Last month I read a story in which the author claimed a significant percentage of retired NBA players are bankrupt. I think one of them might be Latrell Sprewell.
Today I read a story about Antoine Walker who allegedly accumulated debts of between $3 and $4 million during the past year. He is also going on trial in Nevada state court if he doesn't pay a casino the $880,000 in gambling debts he owes them prior to November 30th.
Antoine Walker earned $110 million in salary during his NBA career, that total does NOT include off the court endorsements. After taxes, it's estimated he kept approximately $65 to $70 million.
In the article I read, former teammates, friends, and his mother were used as sources for the following information.
Walker liked to move in an outsized entourage; his mother estimates that, during his playing days, he was supporting 70 friends and family members in one way or another. And speaking of his mother, he built her a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court.
Living at the Bishops Forest condominium complex in Waltham during the Celtics season, Walker turned the pavement surrounding his home into a virtual luxury car lot — two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches — Rolexes and diamond-encrusted Cartiers.
hes an ignorant moron. he thinks hes really something and hes a piece of &$#%#&@!. how the hell do you go through 70 million dollars in just a few years. the guy has gotten robbed at gun point twice at his home. he probably likes to show off how much money he has and bought anything on the spot just to do it. i hate ignorant people
If it were me, I would have kept at least 1/2 of the money and saved/invested it. That means I would have a $35 million investment growing every year while spending the other $35 million over ten years. But that's me. Let's assume Antoine Walker had some semblance of responsibility and decided he was going to save only 20% of his money while spending the remaining 80%.
Using the estimated amount in the story, $70 million after taxes, that would've worked out to spending $56 million over his career. That's a staggering sum to spend and I don't know how anyone could spend that much money. However, if Antoine Walker kept the 20% amount I mentioned above, he would still have $14 million to save and invest over the remainder of his life.
$70 million in a few years?!? Damn, buy a Quizno's or a McDonald's or a bagel shop or some precious metals or SOMETHING! What a nincompoop :(