Can you manage to get by on 110 mil?

[Danno 1,228]

Former Celtics star Antoine Walker is broke and in debt

http://sports.yahoo.com/nba/blog/ball_dont...?urn=nba,198509

By J.E. Skeets

In 12 years, Antoine Walker(notes) made more than $110 million playing professional basketball moderately well. Take away taxes, throw in some adidas endorsement money and a "NBA Live 99" cover, and he's left with, what, $60-to-65 million?

Whatever the details, it was a big chunk of change, which, amazingly, wasn't enough.

That's right, during the last several months, the once multi-millionaire athlete has been pursued by multiple financial institutions for unpaid debts.

In fact, according to The Boston Globe, "Employee No. 8" owes more than $4 million to his creditors and is facing felony check fraud charges in Las Vegas. All of this at the age of 33. Wild.

Now I know what you're thinking: How in the world does somebody — not named Montgomery Brewster — even begin to blow through that amount of money?

The answer: fairly easily.

"[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."

Condos, luxury cars, watches ... I guess that'll eventually force you into bankruptcy. Especially when you're not investing any money or collecting $200 with every fifth or sixth roll of the die.

But Walker's lavish lifestyle wasn't all "me-me-me." He was also a generous friend and teammate who had custom suits made for coaches, routinely picked up giant team dinner tabs and, when there were funds to spare, gave to underprivileged youngsters. He was basically spending money like it was going out of style.

And it did.

I guess Biggie was right after all: mo' money, mo' problems.

[Trumplestiltskin 5,791]

Its actually not that uncommon - being successful does not mean you are smart with money.

Look at Michael Jackson.

[Nik+Heather 121]

Isn't there some saying about how your lifestyle always grows to meet your income?

Just like many other Americans up to their eyeballs (or higher!) in debt, he was too - and his debt seems fairly proportional to his income!

I feel kinda bad for the guy - all those hangers-on living off of him - Whaddaya wanna bet about where they are NOW??

[Scott & Lai 12]

I could easily get by with half that

[Ban Hammer 13,657]

maybe he can get bailout money.

[Jasman0717 9]

I am so done with sports figures living on the streets after earning millions during their career. It is nice to be able to watch a nice football or baseball game but these guys, to me anyway, are way over paid prima donnas that are way too full of themselves. 'Sorry, I don't do autographs' or don't look at me or whatever. Just think what we could do with all the money being poured into professional sports. Dumb-rod gets 32 mil a year, someone else gets 25 mil a year....waaaaaaaa If you want to do something important and earn respect cure cancer or MS or diabetes. Hitting a baseball or throwing a football doesn't make you God's gift to the world.

Ok, off my high horse now

[Nagishkaw 510]

Its actually not that uncommon - being successful does not mean you are smart with money.

Look at Michael Jackson.

So true.

[Jasman0717 9]

Its actually not that uncommon - being successful does not mean you are smart with money.

Look at Michael Jackson.

So true.

Joe Lewis had to become a professional hand shaker for some casino in Vegas because he owned over a mil on taxes. You would think that in this day and age the agent would advise the athlete to do investments for his/her financial future. Guess not

[Trumplestiltskin 5,791]

In the UK if you win the lottery they (supposedly) recommend a counsellor to help you come to terms with suddenly winning that much money.

I think if you have that much money (tens of millions) there's a tendency to get carried away with the new lifestyle - especially if you didn't arrive at that wealth through your own business acumen. When someone gets that rich I think its very difficult to appreciate the value of money if you're not relying on investments or a business that you rely on for that income - especially if your entire lifestyle revolves around funding a social life.

Relying on agents and accountants isn't a solution either - wasn't it Sting and/or George Michael who had people working for them who embezzled money without their knowledge?

[HAL 9000 96]

MC Hammer...

[BishopMnA 0]

Its actually not that uncommon - being successful does not mean you are smart with money.

Look at Michael Jackson.

Look at me!

[The_Dude 1,142]

The NBA now has a mini-convention for the kids drafted in the first round. In sorts to prevent a situation like this. They show them how to manage their money, and how to pick out the leeches. I think it is quite successful. I don't really feel sorry for them, but how well prepared can any 18-20 year old be to be suddenly thrust into that kind of money?

[scandal 951]

I am so done with sports figures living on the streets after earning millions during their career. It is nice to be able to watch a nice football or baseball game but these guys, to me anyway, are way over paid prima donnas that are way too full of themselves. 'Sorry, I don't do autographs' or don't look at me or whatever. Just think what we could do with all the money being poured into professional sports. Dumb-rod gets 32 mil a year, someone else gets 25 mil a year....waaaaaaaa If you want to do something important and earn respect cure cancer or MS or diabetes. Hitting a baseball or throwing a football doesn't make you God's gift to the world.

Ok, off my high horse now

I have absolutely no problem with celebrities earning high powered salaries. Whether they're Hollywood or music industry stars, pro athletes, Wall St. CEOs, whiz kid quants with a great algo trade .... if the market will bear their price, and they can negotiate that 7 or 8 figure contract --- more power to them. This is America. Dream your dream, live your dream. I bear no ill will to them.

However, this is America. Land of personal responsibility. Or at least - that's the theory. If you blow your fortune, tough titties. No sympathy from me.

[EstebanTrabajos 7]

110 MD or 30K dlls/yr, EXACTLY THE SAME. People in this country drifted they priorities fueled by the "great" american credit and instead of saving like their fathers did during the depression; they lived above their means.

Those in this forum that owe more than 50% of their cars, houses or even Sears tools say I...

We are all in debt due to the same reasons, some more than others.

Edited October 28, 2009 by TävôLuDô

[HAL 9000 96]

Can't touch this...