Beal, who recently signed a two-year, $72 million extension with the Wizards, said spending money on flashy items like cars and jewelry “gets old eventually,” according to CNBC.
“All the jewelry, all the cars – that s—t gets old,” Beal said.
Beal is in the middle of a five-year, $127.1 million contract and his extension begins after the 2020-21 season. Though he will earn $34 million in 2021-22 and possibly $37 million in 2022-23, Beal said he’s planning on saving his money for the future.
“Use it for what you need it for. You take care of your family. You take care of your immediate loved ones. And then you save your money for your family down the line,” he said.
Beal and the Wizards agreed to the extension Thursday.
“It's a blessing, man — for one, that they even consider me a franchise player, a piece of this organization in itself,” he said last week. “And I was prideful of that. You don't get that type of love and respect and responsibility from anywhere.”
If Beal decides to opt-out of his extension after the 2021-22 season, coinciding with his 10th year in the NBA, according to the Associated Press. Because he would be a 10-year veteran at that point, he would be able to sign a new contract worth about $250 million over five seasons.
The Associated Press contributed to this report.