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

[Drake]

From March 2010.

Allen Iverson is in trouble, folks, deep trouble. The combination of alcohol and gambling - and a once-promising career in tatters because of the first two - won't culminate in anything short of disaster if help does not arrive in short order.

If numerous NBA sources are telling the truth - and there's no reason to believe they'd do otherwise in a situation of this magnitude - Iverson will either drink himself into oblivion or gamble his life away.

http://articles.philly.com/2010-03-0...rson-pat-croce

[Bertuzzied]

Step one to recovery.

Shave those terrible dreadlocks or whatever those things were on his head. Maybe people would take him seriously outside of basketball.

[Bill Bumface]

Originally Posted by something

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.

There are a whole bunch of "financial advisors" that make a living by preying on these guys. I'm sure he gave a ton of his money to someone he thought would manage it for him, and oops, it's gone.

[pylon]

Originally Posted by DementedReality

yup, you can live a very cheap, simple and frugal lifestyle on 250k per year. especially if you dont need to account for retirement or taxes from that 250k.

bring on the frugal life for me. please?

In comparison to what they are making obviously.

I know if I was pulling down 5 million a year or whatever, I wouldn't have that discipline.

[DementedReality]

Originally Posted by pylon

In comparison to what they are making obviously.

I know if I was pulling down 5 million a year or whatever, I wouldn't have that discipline.

fair enough, i knew what you meant... just playing on the words frugal and cheap and 250,000 a year

[CaramonLS]

Originally Posted by puckluck

Exactly. There is not just one type of "smart", some of the richest people I know don't have a grade 6 education and are doing quite well for themselves handling a lot of money.

1) You know more than one person who didn't attend school past the age of 12?

2) They are some of the richest people you know?

[puckluck]

Originally Posted by CaramonLS

1) You know more than one person who didn't attend school past the age of 12?

2) They are some of the richest people you know?

Yes and yes. Do you think everyone was born and raised in a place where going to a school was a priority?

[DuffMan]

and in other news...Terrell Owens is broke after earning 80 million.

Here's a small thing from his story.

The rest has turned out as it too often does for professional athletes. “If the public understood that 78% of athletes two years out of the game are either bankrupt, divorced or unemployed, they would have a much graver understanding of how difficult this lifestyle is,” Bob LaMonte, an educator, member of the board at New York University, and a player agent for more than three decades, told Sun Media in a recent series on the darker side of fame

http://www.torontosun.com/2012/02/09...-and-desperate

[Regulator75]

His arm warmers must of been expensive.

[Hilch]

Originally Posted by valo403

You're right, hockey certainly isn't big business in Canada

Ya hockey is right up there in terms of dollars when compared to basketball and football in the states. Think about it!

It would probably look something like this in terms of dollars brought in.

Football
.
.
.
Baseball
.
Basketball
.
.
.
.
.
.
.
.
.
.
Hockey

[valo403]

Originally Posted by Hilch

Ya hockey is right up there in terms of dollars when compared to basketball and football in the states. Think about it!

It would probably look something like this in terms of dollars brought in.

Football
.
.
.
Baseball
.
Basketball
.
.
.
.
.
.
.
.
.
.
Hockey

Who said anything about relative dollars? You certainly didn't, nor did I. You made a claim that this wouldn't happen in the CHL because hockey isn't big business, when the fact is that it's a damn big business.

[troutman]

Do agents and players unions have any responsibility to help athletes invest wisely, and prepare for life after sports?

[Hilch]

Originally Posted by valo403

Who said anything about relative dollars? You certainly didn't, nor did I. You made a claim that this wouldn't happen in the CHL because hockey isn't big business, when the fact is that it's a damn big business.

I compare them for basically the whole post. Maybe I wasn't clear enough for you in my post but what I meant was the CHL doesn't even come close to dollar amounts, the way the players are treated, and the emphasise
on the sport > education. CHL might be a big business, but football/basketball is a much bigger business in the states.

I would bet football, baseball and basketball programs would laugh at the money the CHL brings in.

[valo403]

Originally Posted by Hilch

I compare them for basically the whole post. Maybe I wasn't clear enough for you in my post but what I meant was the CHL doesn't even come close to dollar amounts, the way the players are treated, and the emphasise
on the sport > education. CHL might be a big business, but football/basketball is a much bigger business in the states.

I would bet football, baseball and basketball programs would laugh at the money the CHL brings in.

And that equals more emphasis on education how? You have done nothing to argue a connection.

Of the 4 sports there guess which will allow you to play professionally without ever setting foot in a college classroom?

Hint: Hockey isn't one of them

[pylon]

Originally Posted by Hilch

Ya hockey is right up there in terms of dollars when compared to basketball and football in the states. Think about it!

It would probably look something like this in terms of dollars brought in.

Football
.
.
.
Baseball
.
Basketball
.
.
.
.
.
.
.
.
.
.
Hockey

AVG salary by league:

1. NBA - $5.15 million
2. MLB - $3.31 million
3. NHL - $2.4 million
4. NFL - $1.9 million

NHLers, are not as far off as you think. There is a lot more income parity on the NHL however. Plus unlike the NFL contracts are guaranteed.

SOURCE: http://ca.sports.yahoo.com/nba/news?slug=ycn-10423863

[kirant]

Originally Posted by pylon

AVG salary by league:

1. NBA - $5.15 million
2. MLB - $3.31 million
3. NHL - $2.4 million
4. NFL - $1.9 million

NHLers, are not as far off as you think. There is a lot more income parity on the NHL however. Plus unlike the NFL contracts are guaranteed.

SOURCE: http://ca.sports.yahoo.com/nba/news?slug=ycn-10423863

I think the biggest part may be the difference in star treatment...some MLB and NBA star contracts are through the roof compared to the NHL.

[pylon]

Originally Posted by kirant

I think the biggest part may be the difference in star treatment...some MLB and NBA star contracts are through the roof compared to the NHL.

Yep, MLB has three 1/4 BILLION dollar contracts on the books now I believe.

Edit:

Almost, but Prince Fielder ruins the stat:

1. Alex Rodriguez Yankees 2008 10 years, $275 million
2. Albert Pujols Angels 2012 10 years, $254 million
3. Prince Fielder Tigers 2012 9 years, $214 million

[ken0042]

“If the public understood that 78% of athletes two years out of the game are either bankrupt, divorced or unemployed, they would have a much graver understanding of how difficult this lifestyle is,”

That quote from the Toronto Sun bugs me in a couple of ways. Are we supposed to feel sympathy for the players? Does that mean they don't earn enough? More than anything though, why are the respective PAs not doing anything for their members? We hear about a PA complaining that players might have increased travel if a league is re-aligned; when the extra 20 hours per year spent in a private plane seems to pale in comparison to spending decades after sports being broke.

[Hilch]

Originally Posted by valo403

And that equals more emphasis on education how? You have done nothing to argue a connection.

Of the 4 sports there guess which will allow you to play professionally without ever setting foot in a college classroom?

Hint: Hockey isn't one of them

Ahhhh okay so because in hockey you don't have to go to college you are less educated? But that guy who goes 1 and done in basketball while taking basket weeving is more educated? I'm not sure what stepping into a college has to do with anything unless you are blind to how things work in sports while in college.

But then again I'm not even talking about college, I'm talking about the 15-18 year olds in high school and how athletes are treated educational wise. I had a friend move to the states to play baseball, went to high school there, and because he was one of the better players they never gave him homework, they would walk him through the tests (basically cheating) just to make sure he could pass and play. Do you think that improved education or hurt him long run?

Where another friend who played in the CHL had very strict rules on his school work, curfews, etc. and it seemed important to the team that he did well because not every kid will make the NHL, where for other sports in the states all they focus on is trying to win the lottery in getting the big league contract.

Maybe not the biggest of examples but I have heard it over and over, even reported in the news, how better players get recruited and cheat their way through school so they can practive their jump shot or catching a ball. I'm actually suprised this would be news to anyone who follows sports.

[DuffMan]

Does nobody pay attention to what goes on at Blue Mountain State?