Antoine Walker had the world by the tail in 1996. He was coming off a NCAA championship season with the Kentucky Wildcats and was chosen by the Boston Celtics as the sixth pick overall in the 1996 draft. Fourteen years later, he declared bankruptcy with assets of $4.28 million and $12.74 million in liabilities. Walker had managed to blow through nearly $110 million.
Walker’s story is not unique. It’s been estimated that around 60% of NBA players end up broke within five years after retirement. Most go broke for the same reason — massive overspending.
Many NBA players feel obligated to take care of family and friends after they strike it rich, but they do so in extravagant and unsustainable ways, as Walker did. Determined to do right by his mother and five siblings, he built multi-million dollar houses for his entire family.
Walker certainly was not shy in spending on himself, either. He bought multiple expensive cars, including a $350,000 Maybach. Throw…