Professional athletes often eat up the limelight as they enjoy lavish lifestyles. And a former NBA champion, three-time All-Star and former teammate of Shaquille O’Neal was no exception. With a scoring talent that left defenders helpless and a bank balance that swelled with more than $100 million, he really had it all. But just two years later, he declared personal bankruptcy, leaving many fans baffled.

How could a superstar have risen to such financial heights and then fallen so fast?

The rise and fall; From NBA stardom to financial ruin

Shaquille O’Neal’s ex-teammate Antoine Walker’s time in the NBA was not only one for the books but an incredible personal journey as well. Drafted 6th overall in 1996, he arrived in the NBA and quickly became a key component for the Boston Celtics. His high-scoring ability helped him consistently put up over 20 points a game. Alongside Shaq and Dwyane Wade, Walker would the first NBA Championship in Miami Heat history in 2006.

For Walker, the money reflected his achievements on the court. He was living the dream with big contracts and endorsement deals. But backstage, there’s another story.

Walker’s way of life had grown so extravagant that he was not just maintaining himself but also his family and a group of friends as well. That’s when he entered the real estate world.

Unfortunately, the recession hit in 2007/2008 and the real estate market fell on hard times. Walker was guilty of underwriting his own projects because he co-signed all the loans, which could very well sink his entire net worth.

The results were devastating, and in 2010, the former basketball superstar declared personal bankruptcy. Walker said, “The downfall, the mistake that I made, was being the personal guarantor of the real estate company and putting up my personal financial portfolio in order to get these loans and this money.”

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However, after his financial ruin, Antoine Walker didn’t sit around feeling sorry for himself.

Antoine Walker wants to help young athletes

Morgan Stanley Global Sports and Entertainment needed help as they realized there was a need for financial education among young athletes. Hence, Antoine Walker became a legal consultant for MSGSE.

He played a key part in 2014 rolling out an educational program aimed at guiding future athletes on how they can handle their finances.

Today, at 47 years of age, Walker still sticks to financial education. Plus his TV job was as a basketball analyst. These efforts allow him to keep sharing the wisdom he’s learned through the trials in his life.

And while we know Antoine Walker’s story well, it’s a cautionary tale about the need for financial discipline no matter how much you make.

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