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When Evan Turner signed with the Philadelphia 76ers in 2010, his two-year deal was estimated to be worth around $12 million. Though he was once the second overall draft pick for the NBA, he now describes himself as a “retired has-been basketball player and a dad.”

Though many professional athletes find themselves cashing in on contracts worth millions of dollars, Sports Illustrated reported that 60% of NBA players are expected to face financial hardship in the first five years after retirement.

On Yahoo Finance’s Financial Freestyle, Turner shared the biggest financial mistake he made after signing his first NBA contract: taking out a line of credit before he received his first paycheck, putting him in massive debt.

“I took a line of credit out, just getting stuff I really wanted to get that made absolutely no sense,” he admitted. “It wasn't too crazy, but even just buying a car was crazy.”

“Before you know it, you're in $120,000 [of] debt,” he added.

His steady and lucrative income meant his debt wasn’t particularly burdensome, and Turner claimed that he was “pretty frugal” for the first four years of his basketball career. But his smartest move, he said, was finding a financial adviser.

“I just told [my financial adviser] I wanted to learn,” he said. “I was serious, and I'm from the hood, bro. That stock market stuff don't really mean stuff to me. I want to see what it is. And he did a great job of being careful with me but also being sensitive to the ignorance that I had in regards to money.”

Turner said one's relationship with their financial adviser should be a close one and emphasized the importance of having difficult conversations with those handling your money.

“You meet a lot of guys that have [financial] representation, they don't even speak to them,” Turner said, adding that whoever is handling his money should be like “my best friend.”

“I need to know, day in and day out, what's going on,” he said, “and you should be speaking to me as much as possible.”

The former basketball star said he regularly audits his financial adviser and receives updates on his investments.

Turner retired from the NBA at 31, which he said was seven years earlier than he had planned. Because of this, he’s still making adjustments to his finances to adapt to the lifestyle he has without his NBA income.

He's also making moves to set up resources for his daughter to pay for college or a wedding down the line, accepting that “the party's over, but life is still good and going on.”