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.