Numerous NBA players lost their wealth several years after they retired. Unfortunately, Antonie Walker is one of these former NBA stars despite earning around $110 million in 13 NBA seasons. Walker played eight seasons for the Boston Celtics and ultimately won the championships with the Miami Heat.
In an interview for Bloomberg, Walker openly talked about his financial problems and all the steps that led to that moment when he officially filed for bankruptcy. After receiving his first paycheck, Walker said he immediately took care of his mom and his close friends.
“The first big check I took and purchased a home for my mom. I usually ran with 8-10 guys that grew up in the same neighborhood as me. I wanted to show them the same lifestyle I was enjoying.”Antoine Walker, via Bloomberg
More specifically, Walked said expensive cars and jewelry were his fetishes. He spent a lot of his money buying expensive cars, not just for himself but also for his friends and family.
“A lot of exotic cars and jewelry. I had a car fetish when I was really young. I had five or six different cars, but I had the most expensive cars like Bentley, Maybachs, and Mercedes Benz. I was into designer watches and timeless pieces you can have forever. “Antoine Walker, via Bloomberg
On top of all that, Walker took care of his close friends, and they even went on vacation together. Walker would pay for most things on these trips, and he would often have ten people coming with him on these trips to various exotic locations.
“We would all go on vacation together. We would go to Cancun, Puerto Rico, and other different places throughout the United States. I would travel with a big group of guys, 8 to 10 guys would travel with me, and I would pay for their flights, hotel rooms, eating on the road. We used to have really big bills at the end of these trips.”Antoine Walker, via Bloomberg
Many players have financial advisors that consult them on the best practices when it comes to making smart financial investments. Walker had one too but admitted his ego got the best of him, and he decided to make all the most important financial decisions on his own, which didn’t go well for him. On top of that, Walker was addicted to gambling and made terrible decisions when investing in real estate.
“I lost a significant portion of money gambling. I used to go to Las Vegas and gamble. I lost the bulk of my money investing in real estate. In 2007,2008, we went through a recession, and I got caught up in that web, which ultimately resulted in me losing a bulk of my wealth. So you add these three things together that played a huge part in losing most of my finances.”Antoine Walker, via Bloomberg
Walker is now helping athletes manage their finances by educating them and telling them to learn from the poor decisions he made in the past. In 2013, he announced he was debt-free and is now working as an NBA analyst on various networks.