NEW YORK (TheStreet) -- Former NBA All-Star Antoine Walker has some advice for the stars of the upcoming NBA Draft: Learn how to say no.
"Get the word 'no' in your vocabulary," Walker said. "It's going to be very difficult to do. But if you want to have some money when you get to be 35 or 40 years old, you are going to have to use the word 'no' and put yourself on a really tight budget."
Morgan Stanley Global Sports & Entertainment (GSE) announced on Monday that Walker, as well as former NFL linebacker Bart Scott, will serve as consultants for the division, providing first-hand experience about the challenges encountered by professional athletes and entertainers. Both Walker and Scott will participate in the rollout of GSE programs, including a financial-education program tailored to professional athletes who are often unprepared for the huge, but short-lived, bursts of wealth at very young ages.
Recent findings from the National Bureau of Economic Research, for example, revealed that one in six NFL players goes bankrupt within 12 years of retirement.
"These individuals are getting large sums of money in a short period of time at a young age of their lives and often are not ready to deal with how to get these things invested," said Drew Hawkins, managing director and head of Global Sports & Entertainment.
Morgan Stanley (MS) announced the formation of the GSE division within Morgan Stanley Wealth Management in November 2014. GSE has about 70 directors with an average of 22 years of experience who are handling over $31 billion in assets, according to the company.
Walker was the sixth overall pick in the 1996 NBA Draft, played 13 seasons in the NBA, was a three-time NBA All-Star and won an NBA Championship with the Miami Heat in 2006. He filed for Chapter 7 bankruptcy two years after retirement after earning more than $110 million during his playing career. Walker has since regained his financial footing working as an NBA analyst for 120 Sports in Chicago. He is also producing a documentary about his trials called Gone In An Instant, which will also attempt to educate young adults on financial literacy.
Scott began his NFL career in 2002 as an undrafted free agent, played 11 seasons and was selected to the 2006 Pro Bowl. After the NFL, Scott embarked on a broadcasting career with CBS Sports in 2012.
"I did so many meaningless things with my money and I finally see the opportunity to help guys out so they don't make the same mistakes I made," Walker said.