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Antoine-WalkerIf you think that you may have some trouble showing some restraint and sticking to your spending budget then you may just feel a little bit better about yourself after reading the story of former NBA star Antoine Walker.

In Walker’s 12 year NBA career spanning from the age of 21 to 33 and playing for the Miami Heat and Boston Celtics among others Antoine made over $110 million (not including endorsements from Adidas and others).

There are now reports surfacing from Shira Springer of The Boston Globe that Walker owes more than $4 million to his creditors and is facing felony check fraud charges in Las Vegas. You can read the full recap over on the Yahoo sports blog “Ball Don’t Lie” with the post by J.E Skeets HERE and then when you are done reading through the original article be sure to NOT emulate the free spending habits of Antoine Walker and other celebrities by learning how to manage your credit, keeping on top of your credit with a free credit score, and then comparing the best credit cards to never pay a dime more interest than you need to (or even better never pay a dime in interest period but rather make credit work for you by utilizing a rewards credit card or cash back credit card).

This sad story is not something that should make anyone gloat (especially when you consider that Walker tried to do some very generous things with his money like attempting to help friends and family out financially – albeit in a misguided fashion) but rather should prove a cautionary tale that no matter how much or how little one makes it is always important to maintain financial discipline.

If you made millions every year do you think that you could ever go into debt?

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One Response to “Think You Could Go Into Massive Debt While Making $10 Million/Yr?”

  1. I would have no idea what to spend $5.5 million after tax a year on except spend a lot on my parents in their retirement.

    The one thing people forget is that it is VERY easy to get into debt if one starts purchasing multiple properties. You start buying a mansion primary residence, and several vacay homes, and pretty soon, you’re kinda snowed under.

    I collect watches for example…..and I’d probably be tempted to buy the latest Panerai Tourbillon for $115,000. Buy 10 different types of watches and that’s $1-1.5 million right there.

    When you’re making $10million a year, you surround yourself with some who make $20million a year, and you start feeling poor. You then overspend to make up for it. It’s tough!

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Less than $2,500 More than $2,500
Always Never Sometimes