Label whores beware. If you don’t know any of this stuff you might be living under a rock or never have logged onto TMZ because this is their daily fare for several years. This guy who put together this video together, obviously has an axe to grind against the rap community and materialism based on his tonality and sarcasm throughout but I will concede he makes some valid points. Take a look for yourself and draw your own conclusions as to if you think what he says is the truth.
This is not a strange story at all. Most NBA players, nearly 60 percent, go broke after 5 years after their playing days are over. Obviously they are not getting great advice about how to manage money at that magnitude.
I have posted an in depth story previously about this phenomenon previously about how the multiple luxury cars, baby momma’s,inexperienced family and entourage members running multi-millions athletes into the ground. Here is another shocking story of how former NBA’er Antoine Walker literally blew thru 100 million dollars and is being chased down for $4 million dollars from creditors in addition to being arrested in Vegas for check fraud:
“[Walker] liked to move in an outsized entourage; his mother estimates that, during his playing days, he was supporting 70 friends and family members in one way or another. And speaking of his mother, he built her a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court. […]
Living at the Bishops Forest condominium complex in Waltham during the Celtics season, Walker turned the pavement surrounding his home into a virtual luxury car lot — two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches — Rolexes and diamond-encrusted Cartiers.”