Don’t you wish you had $110 million? Imagine all that you could do with it. You would not need to work another day in your life. If you lived one hundred years, just make sure not to spend over $3,000 per day for the rest of your life. Talk about a simple life.
Such a Simple Life…
Unless you are former NBA All Star Antoine Walker. In twelve years, his $110 million career earnings are gone. He is currently in debt and facing fraud charges. Even after taxes, he should have made $50 million at least. Guess he bought too many cars, watches, and bathrooms in his mother’s mansion. Ten bathrooms?
Talk about Financial Management Skills
These former student athletes went to college and received an education that didn’t even teach them how to manage $110 million in a twelve year period. Most people have heard the stories of people who win the Lotto and within years are eyeball deep in debt. These are older folks who lack the common sense to invest their Lotto winnings, so what do you expect from twenty-year old student athletes that are guaranteed millions right out of college?
Student Athletes are unaware of the need of Financial Management Responsibility
Student athletes do not realize there is life after professional sports. Most student athletes do not make professional sports. If they do, longevity is not guaranteed. What happens when these former student athletes find themselves millions in debt and out of professional sports?
Student Athletes need a Financial Management Class
Student athletes should be required to take a financial management class designed specifically for athletes. If there is one thing that student athletes need to learn in college before playing professional sports, then it is financial management. When a person receives an enormous sum of money after living without anything their entire youth, they do not consider financial management of any importance. Many student athletes are raised in poor families and are in this same scenario.
What should a Financial Management Class for Student Athletes have?
Student athletes need a financial management class that can help them in their professional sporting careers and the life they pursue afterwards. Student athletes should be taught about the dangers of disregarding financial management, including being told of scenarios similar to Antoine Walker. Student athletes should be taught how they can save their money and ways they can invest.
Colleges should care
While Antoine Walker looks like a complete fool, the University of Kentucky comes across as the school that can’t teach their students how to live off $110 million for twelve years.
J.E. Skeets, “Former Celtics Star Antoine Walker is broke and in Debt.” Yahoo! Sports.