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Classic example of a high time preference. See this talk from Hans-Hermann Hoppe. Antoine Walker believed his financial future was a slam dunk. Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft. Walker quickly became a basketball superstar. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006. Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could even dream of when he grew up in a poor Chicago neighborhood. But like many professional athletes who experience a sudden explosion of wealth, it was all gone in an instant. Despite pulling down more than $108 million during his career, Walker filed for Chapter 7 bankruptcy in 2010, just two years after retirement. Read More |