I was reading an article today about a former NBA player named Antoine Walker who apparently lost $110 million and has a documentary called Gone in An Instant coming out which showcases how he lost all his money. Here is quick Youtube video I was able to find in regards to an interview in relation to it:
I noticed for high profiled people the common phrase I often hear on how they lose a lot of their wealth is through friends and family members coming up to them with business ideas that they know can’t fail. Of course, it usually ends up failing. He seemed to emphasize that investing in real estate was the biggest culprit and that one thing he would have changed was to not invest and simply focus on his basketball career while he was active still. Reason being was that he invested and didn’t really pay attention to the market and as a result the market crash got him badly.
I guess a big take away is regardless of how many people try to convince you that any kind of a business investment is a set it and forget it you always have to stay updated with it. It’s kind of neat I thought that they are creating a documentary like this as I think we need more information like this out there. I’ll be trying to watch this if it comes out here in Canada. Apparently the release date is in March 6,2015.