Antoine Walker explains how he lost $110 million...

David_TheMan

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The NBA does in their rookie transition program, but it ultimately falls on the player to pay attention to what's being said.



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Yeah, but it was mainly to point to the guy I was responding to that it isn't a college issue, but more a NBA situation.
That said I agree the players need to understand and take the responsibility onto themselves to manage their money.
I think the NBAPA though should have directed and targeted programs specifically geared toward personal finance and money management.
 
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Came in this thread just for this gif :pachaha:
 

MalikX

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Dudes need to understand that saving is just as important as investing.

Everybody has people around them who think they are investing wizards ( there are A LOT on the Coli) but they don't understand the risks.

Nah. He trying to make himself appear as good as possible.

Yea...if you're stupid, you're going to lose money investing. They have a phrase for that...dumb money. If he hadn't been wasting his money taking care of 100 friends and family, gambling (stupid), hoes and on multiple cars and mansions, he'd still have money. If he placed $20 million or so into a trust he couldn't touch until he was retired he wouldn't be hollering broke right now no matter how many mistakes he made. He didn't think ahead. The first thing I would do if I came into millions is to put a huge chunk into a trust in case I fukk up.
 

L&HH

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For those of you suggesting seminars, symposiums, classes, etc. I used to think like that but I'm now of the opinion that that shyt won't work. Some ppl are just simply terrible with money no matter what you tell them. They have poor impulse control and can't get out of their own way. Anything short of straight up controlling the money for them (for example the person who put up AIs endorsement money until he reached a certain age) would be obsolete. This is exacerbated with athletes because they have huge egos (no offense but it takes a big ego to make it to that professional level). So if you're not telling them what they want to hear they can give a fukk about your opinion. Especially when the peer pressure of other athletes (in this case Michael Jordan) influences them.
 

IGSaint12

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If you have that money do the right thing: go to Goldman Sachs or a similar financial company and only take advice from them. Don't fall for real estate "scoops" from friends or rich cacs. Don't hire one guy to be your adviser, who isn't with a major company.

Put a lot of money in an index fund, maybe play with some stocks, and leave your money alone.

The first thing anyone should if you don't have a good financial mind is to put away money like Iverson did so that you can whether the storm of bad decisions and still come out later in life with millions in the bank.
 
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