Allen Iverson struggles with life after basketball

[deja vu]

The bigger your earnings, the bigger your expenses will be. People will say things like, "If I had a million dollars I wouldn't waste it." It isn't as as easy as that. Most people lack proper financial education. That's why most lottery winners go broke quickly. They don't know how to handle money properly. I read "Rich Dad, Poor Dad" and I realized that it's true.

Iverson had more than $150 million but I can only think that they were not invested in business, stocks, bonds, real estate and other types of investment. At some point his expenses far exceeded his earnings and it went downhill from there. Inflation and taxes also took a huge hit on his earnings.

[Burgz V2]

he didnt waste all his money away. he has millions in a bank account that he can't touch until a certain age. I remember reading that one of his close friends did that so that all his entourage wouldnt blow his money away.

As for the debt, well, if it keeps going like this, what he does have saved up will be snatched

[Sumter15]

To be fair, the fact that he had so much money to blow may have lulled him into a false sense of security with his finances. "Oh, million dollar car? I'll buy 20. I still have 130 million dollars." "30 million dollar house? Sure. I still have 100 million dollars." And so on and so forth. Hopefully now, since his entourage probably wants nothing to do with him until he's rich again, he won't blow so much of his leftover money.

[andremiller07]

Slightly off topic but why do people even buy jewelry its like the most pointless thing in the world, if you blow your money on a house or car you own forever and actually have some use thats fine but jewels?

I hear all these people I know buying there partners like 5k+ rings and stuff I just think to myself what idiots and what a waste of money, its a rock that someone decided a long time ago would be worth something. The obbession with jewelry is hilarious I seriously can't think of a bigger waste of money, they are better off spending it on stripers/hookers tbh.

[brantonli]

The reason why some posters (including me) are saying Iverson's finances are fine is because of this:

He is far from insolvent, at least in the real world, if not in harmony with his "nothing in moderation'' lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever's there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

If at all possible, Iverson will issue a restraining order against himself until he's 62 or so. At that time, I'm told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.

http://sports.yahoo.com/blogs/nba-ba...231239875.html

Now, to be fair, the quoted paragraph does come from the New York Post, but Slam and Yahoo sports reported it anyway, so hopefully it is fairly trustworthy.

IMO the real reason why he seems 'broke' is because he often bumps against his yearly limit, and thankfully doesn't have the financial savvy to borrow against that account or sell off the rights.

[ballup]

So he joins the Antoine Walker club.

[kurple]

AI have lived like a PIMP for 15 years now

there is no shame in joining the rest of us. At least he got the huge taste of the sweet life. Unlike EVERYONE of us

[kurple]

i would give my kidney to live like AI for 15 years

[secund2nun]

yeah. i guess that's why you have a million dollars.

Stupid logic.

But anyways there is no excuse to waste 150 million. AI is an idiot.

[JohnnySic]

Nothing says "idiot" like having an entourage (i.e. parasites).

Why cant I hang with one of these rich dudes that's loose with their money?

[kurple]

Stupid logic.

But anyways there is no excuse to waste 150 million. AI is an idiot.

why? it's not like he's dead. and he still have more money than you

it's just money. he wanted to live like a baller, but everyone knows you cant do that all your life.

i'm sure he had people close to him that said he should take better care of his money. but he aint bout dat life

[9512]

ESPN's 30-for-30 "Broke" provides a really good look at the athlete-money situation.

I have been looking for this documentary forever. i am waiting for it on youtube.

[9512]

why? it's not like he's dead. and he still have more money than you

it's just money. he wanted to live like a baller, but everyone knows you cant do that all your life.

i'm sure he had people close to him that said he should take better care of his money. but he aint bout dat life

There was a part in the article that said he didn't even have money for a cheeseburger after turning his pockets inside out.

[kurple]

There was a part in the article that said he didn't even have money for a cheeseburger after turning his pockets inside out.

that's BS. he would play in europe or china if he was in that deep shit. and he wouldnt wear chains worth 20k

hell someone in norway would offer him 500k a year to play here.

[9512]

he didnt waste all his money away. he has millions in a bank account that he can't touch until a certain age. I remember reading that one of his close friends did that so that all his entourage wouldnt blow his money away.

As for the debt, well, if it keeps going like this, what he does have saved up will be snatched

But is there a clause that said that the close friend gets 5%? (I'm serious)