How Antoine Walker SPENT $110 Million Dollars And Went BROKE In Under 10 Years!

[DirkNowitzki41]

sucks.

walker and pierce are one of my favorite duos of all time. that comeback against the nets in 2002(i think) was amazing

[Soundwave]

Hard to feel too sorry for him.

It's not that hard to put even $5 million away in a long term stocks/bond portfolio and just leave it alone. If he had done that, he'd be able to live comfortably at least today.

The taxes are killer on that kind of income, guys need to learn that asap. Just because you have $100 million dollar contract doesn't mean you can spend $100 million dollars ... after tax that goes down to $65-70 million.

Now you start buying $10 million houses (which are hard to resell because the market for a home that expensive is small). And you can see where this leads.

[chocolatethunder]

He just didn't know better and got caught up, that's why I feel bad for him. People makes terrible mistakes in life man. This can happen to anyone. Lets just hope he learned from it.

He also gambled like a damn fool. That's no ones fault but his own.

[played0ut]

It should be mandatory for NBA players to take a financial management class.

[Rake2204]

For those who did not watch the video, here's the breakdown of Walker's expenditures they provided.

(In Millions)

Taxes: $55
Homes: $11
Business Ventures: $9.5
Family: $9
Entourage: $8.5
Attorney/Agent: $4.2
Gambling: $4
Relationships: $3.75
Philanthropy: $2.5

[Soundwave]

It should be mandatory for NBA players to take a financial management class.

I think the NBA does now have like a weekend (lol) course for new draftees that covers some of this stuff.

Honestly it should be taught mandatory in high school for everyone. Most people don't know what the f*ck they're doing with their finances, they just don't have that much money to blow.

But I'd say it would be more useful than learning how to play a trumpet or any number of the less useful things taught in school.

[dreamwarrior]

He went through 3 years of college during which I'm sure he took college economics, one of the easier GE courses. He has no excuse.

[wakencdukest]

For those who did not watch the video, here's the breakdown of Walker's expenditures they provided.

(In Millions)

Taxes: $55
Homes: $11

Waste of money, could have done with a 1-2 million dollar home, paid it off and owned it outright, it would never lose value.


Business Ventures: $9.5


Waste of money. If you're Antoine Walker, you have no business trying to venture into any type of business. That goes for 90% of NBA players.


Family: $9


Waste of money. I don't know why he would give his family 9 million. He bought a mansion with 10 bathrooms for his momma, he could have bought her a $200,000 home and it probably would have been like a mansion to her. Taking care of anyone but immediate family is a waste of money.


Entourage: $8.5


Complete waste of money. No one should have an entourage. Fvck everyone once you turn pro. A true friend won't ask for money.


Attorney/Agent: $4.2


Gambling: $4


Complete waste of money. The house always wins. no exceptions.


Relationships: $3.75


Waste of money. That's a lot of money to spend on hoe's who ain't around any more.


Philanthropy: $2.5


Can't blame him for that, could have saved a little of that by donating his time instead of so much money though.

[04mzwach]

He couldn't sell his homes and cars to get above even?

[rmt]

For those who did not watch the video, here's the breakdown of Walker's expenditures they provided.

(In Millions)

Taxes: $55

You left out taxes. A good tax attorney can save boatloads.

[wakencdukest]

You left out taxes. A good tax attorney can save boatloads.

I figured that was something he didn't have much control over, but you're probably right.

[Magic731]

I've never seen such a square head

[moe94]

Why do you type like a normal person all of a sudden, bro?

Fall back off my homie

[DMV2]

Besides idiotically spending on entourage, gambling and relationships, I don't see any issues with the rest. He was just too stupid to go the extreme of overspending.

Athletes should invest their money into some form of business so they can have money flowing in after they retire. But they shouldn't be spending nearly $10 million as if they're corporate CEOs. Curt Schilling lost over $50 million on a video game company, so it's just not NBA players making dumb business ventures.

The entourage thing, I just don't understand. That's how MC Hammer went broke. That's how Tyson went broke. Learn from those guys! Just because you roll deep in millions, doesn't mean your crew should be millionaires too.

[deja vu]

This reminds me of George Best saying, "I spent half of my money on booze and women. The rest I wasted."

I can't imagine wasting 100 million in a decade unless I spend it on booze, women and drugs. That amount is too big to piss away just like that.