Another one bite the dust....

[TheHaitian]

I really professional sports should have a mandatory finance class for their players that is part of their "recruitment".

www.msn.com/en-us/sports/nba/former-nba-all-star-antoine-walker-explains-how-he-lost-over-dollar100-million/ar-AAdt0kz?ocid=iehp

[TheHaitian]

It seems he has learned his lesson, hopefully others will learn from his mistakes :

"He offered two points of advice: Learn how to say no to friends and family – and use the world a lot – and "live life to the fullest", but think about the future."

[beergut]

That is rehashing an old story, he went bust back in 2010. 

Also, poor editing there.

"use the word (no) a lot"

Throwaway article on a slow news day. 

[billisonboard]

Third point of advice: Use your foolish behavior as a springboard to a career telling others not to do what you did. 

[ArchietheDragon]

Jul 27, 2015 11:42:45 GMT -5 billisonboard said:

Third point of advice: Use your foolish behavior as a springboard to a career telling others not to do what you did. 

it is a tried and true method. 

[NancysSummerSip]

Some pro sports have instituted financial instruction classes. The NFL has done so. And some wealth management groups have a separate firm just for offering their services to pro athletes now. It's a good idea; for most of the incoming draftees, they are offered more money than they've ever seen in their lives. What they never look at is the fact that the money has to last a lifetime, because playing time does not.

[phil5185]

This tale was played over and over during the Heavy Weight Boxing glory days - Jack Dempsey, Max Bauer, Joe Louis, Ezzard Charles, Jersey Joe Walcott, Floyd Patterson, Rocky Marciano, and Muhammad Ali.  Many were before TV and some were before 24-hour News. The Newspapers covered their stories - their 'managers' and their relatives bled them dry.

[NastyWoman]

it is a tried and true method.

Just ask Bristol Palin

[souldoubt]

In cases like this the athletes are their own worst enemy followed closely by their friends/family along for the ride.  As mentioned the NFL and NBA have finance classes for the just drafted rookies some of whom signed contracts that guarantee them millions.  The problem is most of these guys come from nothing and don't think about tomorrow while living like the good times will never end.  The bigger problem is most of them don't want to hear it.  There's a great ESPN 30 for 30 documentary called 'Going Broke' that has a lot of former players talking about how they pissed it all away.  Something like 80% of players are broke 3-5 years out of the NFL and NBA.  I feel no sympathy for Antoine Walker not because I wanted to see him fail but because at a point he was well beyond his means and he knew it.  It came out that Vegas casinos went after him because he owned hundreds of thousands after he used his name to get credit.  Not like I feel bad for the casinos but the guy didn't just make a few bad decisions his entire career off the court was one giant bad decision.  

[HoneyBBQ]

Meh, he didn't talk about buying himself fancy cars, giant mansions, or hookers and blow. I'm pretty sure he did some combination of these, too.

[cronewitch]

He also did what many doctors do and get into a highly leveraged business. He bought real estate to develop before 2008 so even without the hanger ons and gambling and waste he might have gone broke. My old boss got hit with the real estate to develop issue. He had land and paid to have it subdivide and some improvements to sell lots but prices fell nobody was buying, he had borrowed against his house for the cost of developing. He didn't retire until he was 71 in 2013 waiting it out, don't know if he started selling yet but the lots were always worth more than they cost.