has been removed
March 1, 2013  10:32 AM ET

$300 weekly paycheck? Doesn't this kid make millions with GS?
Something is wrong here. lol

March 1, 2013  10:45 AM ET

Thats whats up..good parents right there! I'm sure with Mychal being a former player he knows how tightly to hold the reigns, especially while he's young

March 1, 2013  11:33 AM ET
QUOTE(#10):

$300 weekly paycheck? Doesn't this kid make millions with GS? Something is wrong here. lol

Yeah he makes a lot pre-tax his salary is 2.2 Mill. I don't know all the what goes on but he has to pay agents. I estimate his take home is around 735K after taxes and paying an agent 15%. That translates to around $8,900/game. California has the highest taxes for high income earners which these guys would fall in. His parents are smart by putting him on a $300/week paycheck so he has money when his career is over. Now he may bring in more money for endorsements but $300 week is for gas in his car+ entertainment + food.

Comment #13 has been removed
March 1, 2013  01:18 PM ET
QUOTE(#13):

or as an adult with a million dollar a year job, maybe he should pay his own bills?- he's 18+ time to be an adulthe ain't in college- he has a jobits an embarassment that adults can't take care of themselves

Wrong dude. His dad was in the NBA and knows the pitfalls (bad investments, gold digging women, buying a place and not estimating the up keep and taxes,ect). What's the point of having a dad that's been- there, done- that and not utilizing him? Due to taxes and the trickiness of NBA contracts, it would actually be easier to budget your $ getting $75,000.00 a year at "normal job" than $5 mil in the NBA.

Comment #15 has been removed
March 1, 2013  01:28 PM ET
QUOTE(#2):

His parents control his finances?SmhHow old is he 12? No wonder why all these guys are broke when they retire

Wait a minute.....you're one of the main people harping about NBA ballplayers being broke after retirement.
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But when a guy has his former NBA dad (who NOT broke, BTW) managing his money and putting him on a $300 a week allowance.....you got heatburn?
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Really?!?!?

March 1, 2013  01:35 PM ET
QUOTE(#15):

did I say his parents can't give him advice?- of course they should- but they shouldn't be balancing his checkbook and controlling his $and I disagree with your last point- if you aren't a fool and aren't a gansta....what's the difference in budgeting?pay your rent, pay your car lease, buy foodyou may have a nicer place, nocer car, eat better food....but there should be no difference- other than you not having to worry about having the $ to do all of the above

That's just it.
pay your rent (Klay might try to buy a mansion) Robert Swift is getting evicted as I write this.
pay your car lease (Klay might be the type to get 7 cars, 1 for everyday of the week)
buy food (If Klay is a pushover, he may be buying food for himself and a bunch of low lifes)
Moral of the story, his parent s know him better than we do. Let the guy concentrate on b-ball. Dad will eventually let him control all of his $, but I think it's a great set up while he gets used to the league.

March 1, 2013  01:37 PM ET
QUOTE(#17):

......... Dad will eventually let him control all of his $, but I think it's a great set up while he gets used to the league.

Xactly.......

March 1, 2013  01:37 PM ET
QUOTE(#13):

or as an adult with a million dollar a year job, maybe he should pay his own bills?- he's 18+ time to be an adulthe ain't in college- he has a jobits an embarassment that adults can't take care of themselves

It's an embarassment that you are still among the living.

What's the difference between parents controlling finances and having an accountant do it, other than same DNA matching? If it keeps him on the straight and narrow, who gives a ****

 
March 1, 2013  01:38 PM ET
QUOTE(#13):

or as an adult with a million dollar a year job, maybe he should pay his own bills?- he's 18+ time to be an adulthe ain't in college- he has a jobits an embarassment that adults can't take care of themselves

I wouldn't say it is an embassment how many millionares go broke not just athletes but say your big money lottery winners included? Giving a young person a million dollars and then expect them to be able to manage it on their own is not a good idea. These athletes and entertainers have managers, agents, financial advisors, stylists lol etc all on payroll. If his parents are going to basically pay his monthly bills and not keep him involved then they are not doing him any good to teach him. However if they are giving him an itemized list of where his money is going and showing how much he is saving per month in investments/portfolio/ retirement plans then that is really what he need.

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