By: James E. Clingman
The latest cases of two Black multimillionaire NBA stars who now find themselves in dire financial straits follow a long line of misguided, uninformed or ill-informed, unprepared, and self-absorbed brothers (and some sisters) who squandered their financial resources.
It is sad to see Kenny Anderson and Antoine Walker suffering from the consequences of their ineptness, ignorance, and cavalier attitudes when it comes to their money and their fame. They are not the first and, unfortunately, will not be the last.
Stupid spending
Walker was robbed at his home in Chicago. Could it have been partially due to his flamboyant lifestyle? — Bentleys, Mercedes, three multimillion-dollar homes, $10 million ‘invested’ in properties mismanaged by one of his boys, and the obligatory entourage of hangers-on and shysters all probably contributed to Walker’s demise.
Kenny Anderson (Left) & Antoine Walker (Right)


Anderson frivolously spent money on material possessions, failed to listen to his financial advisors, and ended up losing much of what he had. Anderson is said to have earned $63 million in the NBA, but he also apparently needed 10 cars in his garage. Like MC Hammer, Anderson and Walker helped a lot of their ‘friends’ by ‘lending’ enormous sums of money to them that was never repaid.
Plantation mindsets
About 15 years ago, I wrote an article titled “Plantation Education.” I pointed out some critical issues related to collegiate athletics and the way our young men are treated as they help earn millions for their respective colleges.
What we see is a lack of Black consciousness, lack of knowledge and understanding of Black history and culture, little or no knowledge of personal finance, and their failure to develop and nurture relationships with a classmate or two who could guide them legally and financially before they sign those multimillion-dollar contracts.
The highest-paid coaches get around $4 million a year. They cut lucrative deals with athletic gear firms and get so many perks on college campuses that you would think they are gods. If someone buys the student a dinner or pays for a bus ticket for him to go home, the student is in jeopardy of losing his scholarship and maybe even losing his opportunity to go pro.
Personal ATMs
Many Black athletes, in college and beyond, are merely ATMs for folks who care very little about them and their families — as long as the cash keeps rolling in. The NCAA could make changes to help our athletes before they graduate, but it is too busy counting its billions of dollars to care about them.
The ramifications of our young millionaire athletes not having a consciousness is the proliferation of non-Black agents, accountants, and financial advisers that prey upon them, and the athletes’ penchant to hire them rather than their own brothers and sisters. An awareness and knowledge of Black history and culture would arm our young brothers against self-destructive behavior. Relationships with college peers who have expertise in finance, business, law, and accounting, would lessen the instances of rip-offs by shady characters.
Anderson and Walker are just the tip of the iceberg. We have seen this situation in boxing, the film industry, the music industry, and virtually across the board when it comes to many of our brothers and sisters.
Don’t get caught up
If you are presently in school preparing for and hoping for a call from the NBA or the NFL, understand that there are only a few hundred of those privileged positions available. Are you prepared to not get the call? If you do get that call, have your act together. Don’t get caught up in the material things.
You only have so many opportunities in life. Make sure you use some of your resources to empower Black professionals and Black-owned businesses. Other groups do so all the time, thus creating and are maintaining their own collective infrastructure and safety net.
References:
1. BrotherPeaceMaker: Antoine Walker And Money Didn’t Mix
2. 25 Rich Athletes Who Went Broke (10-1)
| About The Author: James E. Clingman is the nation’s most prolific writer on economic empowerment for Black people. His weekly syndicated newspaper column, Blackonomics, is featured in hundreds of newspapers, magazines, and newsletters. He has written six books, the latest of which is Black Empowerment with an Attitude, and has been the featured speaker for numerous organizations, schools, churches, and events) across the United States.
Former Editor of the Cincinnati Herald Newspaper, Clingman is the founder of the Greater Cincinnati African American Chamber of Commerce, and has been instrumental in establishing several other Chambers of Commerce around the country, as he continues to promote economic freedom for African Americans. He is an Adjunct Professor at the University of Cincinnati, where he teaches Black Entrepreneurship; he also founded Cincinnati, Ohio’s Entrepreneurship High School in 2001. His speeches have stirred thousands of conferees and his newspaper articles are sought after by subscribers across the United States and abroad. Mr. Clingman is available for your speaking engagement. You can reach him at (513) 489-4132 or by e-mail jcli...@blackonomics.com for more information. Clingman’s economic empowerment doctrine stresses consumer education and alliances among African Americans. He offers a refreshing view of the potential within this nation’s Black communities. Visit his website: www.blackonomics.com, or call him at 513-489-4132.
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