Allen Iverson is BROKE despite making more than $150 million

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I remember reading about this awhile back! Go from that much bread to being unable to pay and $800,000 debt for some jewelry? Allen Iverson is BROKE despite making more than $150 million during his career!!.. The bank is now selling Allen Iverson's foreclosed home in Atlanta for $2 Mill.. Not the first time and not the first NBA star who has fallen from grace. I just dont get it, how stupid can you be? That's crazy!
  • Profile picture of the author HeySal
    So how many brain cells do you think it takes to throw a ball into a basket?
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    • Profile picture of the author Tomas Lodén
      Originally Posted by HeySal View Post

      So how many brain cells do you think it takes to throw a ball into a basket?
      Maybe its just bad luck? Lol..
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      • Profile picture of the author Dan Riffle
        Originally Posted by Tomas Lodén View Post

        Maybe its just bad luck? Lol..
        $150,000,000 worth of bad luck? More likely: bad planning and juvenile spending habits. Some people, no matter how much money they earn, will always go broke.
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    • Profile picture of the author thunderbird
      Originally Posted by HeySal View Post

      So how many brain cells do you think it takes to throw a ball into a basket?
      It actually involves a lot of cognitive ability to be able to not just do the moves but work strategically as a team. I actually think it should be included in IQ tests.
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    • Profile picture of the author John Durham
      Originally Posted by HeySal View Post

      So how many brain cells do you think it takes to throw a ball into a basket?
      Lol! Epic. Too bad Im outta thanks!
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      • Profile picture of the author AprilCT
        I've got a problem feeling too sorry for anyone that earned that amount of cash and lost it. I suppose it just isn't logical to me to think that anyone with that amount of money possibly has the time to spend it or give (or fritter) it away. Anyway, I'd love to have it and see what I could to grow the bottom line
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        • Profile picture of the author Kay King
          People can be like leeches when you have money.
          Of course they can - so you have to be smarter than a leech to keep your money. Proving Sal's point about brain cells.
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          • Profile picture of the author thunderbird
            Originally Posted by Kay King View Post

            Of course they can - so you have to be smarter than a leech to keep your money. Proving Sal's point about brain cells.
            If you want to outsmart leeches, you first need to recognize them:
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  • Profile picture of the author Young Financier
    This is a story that repeats itself over and over again. Yet, there are people who insist on believing that if you have a certain amount of money, its impossible to go broke.
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  • Profile picture of the author William Prawira
    Originally Posted by Tomas Lodén View Post

    I remember reading about this awhile back! Go from that much bread to being unable to pay and $800,000 debt for some jewelry? Allen Iverson is BROKE despite making more than $150 million during his career!!.. The bank is now selling Allen Iverson's foreclosed home in Atlanta for $2 Mill.. Not the first time and not the first NBA star who has fallen from grace. I just dont get it, how stupid can you be? That's crazy!

    In my opinion, how much wealth you have is not dependent on how much money you earn . If you spend more money than what you can earn, then you are doomed to be Broke soon or later.
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    • Profile picture of the author Kay King
      You can earn money - but you can't buy class or common sense. This Iverson story happened last year. You have sports figures with no money sense at all suddenly earning buckets of cash....they only thing they known to do is spend it.

      Too bad sports teams don't assign a money manager when they sign up one of these guys for big bucks. When it comes to cash, many of the sports figures don't have the brains God gave a goose.

      How Allen Iverson Managed To Go Broke - Business Insider
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      Saving one dog will not change the world - but the world changes forever for that one dog
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      Please do not 'release balloons' for celebrations. The balloons and trailing ribbons entangle birds and kill wildlife and livestock that think the balloons are food.
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      • Profile picture of the author ThomM
        Originally Posted by Kay King View Post

        You can earn money - but you can't buy class or common sense. This Iverson story happened last year. You have sports figures with no money sense at all suddenly earning buckets of cash....they only thing they known to do is spend it.

        Too bad sports teams don't assign a money manager when they sign up one of these guys for big bucks. When it comes to cash, many of the sports figures don't have the brains God gave a goose.

        How Allen Iverson Managed To Go Broke - Business Insider
        I remember reading recently that when rookies sign with an NFL team that they are given advice on handling their money.
        Like one coach said, you can give they all the advice you want, but it doesn't mean they'll follow it.
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  • Profile picture of the author Josh Monroe
    They get used to living a certain lifestyle, and then when the money stops they continue living their old lifestyle, then eventually the money stops.

    It's the same in most industries, not just sport. I know a semi famous rapper, and it's insane the amount of people that depend on him.

    He pays people's rent, phone bills, grocery bills, buys cars/clothes and tons of other stuff, they literally have "dependants".

    So when your career is over, those dependant are still around, so I'd say it would be pretty easy to spend through your savings.

    In regards to having assigned "money managers" I recently recall watching a documentary about Anthony Davis (NBA rookie) who talked about the league making him attend seminars about money management and so on, so maybe they do provide them with the information now?

    Personally I dont think this sort of thing should be "required". I mean, if you blow millions at the end of the day its your own fault, nobody elses.

    This also reminds me of the story about Delonte West who "went broke" during the lock out and had to apply for a job at home depot.
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  • Profile picture of the author HeySal
    I agree, why should the employer be responsible for forcing their employees to learn money management? With 150 mil that was going fast, you'd think someone could, and would be at least smart enough, to hire their own. If I was working through that much money, I'd sure find a manager - you could have a freaking wild high monthly budget and still make money on what you already have with that much. I just don't feel sorry for anyone with that much money that goes broke.
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  • Profile picture of the author garyv
    I actually feel for this guy. People can be like leeches when you have money. Sometimes it's good to lose it all, because then you can shake off the dead-beats and find out who your real friends are.
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  • Profile picture of the author letsmakeit
    It is widely known that Allen Iverson has an account that his personal manager set up for him years ago that is worth 30 mil. He gets a yearly income of 1.5 million from that until a sertant age (cant remember what it was). He also as a rookie signed a LIFETIME deal with reebok. Which at this present time they are releasing his retro shoe.

    A large part of this information is pubic because he just went thru a divorce with his wife. In court sessions everything became public. He actually was trying to seem broke to hide money from ex wife. Also remember Allen left the nba way to soon and not because of injury. So that lets you know he does not hurt for money. All of this information is public.
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    • Profile picture of the author Young Financier
      Originally Posted by letsmakeit View Post

      It is widely known that Allen Iverson has an account that his personal manager set up for him years ago that is worth 30 mil. He gets a yearly income of 1.5 million from that until a sertant age (cant remember what it was). He also as a rookie signed a LIFETIME deal with reebok. Which at this present time they are releasing his retro shoe.

      A large part of this information is pubic because he just went thru a divorce with his wife. In court sessions everything became public. He actually was trying to seem broke to hide money from ex wife. Also remember Allen left the nba way to soon and not because of injury. So that lets you know he does not hurt for money. All of this information is public.
      This makes a lot of sense also. It's a common tactic used in court proceedings....a person make themselves seem worst off than they really are. All the while, they're stashing away money.
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      • Profile picture of the author Dan Riffle
        Originally Posted by Sean T Alexandre View Post

        This makes a lot of sense also. It's a common tactic used in court proceedings....a person make themselves seem worst off than they really are. All the while, they're stashing away money.
        Which is a really, really good way to wind up in jail. Falsifying information on most, if not all, Federal forms, including bankruptcy forms, is a crime. I would assume, however, that The Answer had enough cash in the coffers to hire an excellent attorney to file his BK.
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        • Profile picture of the author Dennis Gaskill
          Originally Posted by Dan Riffle View Post

          $150,000,000 worth of bad luck? More likely: bad planning and juvenile spending habits. Some people, no matter how much money they earn, will always go broke.
          Yep, and lottery winners prove that theory true every year.

          Originally Posted by garyv View Post

          I actually feel for this guy. People can be like leeches when you have money. Sometimes it's good to lose it all, because then you can shake off the dead-beats and find out who your real friends are.
          And one might assume that can disheartening as well, to learn you don't have near as many "friends" as you thought you did.
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  • His back ground probably urban inner city. I watch American Greed: Scams, Scoundrels and Scandals (later on they added SUCKERS to the title). During the 90's, early 2000 people really lived LARGE. Hence where the slogan LIVING LARGE came from. People thought the BUBBLE would never burst. Many people even non BALLERS lived way beyond their means. Heck if I buy another WSO I'm going into WSO rehab.
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  • Profile picture of the author eniggma
    Its sad cuz Allen Iverson is one of my top 10 all time favorite players man. I watched a great documentary last week on how so many professional athletes go broke within 5 years, especially in the NFL.

    The way they spend is beyond ignorant. Add that along with Blood sucking family members that come out of the woodwork when how much they just signed for goes public, plus taxes taking close to HALF (for those that do pay, many don't and you know how that ends up), and its not at all what you see on the outside.

    What many don't realize too is that they hear how big the contract is and forget that they didnt get all that money up front. They get a pay check through out the season. But once the season is over, for the majority that don't have other biz ventures and endorsements, they have NO INCOME. And they better hope they don't get injured.
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