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

[Regular_John]

Originally Posted by MrMastodonFarm

Why?

I've worked with plenty of guys over the years who have pissed lots of money away, it wasn't up to their employer to tell these guys how to spend (or not) their paycheck, and it's not up to the NBA either.

Yeah being horrible with money certainly isn't limited to millionaire athletes or other celebrities. Hell there are doctors & lawyers (well educated people) making good coin that live paycheque to paycheque.

Obviously hearing that some one blew through $154 million grabs more attention, but he's not the first or last person who couldn't live within their means.

[RougeUnderoos]

Originally Posted by MrMastodonFarm

Why?

I've worked with plenty of guys over the years who have pissed lots of money away, it wasn't up to their employer to tell these guys how to spend (or not) their paycheck, and it's not up to the NBA either.

I hear you, but they are making big investments in guys who are around 20 years old. It's in everyone's best interest to make sure they don't ruin their lives and can focus on playing basketball (or whatever).

ANYWAY, Iverson is ~35 years old, and his mom is 50. I'm guessing that money wasn't something that flowed too freely when he was growing up. He clearly wasn't prepared for this.

I wonder how many of his "hangers-on" are going to help him out now.

One good thing to come out of this is that he was always such an arrogant little jackass, and now I can say "I have more money than Allen Iverson, so screw that guy!".

[Northendzone]

This is just pitiful.....roughly speaking he spent $8 to $9 million per year for 15 years....that is a mind bogling amount to spend - but I guess when you read that he owes his jeweler almost a million it becomes easier to understand.....

As an saide I read last weekend that Terrell Owens also spent his $80 million that he earned.

It becomes even harder to fathom that kind of spend when you think about how much free stuff they likely got during their career.....

Guess if AI would have spent more time practicing instead of shopping.....

[trackercowe]

Hmm, is Pros vs. Joes still on? I assume AI counted on that to make a living after he retired. If that show was cancelled, its no wonder he's broke.

[Rollin22x]

Originally Posted by Northendzone

This is just pitiful.....roughly speaking he spent $8 to $9 million per year for 15 years....that is a mind bogling amount to spend - but I guess when you read that he owes his jeweler almost a million it becomes easier to understand.....

As an saide I read last weekend that Terrell Owens also spent his $80 million that he earned.

It becomes even harder to fathom that kind of spend when you think about how much free stuff they likely got during their career.....

Guess if AI would have spent more time practicing instead of shopping.....

What kind of free stuff? Gatorade? Energy bars? Free access to bars.
I doubt they were given anything of worth. When people know you can afford it, they don't give it away, they up sell you "the lifestyle".

[killer_carlson]

georgetown must be really happy to hear about this.

[afc wimbledon]

Originally Posted by Rollin22x

What kind of free stuff? Gatorade? Energy bars? Free access to bars.
I doubt they were given anything of worth. When people know you can afford it, they don't give it away, they up sell you "the lifestyle".

Cars, clothes, drinks, women, yeaho

[valo403]

Originally Posted by wpgflamesfan

I agree. The obvious exception would be someone that actually takes their school work seriously. I'd love to be able to play football for Stanford or hockey for Princeton/Harvard/Yale etc and be able to walk out of their with a degree.

The thing is these guys aren't the exception, the norm is that guys play 4 (or 5) years and leave with degrees. I know those 'going pro in something other than sports' commercials are cheesy, but they're true.

[T@T]

I understand everything is relative but give me even 50 million tax free and I promiss I will die a rich old man...no excuse for being broke for these guys in my mind.

[WilsonFourTwo]

Originally Posted by T@T

I understand everything is relative but give me even 50 million tax free and I promiss I will die a rich old man...no excuse for being broke for these guys in my mind.

Considering the amount of support offered by Players Associations. I know that the NHL (for example) has mandatory orientations for rookies (and follow up for anyone else) that cover topics ranging from health to sudden wealth.

If I was spoon fed everything needed to succeed in life, given $100+ Million, and went broke, I would deserve to be laughed at.

[Vulcan]

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

The way I look at is the Junior hockey and school are separate and so being an athlete shouldn't have anything to do with your grades. The American system of school scholarships is ripe for scandals and poor education for the athletes. I've read of some American College athletes having trouble being able to read and write and yet they still qualify to play because it's big business.

Canadian universities for years didn't allow athletic scholarships because of the possibility of the conflict of interest. Simon Fraser broke this ban and since than scholarships are now available but the culture hasn't developed like in the States. This is good for our academic standings but Canada has had trouble developing amateur athletes as compared to the American system as well.

[ricosuave]

I've got no sympathy for any of these clowns.

[Sidney Crosby's Hat]

78% of athletes two years out of the game are either bankrupt, divorced or unemployed.

What a useless stat. Being divorced or unemployed has little to do with being bankrupt, especially when a good chunk of athletes who might have saved well probably wouldn't need to get another job and yet they would also be included in that number.

[VO #23]

Originally Posted by wpgflamesfan

I agree. The obvious exception would be someone that actually takes their school work seriously. I'd love to be able to play football for Stanford or hockey for Princeton/Harvard/Yale etc and be able to walk out of their with a degree.

The Ivy League conference schools don't give out athletic scholarships, so the kids on Princeton's hockey team are still on the hook for hefty tuition + living expenses (above any other scholarships they might be able to obtain). In a lot of cases, this just means they have the *opportunity* to attend such an institution, but the bill won't be footed for them.

That being said, there are still some really top-notch US schools that have excellent hockey programs. University of Michigan is probably the best example, and if I were a 16-year old hockey hotshot looking to set myself up for the future if hockey didn't work out, that's where I'd be trying to play.