How to make $154 million and go broke: By Allen Iverson

[puckluck]

http://www.thepostgame.com/blog/dish...financial-woes

Allen Iverson has reportedly gone from 11-time NBA all-star to financial deadbeat. The Philadelphia 76ers icon was recently ordered to pay over $860,000 to a jeweler, and he couldn't cut a check.
A Georgia judge has ordered the seizing of Iverson's bank account, so the relatively little money he has left will be garnished, reports the Philadelphia Inquirer.
This isn't just another formerly famous athlete blowing a ton of cash. Iverson was among the biggest superstars in the NBA, earning more than $154 million during a professional career that began back in 1996. (This doesn't include endorsement money and other business deals.)

How does someone make so much money and go broke at such a young age? Kind of sad to see, but damn he's stupid.

I guess he should have practiced saving up his money.

[Hockeyguy15]

Originally Posted by puckluck

http://www.thepostgame.com/blog/dish...financial-woes



How does someone make so much money and go broke at such a young age? Kind of sad to see, but damn he's stupid.

I guess he should have practiced saving up his money.

Practice? We talkin bout practice?

[burn_this_city]

Hard to feel sorry for him.

[JMN]

That's what happens when you have an entourage of around 50 people. Ridiculous.

[nik-]

I always find these stories interesting. Not because these athletes lose their money, but for the reaction of people mocking them or judging them when they have no perspective on the situation.

Under-educated guys go from having no money to incredible amounts of money (which is always half of the number they list) and can't handle it properly, not quite shocking. I think if most of us were groomed the same way, a lot of us would have these problems too.

[BBQorMILDEW]

You can take the kid out of the ghetto......

[Hockeyguy15]

I would like to thank Allen for making me feel better about my life today...Way to go Allen!

[Hilch]

Not that it makes it any better because he would still be in the $60-70,000,000 range but taxes probably took 45% of it while his agent took another 10-20%.

I'm sure there are more costs to being a professional athlete but he still made more than enough that he shouldn't be broke.

[Phanuthier]

Not exactly shocking

[pylon]

I have read that something like 65% of NBA players file for bankruptcy within 3 years of retirement. Staggering numbers.

I think a big part of it, is so many of these players come from such poor backgrounds, they are like a kid in a candy store when they land the contract. Plus a huge part of black culture is the bling. All that matters to so many of these guys is Bentleys and Jewellery. It is the mark of success in the thug/gangster culture.

[Reaper]

Wow, I feel sorry for him but not beyond this sentence as I would never see that amount of money in ten lifetimes.

[Travis Munroe]

How much is he making over in europe? or is that over with? Remember seeing the mob footage of him showing up at the airport and how much they loved him??

[Phanuthier]

Adding to pylon's stat, some large % of people who win the lottery file for bankruptcy within 1 year.

A lot of my classmates who I graduated from university with, don't have that much larger (if even) of a bank account as they did in school.... despite the fact they're getting paid now, and most are engineers.

Really goes to show, at a certain point (not 100k, ftr) money doesn't matter..... you'll probably find some stupid way of blowing it.

[Lobotroth]

Cocaine's a hell of a drug!

The Answer was never exactly the sharpest knife in the drawer.

[valo403]

Originally Posted by pylon

I have read that something like 65% of NBA players file for bankruptcy within 3 years of retirement. Staggering numbers.

I think a big part of it, is so many of these players come from such poor backgrounds, they are like a kid in a candy store when they land the contract. Plus a huge part of black culture is the bling. All that matters to so many of these guys is Bentleys and Jewellery. It is the mark of success in the thug/gangster culture.

And of course all black NBA players are thugs and gangsters

There are definitely a few guys like that, but they're a minority. Coming from a poor background doesn't equal thug/gangster.

[Diverce]

Originally Posted by nik-

I always find these stories interesting. Not because these athletes lose their money, but for the reaction of people mocking them or judging them when they have no perspective on the situation.

Under-educated guys go from having no money to incredible amounts of money (which is always half of the number they list) and can't handle it properly, not quite shocking. I think if most of us were groomed the same way, a lot of us would have these problems too.

The NBA has things in place for new players that educate them on how to deal with the press, how to conduct yourself in a professional manner, and also how to invest and save for the future. Although it's not mandatory to attend. Thinking that it should be.

[Locke]

I also have a hard time feeling sorry for these people. Quite frankly, its irresponsible.

Hes cutting a cheque to a jeweller for the better part of a million bucks. Guess what? You dont need jewelery, so when you're broke, its one of those things you dont have to buy.

Further, I understand an issue with athletes is that many do come from very poor backgrounds and then are vaulted into the arena of the insanely rich, I get that. I also understand that that would also mean they likely dont know how to handle that kind of money. I even get that between taxes and agent fees they dont actually earn what their salary is reported as.

The thing is though, you can pay people to responsibly care for your money. This service exists, so people like me, who make a very small fraction of what Iverson earns, can still manage to have more in the end.

And while this service costs money, its also a great way of making sure you dont go bust, so take a little less now to make sure you dont go broke in the long run.

[puckluck]

I'm kinda curious to what people mean by "under-educated"? don't most NBA players have at least a High School education? They aren't any less educated than NHL players yet you hear the "under-educated" tag thrown around NBA players.

You don't have to be a Harvard grad to know how to not blow $154 million dollars.

FTR Iverson did go to University.

[valo403]

Originally Posted by puckluck

I'm kinda curious to what people mean by "under-educated"? don't most NBA players have at least a High School education? They aren't any less educated than NHL players yet you hear the "under-educated" tag thrown around NBA players.

You don't have to be a Harvard grad to know how to not blow $154 million dollars.

FTR Iverson did go to University.

Iverson has a particularly unique past. He went to a typical high school in a poor area of Virginia, but spent his senior year at a high school for troubled teens after being railroaded on assault charges that were later dismissed. He did go to Georgetown, but he didn't graduate and it's always questionable how much 'education' guys who are off to the pros actually take in.

Something to keep in mind is that going to a public high school in certain parts of the US is not exactly going to give you what we would consider a quality education.

[something]

Originally Posted by nik-

I always find these stories interesting. Not because these athletes lose their money, but for the reaction of people mocking them or judging them when they have no perspective on the situation.

Under-educated guys go from having no money to incredible amounts of money (which is always half of the number they list) and can't handle it properly, not quite shocking. I think if most of us were groomed the same way, a lot of us would have these problems too.

To be fair, he had 154 million chances to figure it out.

Under-educated or not, he could have afforded both a financial advisor or a personal accountant and some vague sense of financial responsibility.