Charles Barkley said a blunt warning from NBA legend Julius Erving reshaped how he thought about money and success.
Barkley, the former NBA MVP and All-Star, shared the story on the "Club Shay Shay" podcast in early May with host Shannon Sharpe. He recalled splurging on "three or four" luxury cars early in his career with the Philadelphia 76ers. Teammate Erving, better known as Dr. J, pulled him aside with a blunt question that made him reconsider his choices.
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Barkley admitted his early spending spiraled as soon as his first checks cleared. "I was an idiot when I got my money," he said, telling how he bought "three or four cars" without thinking.
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Barkley recalled Dr. J asking him directly, "How many of those cars can you drive at the same time?" Barkley responded, "One."
Then Dr. J pressed further, asking, "Why you got four?" Barkley said that's when his mentor delivered the warning: "Chuck, this money got to last you for the rest of your life," encouraging him to favor simpler choices.
He recalled Erving adding that spending lavishly—like on a $300,000 Bentley—instead of a $70,000 or $80,000 car meant losing out on $200,000 that could have stayed in the bank, "growing and growing."
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Why It Hits Home Today
AAA reported a national average for regular gasoline at $3.137 per gallon as of this month. Fuel is one of the largest recurring costs for drivers, and those expenses rise further when households maintain more than one vehicle.
Rising financing rates add to the strain. According to the Federal Reserve Bank of St. Louis, the average finance rate on a 60-month new-car loan was 7.67% in May.
Monthly ownership costs remain high as well. A MarketWatch survey published last month found the average driver spent $363 per month on vehicle costs including fuel, insurance, and maintenance. That amount is about 18% of average income.
New tariffs could raise new-car prices by nearly $2,000 on average, with impacts ranging from under $1,000 to $5,000, according to media reports, citing AlixPartners.
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