Gambling as well could be one factor. I remember one player, when his friends and entourage going to Las Vegas and play and gamble and have fun all night long. So that is the dangers for this young black players, very young and with a lot of money at their disposal. And then the lack of knowledge of how to handle that money. I think Antoine Walker becoming a spokesman to new players because he is one of those who fell victim on it. Hopefully Beasley can get up from his predicament right now and can bounce back and have a better life. 60% is a huge numbers for NBA players going bankrupt after their career is over. The NBA might have responsibility as well to remind players when they are coming into the league and let them know the consequences of their actions in the future if they didn't take care of their money.
Yup, most of those who mishandled their fortune ends up messing up their lives, though nowadays there are many available investment that players can choose to take care of thier money, they just need to think more about their future and just spend what's already spare, with huge contracts that they are recieving it's their obligation to themselves to set their future and not to live like there's no end of this fortune knowing that with a single mistake or an injury can completely ruined their careers.
It's good that new players are learning from the mistakes of players before them. I don't know those players who wasted their money, perhaps there was no mentor on their side to be their financial adviser that's why many players fall for it and now they don't have any money.
Even the great Mike Tyson was a victim when everyone around him even his manager Don King transpire to get all his money. Good thing is that he was able to recover from it and now living a good life. But for some NBA players, there are no getting back as once their career is over, money is not going to come it plenty and easy.