How Former NBA Star Antoine Walker Went Bankrupt After Earning Over $100 Million

Former NBA star Antoine Walker's 12 year career in the NBA was a lucrative one, netting him $108 million. But a host of bad decisions left Walker claiming bankruptcy back in 2010, just two years after retiring from the NBA. 'Being uneducated about how to handle money, having money at the young age of 19 and having a very expensive lifestyle with cars, clothes and jewelry [contributed to the bankruptcy],' Walker said, adding that he wasn't thinking about the next several decades and was only focused on the short-term. 'I think that's a big problem with young athletes - we don't think about saving money for the future,' Walker said. Walker was also too generous with giving money to loved ones. 'My loyalty ended up stabbing me in the back in terms of the money I spent on family and friends,' Walker said. Walker has since teamed up with Morgan Stanley's (MS) - Get Report global sports and entertainment division. Drew Hawkins, who runs that department, said financial woes among athletes are far too common. 'In a lot of cases, you have teenagers who are all of a sudden becoming overnight millionaires and the challenge is they haven't had an opportunity to be educated on these ideas and themes on what they need to do,' Hawkins said. Whether it's a multi-million dollar sports contract or a Wall Street bonus, sudden financial windfalls may end up backfiring without a clear plan of action. TheStreet's Scott Gamm reports from Wall Street.