Antoine Walker is a former Celtics all-star forward basketball player. As of lately, he can add “money magician” to his resume because he’s managed to make his $110 million earnings disappear within a decade. The Boston Globe reports that the sports star currently owes over four million to various financial institutions. He was recently arrested at a Las Vegas casino due to writing several bad checks totaling about one million dollars.
As if things couldn’t get crappier for Antoine, it turns out that he currently has no job prospect lined up for the new basketball season. (When it rains, it pours.) Therefore, he’ll have a hard time paying off his debts and bills. His friends and family report that the star has an expensive taste and excessive spending habit. Well, clearly! At the end of the day, the habit bit him in the butt.
If you have a moment, you should really check out the in-depth article on Antoine Walker. It’s a great read, unless you’re actually Antoine. If you’re Antoine, we have something even better for you: a signature Minority Fortune letter!!!
Dear Antoine Walker,
Seriously, why the Hell didn’t you stop to think for a moment? You were getting paid the big bucks to entertain people. You took that money and wasted it away on cheap entertainment for yourself. While you clearly had no concept of financial management, why didn’t you seek the help of a great financial adviser, lawyer, and accountant? With over $110 million in earnings, you could have grown your money into a small empire! Now you get to learn the hard way, that your lifestyle wasn’t sustainable.
First of all, you should’ve constantly leveraged your position to get complimentary liability gifts. You liked buying suits? You should’ve networked in the designer industry and got companies to comp you nice suits for marketing purposes. (Beyonce doesn’t even buy her own clothes. Designers send them to her pro bono.) If you liked partying, you should be getting appearance fees. Instead, you paid your way to the bottom.
It’s also time to re-evaluate some things. Ask yourself, what issues are you avoiding by constantly overspending and gambling? Why can’t you find things to do that have nothing to do with a checkbook? Why aren’t you dealing with your reality? Why didn’t you stop to look at things in perspective when the first three quarters of your wealth went away? You cannot avoid them any longer. If you don’t, your nightmares are just beginning, buddy.
Second, it’s time to get your cash flow in order. We’re not sure what incoming cash you have coming in. If you have any, it’s time to prioritize. You’ve got debts to pay and have got to increase your residual income by investing. You probably don’t have enough income coming in to cover your debts. Therefore, it’s time to make some tough decisions. It’s time to sell your overpriced vacation homes. It’s time to downgrade your mother’s $6 million dollar home. It’s time to sell all but one of your vehicles. It’s time to open up a boutique to sell off most of your fancy suits. It may hurt, but it’s time for a defense plan!
You’re thirty-three years old with little to show for it. If you plan on having children, what will you pass onto them? How do you feel about throwing away future generational wealth? You’ve got to get yourself together. You need to drastically reduce your spending habits. You need to get help so that you can stop gambling. You also need to surround yourself with people in a position to advise you about your wealth.
We’re not trying to be harsh on purpose here. However, we genuinely want to see you get it together so that should you be blessed to earn more millions, you’ll keep them for yourself and your family.
*Image courtesy of Gambling 911.
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