Five years ago, former NBA star Antoine Walker was forced to do something he never thought he would have to do in this lifetime – he had to file for bankruptcy. Just two years after he retired from the game, he went from what seemed like an endless supply of money to being broke. Similarly, former NFL player Bart Scott knew what it was like to live the good life when he was in the league…expensive clothes, expensive cars, and of course making it rain at the strip club. But Scott was able to exercise some self control and financial responsibility, which helped him to save up a lot of money for his retirement from the NFL. Unfortunately, Walker had to learn the hard way.
In an interview with CNN Money, Walker talked about what exactly brought him from riches to rags. It was the result of an extravagant lifestyle, which included buying expensive cars, jewelry, and homes, giving excessively to family and friends, and gambling. However, he said the biggest factor was real estate. The NBA star owned a real estate firm at the time and lost an enormous amount of money when the recession hit in 2008. Luckily, Walker has been able to recover since filing for Chapter 7 bankruptcy in 2010.
Now, Walker and Scott are teaming up with Morgan Stanley Global Sports & Entertainment to try and prevent young athletes from making the same financial mistakes that so many others before them have made. So far, they have spoken to student-athletes at Boston College as well as the Seattle Seahawks. When it comes down to it, Walker has two key pieces of advice:
1) Get the word “no” in your vocabulary when dealing with friends and family. “Be prepared to use that word a lot,” he said.
2) Think about the future, not just the here and now. “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids”.
Source: CNN Money
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