At 26, Jayson Tatum became the highest-paid player in NBA history when he signed a five-year, $314 million contract extension with the Boston Celtics in July.
But the basketball superstar vividly recalls the lean times growing up when he said buying extra soap at the drugstore was cause for celebration.
Tatum and his mom, Brandy Cole, spoke with Graham Bensinger for the “In Depth with Graham Bensinger” show about a pact they made about money — and why Tatum’s protective mom won’t let the 6’8” power forward blow his cash on designer watches and trips to Vegas.
“We had a deal before I got drafted that I couldn’t spend the money I made from the Celtics, that we had to live off endorsements. [My mom] and my accountant agreed. They didn’t know I’d make as much as I did off the court,” he told Bensinger with a sly smile in a 2022 interview. “So, in my mind, I gotta spend that money. That money gotta go.”
But his mom — who is also his business manager — would beg to differ. Cole is the financial mastermind behind the star, pulling the strings from her home office.
“Jayson likes nice things, he likes nice watches. Technically, I can’t say no, right? But I’m the one who processes all the wires and gets receipts and ensures everything. I can tell on his face when he walks into my office that there’s about to be a wire,” Cole revealed, adding that she still sees her son every day, and he spends most of his downtime at her house.
Much respect for Jayson Tatum's mom. That's how you do it 👏🏾. pic.twitter.com/NaHH2xb6dA
— Tierra🌹 (@MamaTea_) July 3, 2024
Although family and business don’t always mix, Jayson and his “momager” clearly have maintained a close relationship despite the high guardrails on his spending. “Sometimes I go take trips with my friends, maybe twice a year, but we go out to L.A. or Vegas, and she’ll call me in the morning and is like, “Who is Mr. Jones? Why did you give him $12,000?’”
But Cole has good reason to run a tight ship, as the days of “living paycheck to paycheck” are not that far removed. Tatum’s stratospheric rise to fame and fortune has been a crash course in financial and asset management for the pair.
“I think we just have a different level of appreciation,” Cole shared. “There are things that are very new to us, like investing. … You know, I’ve never even had an extra hundred dollars a month to put away in investments or savings, so, in some ways, we had to learn a lot.”
Echoing his mom’s statements, Tatum — who now has an estimated net worth of $50 million — vividly recalled the time he had $15 in his checking account not that long ago. He shared a story about needing to conserve gas to drive to high school.
“I could fill my tank up so I could get to school and back, and don’t make any stops because that tank has to last me for the week,” he said. “I know what it’s like to struggle.”
Now, with the recent Celtics windfall, the burning question is: Will Cole let her son take some extra trips to Vegas this year? It remains to be seen, but one thing for sure is she’ll always have his back if he makes a financial mistake and will be there to “clean it up and hold our head high and learn whatever lesson needs to be learned.”
“Everything goes through her,” said Jayson. “There’s nobody more trustworthy than my mom.”
Tatum signed this new contract after he and his girlfriend, singer Ella Mai, revealed they were expecting their first child together during the championship game. The duo have been linked since around 2020. The basketball star already has a son with a woman named Toriah Lachell.
