Giannis Antetokounmpo warns athletes to separate financial advisors, agents, lawyers

NBA superstar Giannis Antetokounmpo expects to become a billionaire during his playing career and warns other athletes to keep separation between their financial advisor, lawyer, and agent support staff.

Antetokounmpo, 31, was interviewed on video by James Domoulin, the 20-something social media influencer whose The School of Hard Knocks channel has amassed over nine million followers on Instagram. Domoulin conducts short, man-on-the-street style interviews with celebrities, finance executives and high-net-worth individuals about how they built their wealth and financial advice they want to share. 

“Make sure especially, your lawyer, your financial advisor, and your agent should not know one another. They might take advantage of you, and you have to protect yourself. Also, 60% of athletes, six years after [they] retire, go broke,” the two-time MVP said after being asked what's the best financial advice he would give to the younger generation.

Alex Saratsis of the talent agency Octagon has been the longtime agent to Antetokounmpo. To Antetokounmpo’s point on athletes potentially being taken advantage of, InvestmentNews’ Bruce Kelly reported just this month that Merrill Lynch agreed to pay a $1.25 million settlement over former financial advisor Isaiah T. Williams who allegedly stole $1.6 million from his NFL player client.

The “Greek Freak” was born in Athens, Greece to parents who were immigrants from Nigeria. On salary alone, Antetokounmpo has reached $338 million in career earnings and just finished his first season of a three year, $175 million extension he signed with the Milwaukee Bucks.

“I used to sell stuff in the street. I know what it is to come from nothing, brother,” Antetokounmpo told Domoulin.

The stat on athletes going broke shared by Antetokounmpo originates from a 2009 Sports Illustrated article written by Pablo Torre that said about 60% of NBA players go broke five years after their retirement. It is unclear if that number is still accurate, as NBA salaries have skyrocketed over the past two decades and wealth management firms are increasingly catering advisor services to athletes. 

“They focus on the chains, they focus on the cars,” Antetokounmpo said on why he thinks an athlete could struggle financially. “Rich is what you see, wealth is what you don't see. Extreme wealth is what you don't see, [but] you have, haven't spent, and keep investing.”

Based on some historical returns of the stock market, Antetokounmpo said he expects to become a billionaire during his NBA career. LeBron James is the only current active NBA player billionaire while retired legends Michael Jordan and Magic Johnson have also become billionaires through large ownership portfolios, investments, and brand endorsements.

“Your money doubles every seven years if you invest it in the market, even if I don't do nothing, I'll probably be a billionaire while I'm playing,” said Antetokounmpo.

Antetokounmpo, long mentioned in trade speculation, can become a free agent in the summer of 2027 if he declines his $62.8 million player option for the 2027–28 season. Antetokounmpo’s extensive business portfolio includes his partnership with Calamos Investments, his recent investment in prediction market leader Kalshi, as well as minority ownership stakes in MLB’s Milwaukee Brewers and MLS club Nashville SC.