I read some disturbing news today. Former Boston Celtic great, Antoine Walker is reportedly broke and owes the IRS $4 Million. Antoine Walker made roughly $110 Million in a twelve year period and is a former NBA AllStar putting up big numbers on the court.
In a related post, I spoke about how athletic money is NOT wealth. It is earned income and not passive wealth. Building wealth is also a mentality. I hear rappers and athletes all the time saying how they believe that being wealthy is about how much they spend. It is actually the complete opposite. It’s just not fun and doesn’t make news to put your money into Fidelity Investments or Charles Schwab or build apartment buildings and create passive income.
What makes people happy and media happy is to spend money relentlessly and give it away to everyone around you. While this makes others happy and makes the athlete temporarily happy, it has long lasting impacts to the athlete. How do you keep this kind of money in your pockets and not be broke by the time you’re 33 years young?
Get the $12 Million per year and walk into a reputable investment brokerage such as Fidelity, Charles Schwab, or AXA Advisors. I work with AXA Advisors and they created a wealth plan for me based upon personal need. It accounts for family, personal needs, professional needs, the IRS, and business needs.
People are surprised at how easy it is to spend $10 Million per year. Antoine Walker supported over 70 family and friends. It’s easy to lose this money each year especially if you are a big spender and believe that the money will always come in. It will not. The only money that stays continual and perpetual is passive income that is made regardless of whether or not you work, play, and shoot baskets.
