How to lose $110 million dollars by former NBA star Antoine Walker

Discussion in 'The Howard Stern Show' started by MutteringJohn, Dec 5, 2014.

  1. MutteringJohn

    MutteringJohn Well-Known Member

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    Former NBA player, Antoine Walker, 38, earned over $110 million throughout his NBA career, more than four times the average player in the league. All that money, though, didn’t stop this All-Star from going broke.


    Walker’s financial problems began his first year in the league as a 19-year-old rookie with the Boston Celtics in 1996. Although he had a financial advisor help him establish a plan for his long-term finances, Walker had other ideas about what he wanted to do with his newfound wealth.

    “Through my young arrogance, being ignorant to a degree and being stubborn and wanting to do my own thing with my money, I went against a lot of his wishes,” Walker told Yahoo Finance.

    Dunking into debt

    Growing up as the oldest of six, Walker helped his mother raise his siblings as she struggled to provide for her family. Once Walker made it to the league, he was set on providing for his family and it didn’t take long before he blew through his rookie salary.

    “I never really thought about the severity that I put myself through after just the first year of the league, but I didn’t really worry about it because the money was constantly coming in,” said Walker. “


    He quickly acquired a taste for the finer things and upgraded his entire family to live in multi-million dollar homes that he built from the ground up. His driveways were filled with four to five luxury cars -- from Bentleys and BMWs, to his prized $350,000 Maybach. And as one of the most fashionable ballers, Walker never wore the same designer suit twice.

    His generosity extended beyond his family to his many friends and acquaintances. From lavish all-expenses-paid trips to luxury gifts for his friends, Walker made sure everyone in his circle enjoyed the lifestyle he led. With his fellow NBA players, Walker gambled extensively – losing $646,900 in just two years.

    Even as his spending spiraled out of control, Walker had a plan to put his income to work and bought more than 140 properties along the South Side of Chicago. Whether it was land to build on or commercial and income properties, Walker had a full-range of real estate investments meant to maintain the lifestyle he had built for his family after retiring from the league.

    With the housing bubble and bust, Walker found himself defaulting on loans where he was the personal guarantor, losing value on land, and failed to get a handle on the legal issues that followed.

    Looking back, Walker says he regrets making significant investing decisions before retiring from the league. With his attention focused on his NBA career -- in full swing at the time -- he didn't have time to keep a close eye on his investment properties, and like many others, was caught off-guard by real estate crash.

    “I think there were different ways of how I could have saved the bulk of my wealth. I could have been on top of it. I missed a lot of court dates, a lot of default judgments, there’s a lot of properties I could have kept that I thought were good investments,” Walker said.

    Hitting rock bottom in 2010, Walker declared bankruptcy, citing $12.74 million in liabilities with $4.28 million in assets. The entire bankruptcy process was drawn out over two years. Stripped of his credit cards and his bank accounts frozen, it was heartbreaking for Walker to liquidate many of his priceless possessions, including his NBA championship ring his team, Miami Heat, won in 2006.


    Bouncing back from bankruptcy

    Discharged from his debt in 2012, Walker has since downsized every aspect of his life. He now lives in the one home that he still owns with five of his family members in downtown Chicago. And none of the cars sitting in his driveway belong to Walker himself. If he’s in need of a ride, he goes with family or uses Uber.

    Now a basketball analyst for 120 Sports, a digital sports network, and regular sports signings and speaking engagements, Walker is working on building up his life again and hopes to make a difference by helping others avoid the same financial pitfalls.

    Focusing on the importance of financial literacy, Walker is scheduled to release a documentary and book, Gone In An Instant, early next year in hopes that people will learn from his mistakes.

    When asked what his #1 piece of advice would be to young NBA players today, Walked said, “Get the word ‘No’ in your vocabulary. You’re going to have to say no to a lot of people that are very important to you. Stick to your financial plan and don’t invest until you’re done with your career when you’re able to be hands-on.”

    For himself, Walker aspires to build up his savings and one day retire. “I’m looking more now for a quality of life. Being able to take care of my kids and being able to take care of my grandkids one day,” said Walker.
     
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  2. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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  3. DogStar69

    DogStar69 Well-Known Member

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    Reggie rich.
     
  4. SlinkyNeckStern

    SlinkyNeckStern High Pitch Mike Lookalike

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    GOOD! Hated that stupid wiggle bullshit this fat fuck used to do all the time.
     
  5. knu3421

    knu3421 Well-Known Member

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    Every time he made a basket he would do the shake,shake,shake :spaz:
     
  6. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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  7. knu3421

    knu3421 Well-Known Member

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    See
     
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  8. TeeDonkey

    TeeDonkey Well-Known Member VIP

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    Fucking A group of lovely people love drum beats and dancing, and to them a basketball bouncing sounds like a drum beat....they aint gonna waste a good drum beat.
     
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  9. zerokarma

    zerokarma Well-Known Member

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    Fuck him and any other athlete that blows millions.

    You have to be beyond retarded to go broke after grossing $100 million over your career.

    Even setting aside just $1-2 million will generate $50,000-$100,000 a year in dividend interest, more than enough to live on for the rest of your life as long as you live within reason.
     
  10. wife is a whore

    wife is a whore Stripped of POTY for butthurting staff VIP

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    Fuck Antoine Walker. He got his fat contract and got lazy.
     
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  11. h78

    h78 Well-Known Member

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    Haha! Dumbass!
     
  12. ARM

    ARM Well-Known Member

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    Loved this dude as a player and I hear he was crazy generous and that contributed to his green rectangle futility.

    If I ever start an "ARM INDUSTRIES" he can work for me any time just doing seminars on how to play power forward and still shoot UNDER .400 FG%.
     
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  13. DrSublux

    DrSublux Who am dis VIP

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    I know what that means god dammot

    @DarkFriday lol
     
  14. John Mahlin

    John Mahlin These go to eleven Gold

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    Dumb as a box of rocks.
     
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  15. mikeshauling

    mikeshauling Active Member

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    I played against him my senior year in Southern Illinois at a christmas holiday tournament. They won in the championship game by 10 or 12 points...He was an awsome player with an even more awsome ego and attitude. I will look in my yearbook and see if there any pics of him from the tournament, if so i will post them here. Not that anyone gives a shiit !! Donovan Mcnabb, the pro QB was also on this team. He wasnt as good at basketball as Antoine but he was a true athelete none the less
     
  16. ARM

    ARM Well-Known Member

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    Cool, Walker's NBA was one of the most unique I've ever seen at the stretch PF position. He put some strange ass numbers too!

    Mark Jackson was the only big player I played WITH at an open gym on Suffolk County Long Island when he was on the LA Clippers, and he was trying to stay in shape in the summer. I think I was 20 and he was like 29???

    Very cool guy, never shot in this game unless he had to because he was staying humble and loved to pass. I'll never forget he kept feeding me in the low-post to watch the 5'11" white guy do back to the basket post up moves.

    He then had an argument with the local college players that his teammate Loy Vaught was better than local hero Charles Oakley. I agreed with him and was the only one in the gym because THAT year Vaught was!

    Never forget it, to this day the most energetic fun I ever had playing basketball!
     
    Last edited: Dec 5, 2014
  17. IPrankNoOneElse

    IPrankNoOneElse Well-Known Member

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    No sympathy here. Move along.
     
  18. LaserT

    LaserT You have to have fun. Gold

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    Christ, how do you lose that???!!! I wish I would've made that. I only baaaarely got close to 6 figures a year. These guys are insane.
     
  19. sinicalypse

    sinicalypse Active Member

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    DUDE! i saw this thread title and my first thought and sole intention was to come in here and post that first gif of THE shimmy. cuz man on another sports board i post on we've long used that shimmy to signify, well, yeah just to signify. you know? [someone says some righteous shit] >> *shimmy*

    but you totally beat me to it, and not only that but i haven't seen the casket one b4 and that's a nice job. so i just had to stop by and say well played senor doyers!
     
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  20. ARM

    ARM Well-Known Member

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    Entourages, family, and no sense of saying "no" or being told "no". I'm guessing his playing career didn't consist of going home to watch 14 yr ode girlie TV, doodle and tap on an ipad while going to bed at 8:30pm.
     
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