Gone in an Instant: The Antoine Walker Story.

[GatorStaceyAdams]

People always focus on the ostentatious stuff (jewels, cars and clothes) but in reality, they can afford that shyt.

It's the women, illegitimate children, poor investments, family/friends and vices (gambling, drugs, etc) are the 5 biggest reasons they go broke.

If they just bought lavish shyt, they'd be OK. Eventually buying 250k watches gets old.

This.

Lets say Toine had bought 10mm dollars in watches over the years... Well, his balance sheet would still show that he had 10mm dollars in assets. And if its not too gaudy, it would probably even appreciate. 10mm of cars would depreciate much quicker, but it still would be an asset.

These guys are becoming broke because of valueless assets- such as food, clothes, drugs/gambling and spending it on other people.

>50% of that money was spent on family, leeches and females (one in the same)

Unless 'toine was eating truffles and filet mignon for breakfast in his Canali suit everyday for 10 years straight

 

[Birdman]

dude is regular in the Chi.

Nothing cool about seeing someone u know was in the NBA sitting in the nose bleeds at a jayz concert.

Nothing cool about seeing that same dude rolling 6 deep in a 2 door sedan

 

[Liu Kang]

[...]
These dudes get paychecks, too. And they're living on credit like so many other people.

If they have that kind of gwap, they shouldn't.
It's the lifestyle they supposedly need that make em live like that as if having a mansion with 20 rooms (fox example) is necessary. But pro players should follow classes on money management before entering leagues, people should advise/brief them about how to manage their money. I can understand that the rags to riches dream is difficult to handle but to every one of them, they should advise them that rich people stay rich by living like broke people.

I'm looking at his wikipedia page and he earned 108M in 13 years so that's like 8M per year average. After taxes, maybe 4M max a year which makes it a net revenue of 330K a month. There may have more taxes or more mandatory stuff to pay but he was definitely making 6 figures a month. That much should prevent you from getting mortgages and paying a house in cash (like Howard cleverly did in LA) if you're smart with your money. Saving money is the first step to success.

Obviously, Walker had a serious gambling problem and bad management can't explain him losing that much. But it's definitely a part of it.
I'm saying, gimme 20K a month, I can live like a king really while still helping family if needed.

 

[Scottie Drippin]

If they have that kind of gwap, they shouldn't.
It's the lifestyle they supposedly need that make em live like that as if having a mansion with 20 rooms (fox example) is necessary. But pro players should follow classes on money management before entering leagues, people should advise/brief them about how to manage their money. I can understand that the rags to riches dream is difficult to handle but to every one of them, they should advise them that rich people stay rich by living like broke people.

I'm looking at his wikipedia page and he earned 108M in 13 years so that's like 8M per year average. After taxes, maybe 4M max a year which makes it a net revenue of 330K a month. There may have more taxes or more mandatory stuff to pay but he was definitely making 6 figures a month. That much should prevent you from getting mortgages and paying a house in cash (like Howard cleverly did in LA) if you're smart with your money. Saving money is the first step to success.

Obviously, Walker had a serious gambling problem and bad management can't explain him losing that much. But it's definitely a part of it.
I'm saying, gimme 20K a month, I can live like a king really while still helping family if needed.

This is all true of course, but even the way you broke down his salary doesn't really do the situation justice. I'm not making excuses for these dudes, just showing the actual situation to see how easy it really is to blow that amount of money.

Career earnings at 108, but the vast majority of that comes from the contract extension he signed which began in 99-00. Before that he earned 1.6, 1.8, and 2.1 million a season. Let's just be generous and say half of that went to taxes, so 800k, 900k, and 1m in his first three seasons. If he bought that big crib, put his moms in a nice place, looked out for family, bought a couple of whips...what I'm saying is he was probably "broke" from the very beginning. The fact he went bankrupt just two years after he was retired speaks to this.

To the people thinking he had 100mil looking him in his face and blew, it's just not like that. I'd doubt he ever had more than 3-5mil in liquid at any given time, and right as he spent it more appeared. THAT'S the trap dudes fall in.

 

[pete clemenza]

Along with learning money management I think these athletes have to seriously ask themselves what are they going to do when they retire and step away from the game. Not everybody is going to be Jordan or even a Jason Kidd for that matter. They have the windfall of money right now while playing but for most they'll never see this type of money again in their lives. Even the "living off interest" talk isn't easy cause after the housing bust that crashed the economy most banks don't give out high interest yields on accounts anymore. And if you had one in the past they've lowered it. Everyone that invests is looking for the golden goose that gives out amazing returns- that sh*t is hard to find even for investors/market guys who are in the game 24/7/365 let alone a pro athlete. Even when sh*t was amazing and too good to be true, like investing with Bernie Madoff, it turned out to be a sham.

-Some athletes don't even know how to open a simple savings account

-IMO.. Learn to bank on your own. Open the basics. A savings account and a checking account. Don't hand your check to a money manager or a family member. Do that sh*t yourself. You don't have to go through your agent to get you a house and whip. Have a family member help you and do that sh*t yourself. Save save save, then sniff out a few solid investments. Hell you had Drew Rosenhaus taking T.O's and other players money and investing it in a bullsh*t casino that never panned out. crazy sh*t.

 

[iceberg_is_on_fire]

I remember as a shorty when I was reading that Ray Allen chose to forgo having an agent to negotiate his rookie deal. My first thought was like . However, as I've gotten older and I saw the sports world and the world as a whole for what it was, that was one of the smartest things that I've ever read an athlete doing. I was so conditioned to read about Michael Jordan and David Falk and how Falk was bossing up on David Stern and back in the day, Falk had at least one player on damn near every team in the 90s. As life would ultimately show, there is only one Michael Jordan and he could blow money left and right because he had the shoe empire behind him. Almost all other players don't have that luxury. However, most get enough to be able to chill with after player. It's not just one bad thing that has happened to him, there is too much money for that, he was fukking up a lot but nobody pulled him aside to tell him that because they didn't want to get cut off of the gravy train.

EDIT: Doing some quick reading on what Falk has been up to, I see that he got that bum Hibbert his contract so he is still working his black magic.

 

[O.iatlhawksfan]

i remember when he was with the heat he bricked 4 shots in a row to cost them the game against the hawks

 

[R.E.N. Spells Ren]

Along with learning money management I think these athletes have to seriously ask themselves what are they going to do when they retire and step away from the game. Not everybody is going to be Jordan or even a Jason Kidd for that matter. They have the windfall of money right now while playing but for most they'll never see this type of money again in their lives. Even the "living off interest" talk isn't easy cause after the housing bust that crashed the economy most banks don't give out high interest yields on accounts anymore. And if you had one in the past they've lowered it. Everyone that invests is looking for the golden goose that gives out amazing returns- that sh*t is hard to find even for investors/market guys who are in the game 24/7/365 let alone a pro athlete. Even when sh*t was amazing and too good to be true, like investing with Bernie Madoff, it turned out to be a sham.

-Some athletes don't even know how to open a simple savings account

-IMO.. Learn to bank on your own. Open the basics. A savings account and a checking account. Don't hand your check to a money manager or a family member. Do that sh*t yourself. You don't have to go through your agent to get you a house and whip. Have a family member help you and do that sh*t yourself. Save save save, then sniff out a few solid investments. Hell you had Drew Rosenhaus taking T.O's and other players money and investing it in a bullsh*t casino that never panned out. crazy sh*t.

I agree with most of this, but they should do more than just park it in a savings account. Nothing wrong with having an account manager to make sure you're seeing 10+% returns instead of the 0.3% returns from a money market

 

[Jesus Shuttlesworth]

Antoine "I don't give a fukk what the situation is I'm jacking up this mothafukkin 3" Walker



Reporter: Antoine, why do you shoot so many 3's?

Antoine: Cuz they don't have 4 pointers.

 

[Liu Kang]

This is all true of course, but even the way you broke down his salary doesn't really do the situation justice. I'm not making excuses for these dudes, just showing the actual situation to see how easy it really is to blow that amount of money.

Career earnings at 108, but the vast majority of that comes from the contract extension he signed which began in 99-00. Before that he earned 1.6, 1.8, and 2.1 million a season. Let's just be generous and say half of that went to taxes, so 800k, 900k, and 1m in his first three seasons. If he bought that big crib, put his moms in a nice place, looked out for family, bought a couple of whips...what I'm saying is he was probably "broke" from the very beginning. The fact he went bankrupt just two years after he was retired speaks to this.

To the people thinking he had 100mil looking him in his face and blew, it's just not like that. I'd doubt he ever had more than 3-5mil in liquid at any given time, and right as he spent it more appeared. THAT'S the trap dudes fall in.

Indeed.
But my point remains : when you start, start small. Then when the money grow, upgrade. What's the need for him in his first NBA season to have a big ass crib and set his family in luxury (whether it is real estate, car, clothes, jewelry or other frivolous things) ? Get him and his fam a cosy and comfy place, nice cars and a little check for em but always be moderate and don't bath them in luxury because 1. they will get used to it, 2. if you upgrade yourself, you'll have to upgrade them too otherwise jealousy will poison the relations with them. I mean, I have no sympathy for a player who goes bankrupt if with his first check he bought a lambo, a mansion, rolexes and other unnecessary stuff etc. At the end, he brought it on himself.

Living in luxury from the start is the mentality that cripples them and what's wrong in the very beginning : they think they made it and they get indebted trying to stunt which is stupid beyond words when you making that much. A pro sportsman who's making more than a milli a year should never ever contract a mortgage, that is beyond logic.

 

[beenz]

don't cats in the NBA get a pension after their playing days like the NFL dudes do? and the pension is based on how many years in the NBA you played????

toine put in a good 12 years in the NBA. he not getting a check off that?

 

[beenz]

damn, he gotta wait til he's 62 to get that pension. however, he will be getting broke off once he does:

http://www.investopedia.com/financial-edge/0710/top-pro-athlete-pension-plans.aspx

NBANBA players have one of the most generous pension plans in all of professional sports. They are vested into their pension plans after playing at least three seasons in the league. The minimum benefit for a player that retires at the age of 62 is $56,988 per year - not a bad retirement for a three-year career. The maximum benefit for any player is $195,000, and it takes 11 years of NBA service to qualify for this benefit.

But that's not all! NBA players are also eligible to participate in a league-sponsored 401(k). Do you think your 401(k) plan is good with a 50% matching policy? The NBA matches player's contributions up to 140%. (Learn more about retirement plans in Independent 401(K): A Top Retirement Vehicle For Sole Proprietors.)


at NBA dudes getting a 140% 401K matching from the NBA. that shyt is nuts!!

 

[Scottie Drippin]

Indeed.
But my point remains : when you start, start small. Then when the money grow, upgrade. What's the need for him in his first NBA season to have a big ass crib and set his family in luxury (whether it is real estate, car, clothes, jewelry or other frivolous things) ? Get him and his fam a cosy and comfy place, nice cars and a little check for em but always be moderate and don't bath them in luxury because 1. they will get used to it, 2. if you upgrade yourself, you'll have to upgrade them too otherwise jealousy will poison the relations with them. I mean, I have no sympathy for a player who goes bankrupt if with his first check he bought a lambo, a mansion, rolexes and other unnecessary stuff etc. At the end, he brought it on himself.

Living in luxury from the start is the mentality that cripples them and what's wrong in the very beginning : they think they made it and they get indebted trying to stunt which is stupid beyond words when you making that much. A pro sportsman who's making more than a milli a year should never ever contract a mortgage, that is beyond logic.

I don't have sympathy at all b

I'm just saying for everyone saying they couldn't see how it happens, or it wouldn't happen to them, I'm just saying that peoples lives tend to implode much quicker than two years after unemployment. This can happen to anyone who isn't smart with their money.

I mean, really, how long could anyone in this thread last if they lost their jobs tomorrow?

 

[itsyoung!!]

Regardless of how much money you have, there are products and salesmen waiting to walk you to the poor house. It's easy to say what you would or wouldn't do if you had his money, but realistically, having 110 million is harder to manage thank 100k.

this is one of those myths... right up there with "flying in a plane is safer than driving a car" or "gay people raise children better"

the sample size is too small to even compare any of them...

I bet you theres a better sample size of someone living better having $100 million in the bank than someone making $100k a year.. Antione is the exception, not the rule.. Most people that rich, stay rich. Stop making excuses, bruh fukked up... he may or may not be a good dude (none of us know him here), but he fukked up..

 

[MVike28]

Antoine "I don't give a fukk what the situation is I'm jacking up this mothafukkin 3" Walker



Reporter: Antoine, why do you shoot so many 3's?

Antoine: Cuz they don't have 4 pointers.

GOAT quote

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH!

rooting for a comeback story brehs