How did Antoine Walker lose $108 Million, forcing him to file for bankruptcy

NBA players earn millions during their playing careers, but it’s shocking how several of them end up broke five years after their retirement. The most surprising part is that many of them blame the same reason for their financial downfall. One such instance is the 76ers legend Allen Iverson, who earned $155 million during his 17-year career. He filed for bankruptcy in 2012. Another retired NBA player, Antoine Walker, faced the same issue.

Drafted by the Boston Celtics, Walker played for five NBA teams throughout his career, with brief stints in the NBA Development League. The 3x All-Star was exceptional in scoring, rebounding, and playmaking during his prime. He averaged 23.4 points per game in the 2001-02 NBA season. Throughout his entire NBA career, he earned nearly $108 million.

His six-year deal worth $71 million, boosted his net worth. He was earning millions at a very young age. Being too young and unfamiliar with the business and finance scene, Walker ended up making some poor decisions. “The money came so fast without the education,” the retired NBA player said on Financial Freestyle podcast.  

Speaking about his contracts, Walker shared that at that time, he didn’t fully understand taxes. Despite deals worth millions, he received much less than he expected. His initial paycheck was for $1.6 million. However, after the tax deduction, he received $800,000. This was combined by some poor investments and his lavish off-court spending. He reportedly had six to seven cars during his playing days as he told SI.

Walker mentioned that rather than learning financial skills and understanding the process himself, he depended heavily on financial advisors and other professionals. “No matter how much money you make, you’re never too busy to take care of your own finances. We have to stop being uneducated when we’re the ones out there making our money in this livelihood,” he said.

The 2008 recession, which caused a crash in the real estate market, was hard on him. In 2010, he filed for bankruptcy. His mistakes led him to work on himself, and now that he has bounced back, he is helping others.

Antoine Walker helps young player to avoid financial mistakes that he made

Walker’s financial struggles pushed him to look back at his mistakes. He questioned how kids aren’t taught about taxes at home. Several NBA players who filed for bankruptcy revealed that it was their lack of business knowledge and management skills that brought them trouble. He said that despite having finance guiding him, he couldn’t understand the meaning. He had always been generous with his wealth. Walker often helped random strangers. Apart from that, he also had gabling debts as per Talking Sport.

Walker emphasized that while it is important to seek professional help, one should also learn financial management. “I think we have to start teaching our kids about their lifestyle,” the former Miami Heat star said. He further added, “If you want to be successful financially down the line, you’ve got to be stubborn. You have to be to a point where you have to actually build, not only for your kids, [but] your kids’ kids.” 

As he finally understood the real reason behind his mistakes, he began to work on those and himself. Walker managed to recover from debt in just two and a half years. And now, he devotes his time to teaching athletes how to avoid facing the same financial challenges.