Brooklyn Nets backup point guard Spencer Dinwiddie is the owner of a new NBA contract and the 25-year-old says the best part of the new money is that his parents can retire now.

Spencer Dinwiddie signed a three-year, $34 million extension with the Nets on Thursday.

https://twitter.com/BryanFonsecaNY/status/1073721701500968960

This is great. Spencer Dinwiddie's parents likely sacrificed a lot to pave the way for him to become an NBA player and now he's going to return the favor in a big way. This is what the NBA is all about.

In 29 games this season for the Nets, Spencer Dinwiddie is averaging 16.9 points, 2.5 rebounds and 4.9 assists per game while shooting 47.4 percent from the field, 36.8 percent from beyond the arc and 77.3 percent from the charity stripe.

This is a great deal for the Nets, who would have had competition to re-sign Spencer Dinwiddie had he entered the open market after the season ended. Dinwiddie can now play free knowing he's got financial security, both for himself and his parents.

The Nets likely won't make the playoffs this season, but locking up Dinwiddie is a big win for the organization. Now, the focus turns to starting point guard D'Angelo Russell and his future with the club. Russell will become a restricted free agent in the offseason if the Nets offer him a qualifying offer.