The NBA All-Star that went from millionaire to broke: “at some point the money’s going to stop coming”

Many NBA players join the league at just 19 or 20 years old, and suddenly, they’re not only thrust into the national spotlight, but earning millions of dollars. It sounds like a dream, and in many ways, it is. But the downside is that at such a young age, many players aren’t educated about how to handle that amount of money.

Antoine Walker reflects on financial journey

Case in point - former NBA All-Star and champion Antoine Walker, who went from earning over $100 million during his 13-year career to going bankrupt by 2010.

“When you’re making money...everything is going good - you’re buying cars, you got houses, you got jewelry, you got all these things going on,” Walker told Ross Mac on the Financial Freestyle podcast. “But at some point, the money’s going to stop coming in the way it came in the beginning. Are you able and are you prepared to maintain that lifestyle?”

Walker was one of the best basketball players of the 1990s and early 2000s. He was signed to the Boston Celtics at just 19 years old and by the time he was 21, he had signed a major, six-year, $71 million contract. But thanks to poor financial decisions and lack of education, he lost a good chunk of that money - overspending on a lavish lifestyle and making poor investments.

“The money came so fast without the education,” Walker said.

Walker admits that he misunderstood the tax system and took home significantly less than he earned, which was a surprise to him. Now debt-free, Walker uses his story to educate young athletes on financial literacy, emphasizing the importance of managing money wisely, preparing for life after sports, and building generational wealth through informed decision-making.

Walker said that while he was playing, he mostly relied on financial professionals to help him manage his money, but even still, he made poor decisions and was hit hard during the 2008 recession. Now, he emphasizes the importance of making sure you educate yourself on how to build and maintain your wealth.

“I think it’s my job to kind of use the things that I did wrong and just help [others] out,” Walker said. “I know the things that they want to do. I know the things that they’re buying. I know the things that they’re overlooking. ... I try to put that back in their face and understand that this basketball career or any sports career is going to be short-lived, and you got a whole life to live after your career is over with.”

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