By Jameel Murray
Besides reading of Nicholas Cage squandering his money, there have been numerous reports of celebrities going broke. One recent report has been the unfortunate story of former NBA star Antoine Walker. According to the Boston Globe, Antoine Walker owes over $4million dollars to his creditors. Walker faces up to four years in prison if he is convicted on several felony charges for writing bad checks. Over Walker’s career in the NBA, he earned over $110 million dollars including several endorsement deals. Walker is yet another example of a celebrity who did not manage his money correctly.
According to several sources, Walker was a big spender. He purchased a suit for each game, gambled hundreds of thousands of dollars, and supported 70 friends and relatives. Some also say that Walker’s driveway reflected an auto showroom, filled with Bentleys and other luxurious cars. Walker also picked up the tab on several team dinners, increasing the former All Star’s debt by hundreds of thousands of dollars. The reason for Walker’s situation basically is a consequence of Walker not investing his money wisely. Had Walker taken a course or two on financial planning, he may have been able to live the rest of his life out of debt. Because he is extremely out of shape, he may never get a chance to play on an NBA team to pay off some of his debt. Walker’s only other option is to take his game overseas.
Sources: http://www.sportingnews.com/blog/the_sporting_blog/entry/view/40285/antoine_walker_picked_the_wrong_place_to_do_too_much_the_real_world
http://www.suntimes.com/sports/basketball/1851241,antoine-walker-nba-broke-28.article
http://dealbreaker.com/2009/10/aw.php
I think that the IRS should talk to his accountant. I don't think he knows a lot about tax and accounting. In addition, most people who suddenly get rich, they tend to overspend since they are not used to having so much money. It is also the school system fault for not teaching people personal finance and responsibility at young ages.
ReplyDeleteQuang Nguyen
Yea definitely, most rich people believe that they will never run out of money.
ReplyDeleteJameel