He started a firm to help people deal with sudden wealth — and is donating the money he makes to nonprofits.
Troy Murphy left Notre Dame after his junior year in 2001 and was soon making $1.3 million playing for the Golden State Warriors. He went on to play in the NBA for 12 seasons and make over $66 million in his career. What’s he up to now? He recently started a financial advisory firm to help others deal with sudden wealth — and is donating all profits to high school programs that teach financial literacy.
All the major professional American sports leagues now have programs to help young athletes handle sudden wealth well — we profiled the NFL’s Personal Finance Camp a few years ago — but many recently-drafted athletes are more excited about their immediate future than about planning for their post-playing days. Having been a college and NBA star, Murphy says he watched many athletes struggle with their finances.
Murphy has an office in Las Vegas and charges $275 an hour, which can be charged in 6-minute increments. That’s it — he doesn’t charge a percentage of invested assets.One of the most unique aspects of Sweven is that the company will donate all its profits to handpicked nonprofits dedicated to teaching financial literacy. He said it took him months to find ones he trusted and felt comfortable with, and it was the hardest part about starting the firm.
“I had no idea about the NBA or where his wealth was coming from,” Herrild said about the first time she spoke with Murphy on the phone. “In the first 10 minutes he was asking detailed questions — he totally impressed me,” she adds. She said it seemed too good to be true. “A person out of the blue wanting to donate? That doesn’t happen to teachers. But then he told me about the NBA and it made sense.
There are 1,200 students in the school, and last semester about 150 students took the class, which is an elective. Murphy’s other recipient is the Philly Financial Cooperative, which was started by Daniel LaSalle at Olney Charter High School in Philadelphia. LaSalle used to teach the class and is now the school’s assistant principal. In this program, students get a real bank account and real jobs, for which they’re paid real money.
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