NBA legend Charles Barkley opened up about his ‘out of hand’ gambling that saw him lose $25M in Vegas — here are 3 ways to build wealth without relying on Lady Luck

While “Sir Charles” may have felt lucky and masterful on the court, his good fortune and discipline didn't always extend to the gambling tables of Las Vegas.

On a recent episode of the "Club Shay Shay" podcast, hosted by former NFL tight end Shannon Sharpe, Barkley spoke about his former gambling problem, which saw him lose $25 million and the respect of his closest friends.

“I had to change my mentality because you can never break the casino, [but] they can break your a--,” he said, reflecting on losing some of his NBA fortune to high-stakes betting.

The most money Barkley ever won in a single night was $5 million, but the cost it took to achieve those gambling goals likely far outweighs the earnings he eventually brought home.

While gambling may be enticing, there are other ways to build your wealth, where the odds of success are more in your favor.

Get a good grip on your finances

When his habit got “out of hand,” Barkley quit gambling and his friends challenged him. He recalled them asking why he wouldn’t quit when he had won a significant amount.

“I got such elation [by winning], but then when I would lose a million, I was so depressed … No matter how good it feels winning, when you lose, it just f—-ing sucks,” he said.

“Gambling is really just peaks and valleys,” he went on to tell Sharpe.

If you too want your cash flow to be less of a rollercoaster ride, start by taking control of your finances. Creating and sticking to a budget is a great way to ensure that you’re meeting your financial responsibilities, while also consistently putting away money in your savings.

To keep your personal finances in order while you’re paying down your debt, consider using Empower. Empower is a great personal software tool that allows you to integrate all your accounts into a single location.

Through creating summaries of your net worth, your monthly spending, as well as your investment portfolio, Empower gives you a birds-eye view of all your assets in an intuitive dashboard. The Empower wealth management platform can take your savings game to the next level with a sound financial roadmap.

Make real estate plays

In his interview, Barkely talks about money he’s wasted on cars and other flashy displays of his wealth.

Homeownership, on the other hand, is an effective and tangible way to build your wealth. However, high home prices and mortgage rates — and the work associated with owning an investment property — can make buying property a difficult prospect for many Americans.

Thankfully there are other ways you can invest in this lucrative asset without having to take on a mortgage or the title of landlord.

One way you can dip your toes into this asset class is through Arrived.

Backed by world-class investors like Jeff Bezos, Arrived allows investors to buy shares of rental homes and vacation rentals without taking on the similar responsibilities of direct homeownership and property management.

Start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy.

You can get invested with as little as $100 — a price tag that might look more appealing than the one associated with owning and managing a property yourself.

Looking to up your ante and make a bigger investment? Accredited investors have another solid option in commercial real estate with First National Realty Partners (FNRP).

FNRP gives you access to necessity-based real estate such as grocery stores or health-care facilities. That means the properties are essential to the local community, often leased by national brands like Krogers, Walmart, or CVS, FNRP, and more likely to remain desirable.

Once a deal is closed, FNRP’s team of experts manages every aspect of the property and deal, so you can focus on finding your next big opportunity.

Make your money work for you

Even if you earn a six-figure salary, your income alone is often not enough to achieve wealth. You have to put your money to work — and the easiest way to do this is to invest.

You don’t have to commit a lot of money at first, you can start small and make the most of your spare change.