'The money came so fast': What an NBA All-Star learned after going from millions to bankruptcy

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As a three-time NBA All-Star and erstwhile NBA Champion, Antoine Walker is 1 of the champion hoops players of the 1990s and aboriginal 2000s. But his aboriginal occurrence came with immoderate hard fiscal lessons.

Walker was signed to the Boston Celtics astatine conscionable 19 years old. Throughout his 13-year diversion career, it's estimated helium earned arsenic overmuch arsenic $108 cardinal — a ample information of which came from a six-year $71 cardinal declaration helium signed astatine conscionable 21.

"The wealth came truthful accelerated without the education," Walker told Ross Mac connected the Financial Freestyle podcast (see video supra oregon perceive below).

Walker partially attributes his deficiency of fiscal acquisition to the decisions that yet led him to record for bankruptcy successful 2010.

Though helium became debt-free conscionable 3 years later, the erstwhile nonrecreational jock present talks openly astir his fiscal mistakes and offers proposal for others to larn from them.

"I deliberation it's my occupation to benignant of usage the things that I did incorrect and conscionable assistance [others] out," Walker said, addressing the challenges of recently minted nonrecreational athletes and those who travel into wealthiness quickly.

"I cognize the things that they privation to do," helium said. "I cognize the things that they're buying. I cognize the things that they're overlooking. ... I effort to enactment that backmost successful their look and recognize that this hoops vocation oregon immoderate sports vocation is going to beryllium short-lived, and you got a full beingness to unrecorded aft your vocation is implicit with."

Walker admitted that erstwhile helium signed his lucrative NBA contracts, helium didn't person a steadfast knowing of taxes and taxation brackets. Though his contracts promised him millions, helium took location importantly little than helium thought helium would aft taxes.

This, coupled with immoderate atrocious investments, led him to physique a manner helium couldn't financially sustain.

"I deliberation we person to commencement teaching our kids astir their lifestyle," Walker said. "Because erstwhile you're making money, ... everything is going bully — you're buying cars, you got houses, you got jewelry, you got each these things going on. But astatine immoderate point, the money's going to halt coming successful the mode it came successful the beginning. Are you capable and are you prepared to support that lifestyle?"

"You person to beryllium acceptable to withstand that storm,” helium cautioned.

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Walker said helium relied heavy connected fiscal investors and different professionals to negociate his money, but it didn't halt him from being deed hard by the driblet successful the existent property marketplace during the 2008 recession.