Allen Iverson, Ex-NBA Star, Reportedly Facing Money Woes In Retirement

SBNation:

After a judge garnished Allen Iverson's bank account to pay a debt, it became clearer that his tragedy is coming full circle. And that's heartbreaking to someone who grew up at the peak of his stardom.

Read the whole story: SBNation

Comments

[mOBX]

11:30 PM on 02/14/2012

Another article stated that Iverson had no idea how his financial mess happened. Really?! Did he not think that spending $350,000 for "bling" (probably many times over) and funding the high life of odd FIFTY people would NOT blow through $154,000,000 pretty fast? $154,000,000 / $350,000 = 400. So that means he only had 400 chances over five years to spend $154,000,000 at the rate of $350,000 a pop. What about cars and planes and houses at that amount? Or how about for all my fifty person entourage? Thats only an odd $600,000 per person per year! Again not hard to do if your spending $350,000 on jewelry. Throw in a Bentley Arnage or a Rolls-Royce or Maybach at $250-500,000 and you just about have that in two shopping trips. $50,000 nights out at a club twice a week can add up pretty quickly too. Over five years it can go really fast at that rate. Are there NO grownups around to look out for this guy or did he just ignore them and think that it would last and last?

[AnnoymousII]

06:39 PM on 02/14/2012

Allen Iverson the NBA superstar like most NBA players end up poor after retirement. Look at Scotte Pippen - the Bulls rescue him by give him a job as Ambassador of Basketball - $900K a year. But many others in the NBA and NFL live like they were the U.S. government with endless cash to burn forever.

[blackjacki2]

09:21 PM on 02/07/2012

And somewhere a casino mogul is lounging on his private yacht courtesy of Iverson's degeneracy.

[vidian6]

04:45 PM on 02/06/2012

What the H_ll is wrong with these people that they run through so much money so fast. The advice they must be taking has to be the worst possible.

[msoverall]

02:49 PM on 02/06/2012

First, they need to stop letting "kids" go into the NBA especially kids who have never been anywhere, done anything or had much of anything without assigning them some kind of mentor or making them take a couple of classes on how to handle money. Second, they need to get some of these guys who do go broke talk to these rookies: If you're going to have sex, practice safe sex a) for your health and b) so you dont' have kids with one night stands and end up paying this woman hundreds of thousands of dollars. Third,if you want to help out your parents, that's fine, but you can't be the bank for your entire family and a posse of "friends", the demands will never end but your money will. He is not prepared for real life, not even a bit. Know when your taxes are due and PAY THEM. WRITE AND SIGN YOUR OWN CHECKS!!! A life lesson learned harshly.

[Sethj8888]

11:39 AM on 02/06/2012

He is one of the most exasperating and enigmatic athletes I know of. That is the only thing for certain about him. Everybody wanted to root for him, even competitors. And he wanted to be one of the greats. And he stayed out of trouble -- legal trouble anyway -- MOST of his pro career.

But there are some people - regardless of race or background -- who get all the chances in the world and are just unable to ever get it together.

[rysagr]

11:03 PM on 02/05/2012

not smart enough to see that paying for a 30 person posse would leave him broke. easy come easy go.

[Trishann]

09:01 PM on 02/05/2012

It's a hard lesson but some people find it hard to let go of the wrong elements from their lives. So often it's the people closest to you and that makes it even more difficult to cut them loose. Lesson for Mr. Iverson = "Everybody with you ain't for you".

[dvglass3]

08:20 PM on 02/05/2012

No problem, Iverson can go back to his days of college and high school and break into cars for radios. Some people just never change.....still a punk and still broke.

[Sethj8888]

11:30 AM on 02/06/2012

Thanks for that. Now go wash your sheets.

[dvglass3]

12:34 PM on 02/06/2012

You are welcome....the rest makes no sense to anybody but you. If you would like to dispute anything I said I will look forward to that....

[dvglass3]

05:04 PM on 02/06/2012

Yes seth I concede that you are most likely a racist.

[alicam]

07:54 PM on 02/05/2012

The moral is Black men should get something in their heads and stop running after a stupid ball.

[Vatrice George]

06:29 AM on 02/15/2012

How many educated people are also broke? People from all backgrounds squander money. People with college degrees are not exempt from financial woes.

[George Picard]

11:13 AM on 02/05/2012

Its to bad this happens to often.

A lot of these kids come from very poor backgrounds, they try to help out family and friends.

They think it will last forever.

I have always thought that it would be great if the players only got 50% of there money and the rest after 40. I know you cant do that.

[mr whiteffolks]

07:50 PM on 02/05/2012

I agree ! I'll also add that in addition to trying to help the assortment of friends and relatives, these athletes are also being duped into investing their money into unsafe businesses by shady figures who they have surrounded themselves with and that's really sad !

It also doesn't help that these guys have very little knowledge about finances ! Making in excess of $100M over a 10-12 year professional sports career should have afforded them the luxury of never having to work the rest of their lives but unfortunately for many that isn't the case !

[cameron d]

10:40 AM on 02/05/2012

How do you make $154 million and not hire an accountant to run your finances for your entire life?

[mr whiteffolks]

07:51 PM on 02/05/2012

Some of these guys do hire accountants and financial consultants but unfortunately, those people are the ones who are looting their money with bogus business dealings etc !

[Trishann]

08:56 PM on 02/05/2012

If you have no knowledge of business, a good accountant can still you blind. How many times do we see entertainers being charged with income tax evasion and all the while thinking the accountant is taking care of them.

[Trishann]

09:03 PM on 02/05/2012

I meant "steal" you blind.

[JacksonHts]

10:29 AM on 02/05/2012

A.I. made $154M in his NBA career. Bob Love, a star of the pre-Jordan Chicago Bulls made a fraction of what A.I. made in his career. When injury ended his career, he was left with no money, and abandoned by his wife. He had a speech impediment. That was a tragedy.

[BillAnthony]

04:54 PM on 02/05/2012

Over the long haul not so much. He went on to get speech therapy, overcame his problem and eventually became the Bulls director of community relations and a well regarded public speaker.

[JacksonHts]

08:29 AM on 02/06/2012

I know that. The point is A.I. is going to have to wake up and go out and get a job like everyone else, just like Bob Love did.

[mr whiteffolks]

07:51 PM on 02/05/2012

True ! Love played in an era when there was no tv or endorsement contracts !

[Jacob007]

10:23 AM on 02/05/2012

I know the people that on unemployment feel for you Allen.

[signgrrl]

04:41 PM on 02/05/2012

i do, actually. when i don't feel like smacking him upside the head, that is. what a waste.

[Sethj8888]

11:46 AM on 02/06/2012

100%. It's hard to remember how, looking back, he was one of the fcalled the "nextIt just goes to show you can have all the God-given athletic talent in the world, but you need to have your mind in the right place.

You need to be able to take direction.

You need to realize basketball is not a one-man game.

You need discipline.

And...yes....you need to PRACTICE.

[tanya11111]

10:22 AM on 02/05/2012

gotta stay away from shiny things... numba one rule... that is what makes some of the current players like kevin durant so appealing... well that and the back pack...

[mr whiteffolks]

07:55 PM on 02/05/2012

When you have never had money and suddenly you get some, you can loose focus ! A good friend of mine played 12 years in the NFL but unlike a lot of guys he was also planning his future after football ended so beginning in his 3rd year in the league, he started investing in Wendy's and Popeye franchises and now he owns something like 10 Wendy's and 5 Popeye franchises ! He made his money work for him ! He also invested in an internet startup that paid dividends for him.

He did a lot of financial studying and he never allowed his financial people to make business dealings without his consent and approval and when he felt something wasn't right, he acted on it unlike most !

[dvglass3]

08:24 PM on 02/05/2012

No...he was "loose" with his money....he lost his focus as a kid and never grew up.

[tanya11111]

09:33 AM on 02/06/2012

That is smart thinking! I would like to think that if I had a ton of money I would invest it it wisely, alas that is a problem I will not likely have.