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As a three-time NBA All-Star and former NBA champion, Antoine Walker is one of the best basketball players from the 90’s and early 2000s. But his early success came with some difficult financial lessons.
Walker was signed in Boston Celtics at the age of 19 for only 19 years. Throughout his 13-year athletic career, it has been estimated that he has earned up to $ 108 million, a majority of which comes from a six-year contract for $ 71 million, which has only signed at 21.
“The money came so quickly without education,” said Walker to Ross Mc for the Financial Freestyle podcast (see the video above or listen below).
Walker partly attributes his lack of financial education to the decisions, which eventually made him apply for bankruptcy in 2010.
Although he became without debt only three years later, the former professional athlete now spoke openly about his financial mistakes and offers advice to others to learn from them.
“I think it’s my job to use the things I have been wrong and just help [others] Outside, “Walker said, dealing with the challenges of the newly cut professional athletes and those who quickly get into wealth.
“I know the things they want to do,” he said. “I know the things they buy. I know the things they ignore.
Walker acknowledged that when he signed his lucrative contracts in the NBA, he has no good understanding of taxes and tax brackets. Although his contracts promise him millions, he went home much less than he thought he would be after tax.
This, combined with some bad investments, made him build a lifestyle that he could not maintain financially.
“I think we have to start teaching our children about their lifestyle,” Walker said. “Because when you make money … Everything goes well – buy cars, you have houses, you have jewelry, you have all these things. But at one point the money will stop coming to the way you appear at the beginning. Are you ready to maintain this lifestyle?”
“You have to be ready to withstand this storm,” he warned.
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Walker said he relied largely on financial investors and other professionals to manage their money, but that did not prevent him from being hit strongly from the decline in the real estate market during the 2008 recession recession.
