John Wall Beware: NBA Stars Who Have Gone Broke

As the NBA Draft takes place we are wishing wisdom upon the next overnight millionaires of basketball.  Freshmen in the game will undoubtedly be subject to temptations.  Even the best and once victorious can fall victim to the seductive traps of new money.  What happened to all the moolah? Apparently 60% of NBA players go broke after 5 years of retiring and NFL players also face similar problems.   To most it may seem that money ain't a thang to these hyper-commercialized and idolized gods of the sport, however there are many issues that go along with an NBA career.  Money management is not a pre-requisite for the players who are receiving an annual average salary exceeding $5.85 million driving them into the fast lane to bankruptcy.  Many NBA players are displaced from their education tracks as it coincides with the peak of their athletic talents when they get drafted.

Less than half of the NBA players have college degrees, and with the statistics working against them, athletic league players must plan in advance with an entrepreneurial mindset of how to maintain and invest their assets.  Antoine Walker, the former Celtics player is only one of many NBA stars who have landed in a financial mess.  In light of the recent addition to the NBA players gone broke scenario, let’s take a look at former hoop-stars who unfortunately, are in situations we wish they weren’t.

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