Black Man Black Woman

Tag: Bill Cosby

  • NBA Star Antoine Walker is Broke: Five Lessons We can Learn

    Filed under: ,

    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

    Permalink | Email this | Linking Blogs | Comments

  • Bill Cosby, The Face Of Intolerance?

    Posted by: Russell Simmons

    There are a lot of great entertainers who do great things. Bill Cosby is one of them. He has always used his voice to right what he thought was wrong. However, I believe that too often Mr. Cosby has wrongly placed the blame.

    Bill Cosby is an example of someone from the older generation who has consistently blamed the poets and asked suffering community members to bare the full burden of guilt for the struggles that they endure. It is certainly not that he and the rest of the elders don’t care, because they do. In fact, their intentions are pure and good. All the things they say are actually true. What they don’t understand is that the young people who they criticize did not create their own realities. They did not create the crumbling education system that we school them in. They did not create the drug epidemic and drug wars that have resulted in a dysfunctional family structure. They did not create the health care crisis that does not treat them. They did not create the culture of violence that they fall victim to.

    While it is true that each one of us can make a change at any moment, it is equally true that at every minute we are all doing the best we can. If you knew better, you would do better. Therefore, those who care and have resources could/should work to create the kind of support systems that could inspire change. From the preacher who lifts our consciousness and asks us to reach for strength to the politicians and philanthropists who put programs in place to support our growth. When the President brought the Cosby attitude to his NAACP speech a few months ago, I was disappointed. It is nice to tell black people to stand up, but isn’t that really Min. Farrakhan’s job? The President’s job is to tell them to walk to the program that he placed on their corner. It is our job to instill the inspiration that gets a young person to walk into the program and not stand on the corner.

    We love Cosby and all the older types who judge and blame the poets or culture for the sadness that the poets point to from their realities. From a place of love, I am letting the older generation know that they must admit that young people are less racist, less sexist, less homophobic, less prejudice than their parents and far less than their grandparents. Mr. Cosby, you know that your generation is carrying a lot more dirt, you are all just smart enough to cover it up. Old people are quicker to destroy the planet, abuse the animals and promote wars and then act like young people are violent. Young people are more compassionate, giving, promote gay rights, animal rights, human rights, protect the environment and want to end the wars. When they point out the contradictions that come up and say it on a record and say it LOUD, you can’t believe it! The culture and the poetry is a mirror of the realities that they expressing. Instead of criticizing, let us recognize the faults of adults, because until that happens you all will continue to turn off young people from your message and further alienate them from your generation.

    I love Bill Cosby. Who doesn’t? I love him so much that is why I am writing this blog. But this is not just about Mr. Cosby. I know that tomorrow there will be headlines that read “Russell Simmons attacks Bill Cosby.” But let’s be clear, this is a call-out to all the adults who are judging more and listening less to the beautiful, progressive voices that come from our young people…Bill Cosby just happens be on the front line. This is about two generations reconciling…I guess because of my age, you would say that I am stuck on the other side, but I will always recognize that young people can use support instead of judgment. We need to have the hard conversation and both sides need to listen – if you need an office to do it in, my door is always open.

    with great love
    all things are possible

    -Russell Simmons

  • Antoine Walker is Broke: Five Lessons We can Learn

    Filed under: ,

    When I went to The University of Kentucky with Antoine Walker during the 1990s, we all knew he was going to be a star. He was headed for great things and would represent his family well. No one would have guessed that he would one day become the poster child for what NOT to do when you earn $110 million dollars.

    Antoine is busted, or as my friends would say, “broker than the 10 commandments.” He was recently arrested for not paying $800,000 in gambling debts he owed to a Vegas casino, and that’s when the financial roaches started coming out of the closet.

    In the midst of Antoine’s situation, we can all learn lessons. I thought I’d lay out a few for us to consider:

    1) Watch who you allow to handle your dough. It might sound good to say that you have an accountant, but the truth is that you are always vulnerable when someone is doing things with your money that you do not understand. Additionally, allowing friends and relatives to have access to your financial accounts is a very bad idea. While I have major issues with Bill Cosby, I was always impressed by the fact that he takes care of his own money. Also, one of the sad realities of NBA athletes is that most of them were not properly educated during college, given wimpy little majors that didn’t interfere with their athletics schedules, so some of them are unprepared to protect the wealth they work so hard to earn. Get an education- you’re going to need it.

    2) Don’t judge Antoine Walker harshly, this can happen to anyone. Going broke or going to jail is not just something that happens to bad or irresponsible people. The same is true for a gambling addiction. While we are tempted to attack Antoine Walker for his situation, the truth of the matter is that gambling problems impact hundreds of thousands of people every year: Campuses are being overrun by TV poker challenges and other seemingly harmless, yet financially devastating temptations. If you don’t yet have a gambling problem, be careful not to start one. That’s an easy way to go broke.

    3) Stay away from the vices: Drugs, gambling or other costly addictions have led to the financial downfall of many people. In addition to gambling, other vices such as drugs or alcohol can accelerate your path to the poor house. What’s worse is that the temptation to engage in these activities is greater when you have more money to burn. NBA and NFL stars are still quite young, and the idea of giving a 22-year old $10 million dollars a year is a scary thing. Even I would have made terrible mistakes if I’d received that much money so early in life. If you are in a relationship with someone who regularly engages in any of these bad habits, you might want to reconsider that relationship. It can cause you a great deal of trouble later on down the road.

    4) Show your love, but put a cap on it: Antoine Walker has shown himself to be a generous man, giving to children and taking care of relatives. The problem is that it’s difficult for anyone to be a one-man welfare machine. I only call it welfare when someone is asking for something for nothing. I find that it is more productive to ask for something before you give something away; put the relative to work on productive activities that will help save you money. It will make both of you feel better in the end. Also, budget your charity to ensure that you don’t go overboard in your giving. Typically, those who are asking you for money today won’t be anywhere around when you are having financial problems.

    5) Watch how hard you bling: While “blinging” and “balling” might be incredibly tempting, you should limit the number of status symbols you acquire in order to show your wealth. Antoine Walker has always loved to “do it big,” renting limos for every occasion and not wearing the same suit twice during the playoffs. While he gets a lot of points in style, the truth is that such financial extravagance is not only financially draining, it also makes you a big target. Years ago, when Antoine was robbed of several thousand dollars during a trip to Chicago (and again later at his home in Miami), we can probably assume that the robbers knew they were coming after a wealthy victim.

    I am not here to attack Antoine Walker. Instead, my goal is to make his challenges into a true teachable moment. The old model of the black athlete getting rich, staying uneducated, balling out of control and going broke has absolutely got to change. We must aim for something better.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

    Permalink | Email this | Linking Blogs | Comments