Posted on 10/28/2009 11:25:12 AM PDT by Michael.SF.
In 12 years, Antoine Walker(notes) made more than $110 million playing professional basketball moderately well. Take away taxes, throw in some adidas endorsement money and a "NBA Live 99" cover, and he's left with, what, $60-to-65 million?
Whatever the details, it was a big chunk of change, which, amazingly, wasn't enough.
"[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."
(Excerpt) Read more at sports.yahoo.com ...
But you seemed to care enough to post that no one should care about this.
Some peopel just lose their minds with a little money don’t they? I can say definately that I could live out the rest of my life on 60-65 million and probably leave more than 3/4’s of it to all heirs.
Or never listened.....
This is an old story...and has happened thousands of times before........
Well, except maybe for that decision to play football at UCLA.
;)
Who cares?
Why did you post if you don’t care?
Besides, the point is that making a lot of money doesn’t equate with wealth. Most wealthy people will tell you that spending more than you make is not a good idea, whether you make $30K/yr or $30million/yr. We have 4 kids and we live on an income of $50K/yr (gross). That includes sending 3 of them to Catholic school. We aren’t living high on the hog, but we have what we need and we are squirreling away what is extra ‘just in case.’
Though it’s hardly $110 million, it’s worth noting that after 12 years in the league, Walker is fully invested in the league’s pension plan. IIRC, it works out to around $400/month for every year played, or around 50 grand a year in Walker’s case. Not enough to keep the mansions and the Bentley, but more than enough to live on in relative comfort.
May be we need a conservator for the TOTUS’ reader.
Er, addendum: enough to live on if Walker smartens up about his situation.
I would think that a very comfortable life could be lived just on the interest of $60,000,000.
After taxes that woulb be, what maybe 2 to 2.5 million.
I could live on that, course I'd have to make a few cut backs.
;)
Broke and in debt?! Welcome to the real world, Antoine.
Does he have to wait until a certain age before he can draw that money?
ONE million. That’s all I ask. ONE Million. I would pay off my upside down house, all my credit cards, Pay off my car. Give a nice big contribution to the USO. Have a few bucks left over. I’m not greedy. I would not even quit my job.
And yes, I have been ROBBED. Burglerized, AND mugged. I I didn’t go crying to my mother.
And I’m a GIRL!
NBA=Next broke athlete
I don’t know, to be honest. I do know that a player is fully vested after 3 years in the league, and also that there is an option to take a lump sum at age 45 instead of the monthly payment. My *guess* would be that players taking the monthly payments would get them upon retirement from the league regardless of age. But that is only a guess.
Garth Brooks said that his grandchildren's grangchildren couldn't spend all the money he made. Which tells me he vastly underestimates the spending prowess of heirs.
Very true and most likely I’d be very close to the original 65 million to leave behind. Of course I’d want a nice piece of land with a nice house on it and a few nice cars so that might take a little more than just the interest. ;)
What we need is for congress to appoint a systemic risk czar to oversee the compensation packages that draftees and current players get, with them also having to submit monthly expense reports. Any player or draftee being found to engage in too much risk will be shut down and kicked out.
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