Coming into the NBA can be overwhelming as youngsters are offered ridiculous amounts of money in their rookie deals. The contracts give millions of dollars for 19-year-old kids, which is why Antoine Walker has advice for the young players.
Amazingly, Walker is the best person to listen to when it comes to financial management as he knows what it’s like to lose all your money and start from scratch. The former NBA star earned over $108 million throughout his career but was broke two years after he left the league.
In an interview with TMZ Sports, Walker had some tips to share for youngsters so they do not end up like him.
TMZ: These guys are about to become multi-millionaires, real kids. What’s your advice to them?
Walker: I think, you know right now, enjoy the night. Just uh… really you gotta prepare, build the right team around you. Make sure you have the right financial advisor, make sure you have the right people to make some tough decisions because you gonna become a millionaire. Lots of these guys will become millionaires tonight so they gotta be prepared and ready for the challenges and tribulations that’s gonna come with that.
TMZ: What should they buy? What shouldn’t they buy? Is there anything you’d recommend they get into as far as financially?
Walker: I think it’s tough to say what they should or shouldn’t buy. I think the biggest thing is you obviously wanna take care of your family and do some things for them. But make sure they’re good first, the moms and dads because they’re the ones that took care of you so if you could put them in a better position I think it’s good.
TMZ: So, really, take care of the folks first before you take care of yourself?
Walker: Take care of your family and they’ll figure that out. They know, most of these guys know who’s been there, who’s supported them throughout their young lives.
TMZ: What would you recommend car wise? Should they go for a car first? Is it a house? What would you recommend?
Walker: If it came down to that it will be a house.
TMZ: A house? And car? Don’t go for the elaborate one because cars lose value
Walker: Cars depreciate so that’s not necessarily the best investment. The house is a good investment, it holds a little value.
TMZ: The worst investment? Obviously the best one and the worst?
Walker: The worst investment I’ll say is been cars, you know I had a car fetish at one point in my life, bought a bunch of cars, stuff that doesn’t appreciate in value.
TMZ: Should the NBA be nervous about these kids before they become sudden millionaires like this?
Walker: I wouldn’t say nervous, I think obviously you gotta be prepared. It’s always about being prepared and having the opportunity to prepare yourself so I won’t necessarily say I’m nervous. It’s a great thing to be able to play at the highest as a professional.
TMZ: So, take care of your parents first, and then what?
Walker: I think obviously you gotta take care of yourself.
Fortunately, Walker was able to walk the straight and narrow and bounced back less than three years later. While we cannot exactly say if he has made as much as he lost, he is living a comfortable life.
The former NBA star now helps athletes manage their money as he is a consultant with Edyoucore, a financial literacy company. The ultimate lesson in rebuilding is to accept that your life might look different than it did in the past.
