A Study in Contrasts: How Can One NBA Star Lose $110 Million While Another Earns Hundreds of Millions Post-NBA?

Nov 04, 2014
Budgeting, Savings, Current Events, Video Resource

Your sports loving students might like this but there are larger lessons here for all students too.

Instructive Bloomberg video (6 minutes) about a Celtics star, Antoine Walker who lost $110 million and then filed for bankruptcy.  Interesting to hear Antoine say that his hero was Magic Johnson.  Have students contrast Antoine’s predicament with Magic Johnson’s post-NBA success as a businessperson (start video at 2:00 and watch for about a minute unless you want to hear about his friendship with Larry Bird).

Key question:  Why do you think Magic succeeded while Antoine struggled financially?  What lessons can you apply to your life?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.