Allen Iverson is BROKE despite making more than $150 million

So how many brain cells do you think it takes to throw a ball into a basket?

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.

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.

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.

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.

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.

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.

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.

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.