How NOT To Be An Antoine Walker.
Antoine Walker a one-man financial meltdown
Written by Rick Bozich
With the sixth pick in the 1996 NBA draft, the Boston Celtics selected Dr. Bo, Rick Bozich
from InMyDreams University.
OK, that didn't happen. The Celtics actually selected Antoine Walker from the University of Kentucky. That didn't upset me. I was always a Magic guy, not a Bird guy.
Sadly, here is another thing that has not occurred: I have fallen slightly short of earning $108 million either writing about or playing basketball, although I did receive several participation awards at the StreetBall Showdown.
According to multiple reports, Walker earned at least $108 million in NBA salaries from 1996 through 2009. He now lists $4.3 million in assets and $12.7 million in liabilities. That might explain why he played 43 games last season for the Idaho Stampede in the NBA Developmental League, which caps annual player salaries at $25,500.
Walker, who played two seasons for Rick Pitino at UK, returned to the headlines Tuesday after his attorneys entered a guilty plea on his behalf to one felony count of passing bad checks in Las Vegas
Walker, 34, is expected to draw only probation as long as he continues to work on repaying $750,000 in debts to three Las Vegas casinos. His official sentencing has been set for Nov.1.
At $25,500 per season, Walker would have to play 29.4 more Developmental League seasons to pay off his debts — as long as he didn't need to pay taxes or have any living expenses.
I know what you're thinking: Is inching into the dreaded nine-figure career salary territory the surest path to financial ruin? Should you be afraid to ring up $108 million in salary? Aren't you better off clipping coupons and searching for early-bird specials than shopping at Prada and dating Evelyn Lozada?
“I think you might be able to tough it out on $108 million,” said Carl Heick, a private wealth advisor with Heick, Hester, Smith and Associates in Louisville.
“You'd probably be able to buy a nice watch and lease a nice car, if you wanted to drive a new one every year. But I would recommend no entourage. And don't play blackjack at $25,000 a hand. If you go to Las Vegas, stick with the $5 tables. Once you're down $1,000, walk away. The last time I was there, I walked away when I got up $100.”
Feel better? Me, too.
I shared some of Walker's numbers with Heick. According to basketball-reference.com, Walker started his pro career making about $1.6 million with the Celtics in the 1996-97 season, a year after he played for UK's 1996 NCAA championship team. By 2004-05 he had moved to the Atlanta Hawks and bumped his salary to $14.6 million, a career high.
When his career finally ended with the Memphis Grizzlies two years ago, his total earnings had moved to $108,142,015 — not counting per diem, endorsements or playoff earnings. The media isn't chasing him. Creditors are.
Heick went to his calculator. To simplify the exercise, he averaged Walker's earnings over 13 years, then figured in the necessary taxes. Walker might not shimmy to the plan Heick created, but you can pull that blanket off your head.
Heick said that if you had Walker's career earnings he would put you on an annual net allowance of about $1.57million. He'd also make you save $3 million per year and, just to be safe, invest it in a “brutally conservative” portfolio of bonds. When your days of being a high-flying earner were over, you'd have to get by on about $1.75 million pre-tax annually for the rest of your life.
“Think you could do it?” Heick asked.
I guess. But only if you insist.
Reach Rick Bozich at (502) 582-4650 or rbozich@courier-journal.com. Comment on this column, and read his blog and previous columns, at www.courier-journal.com/bozich.
Written by Rick Bozich
With the sixth pick in the 1996 NBA draft, the Boston Celtics selected Dr. Bo, Rick Bozich
from InMyDreams University.
OK, that didn't happen. The Celtics actually selected Antoine Walker from the University of Kentucky. That didn't upset me. I was always a Magic guy, not a Bird guy.
Sadly, here is another thing that has not occurred: I have fallen slightly short of earning $108 million either writing about or playing basketball, although I did receive several participation awards at the StreetBall Showdown.
According to multiple reports, Walker earned at least $108 million in NBA salaries from 1996 through 2009. He now lists $4.3 million in assets and $12.7 million in liabilities. That might explain why he played 43 games last season for the Idaho Stampede in the NBA Developmental League, which caps annual player salaries at $25,500.
Walker, who played two seasons for Rick Pitino at UK, returned to the headlines Tuesday after his attorneys entered a guilty plea on his behalf to one felony count of passing bad checks in Las Vegas
Walker, 34, is expected to draw only probation as long as he continues to work on repaying $750,000 in debts to three Las Vegas casinos. His official sentencing has been set for Nov.1.
At $25,500 per season, Walker would have to play 29.4 more Developmental League seasons to pay off his debts — as long as he didn't need to pay taxes or have any living expenses.
I know what you're thinking: Is inching into the dreaded nine-figure career salary territory the surest path to financial ruin? Should you be afraid to ring up $108 million in salary? Aren't you better off clipping coupons and searching for early-bird specials than shopping at Prada and dating Evelyn Lozada?
“I think you might be able to tough it out on $108 million,” said Carl Heick, a private wealth advisor with Heick, Hester, Smith and Associates in Louisville.
“You'd probably be able to buy a nice watch and lease a nice car, if you wanted to drive a new one every year. But I would recommend no entourage. And don't play blackjack at $25,000 a hand. If you go to Las Vegas, stick with the $5 tables. Once you're down $1,000, walk away. The last time I was there, I walked away when I got up $100.”
Feel better? Me, too.
I shared some of Walker's numbers with Heick. According to basketball-reference.com, Walker started his pro career making about $1.6 million with the Celtics in the 1996-97 season, a year after he played for UK's 1996 NCAA championship team. By 2004-05 he had moved to the Atlanta Hawks and bumped his salary to $14.6 million, a career high.
When his career finally ended with the Memphis Grizzlies two years ago, his total earnings had moved to $108,142,015 — not counting per diem, endorsements or playoff earnings. The media isn't chasing him. Creditors are.
Heick went to his calculator. To simplify the exercise, he averaged Walker's earnings over 13 years, then figured in the necessary taxes. Walker might not shimmy to the plan Heick created, but you can pull that blanket off your head.
Heick said that if you had Walker's career earnings he would put you on an annual net allowance of about $1.57million. He'd also make you save $3 million per year and, just to be safe, invest it in a “brutally conservative” portfolio of bonds. When your days of being a high-flying earner were over, you'd have to get by on about $1.75 million pre-tax annually for the rest of your life.
“Think you could do it?” Heick asked.
I guess. But only if you insist.
Reach Rick Bozich at (502) 582-4650 or rbozich@courier-journal.com. Comment on this column, and read his blog and previous columns, at www.courier-journal.com/bozich.
Labels: Professional sports (Basketball)
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