Genius:

Allen Iverson is reportedly broke. Although he is well known for his nickname “The Answer”, after playing more than 14 seasons in the NBA, he doesn’t seem to have an adequate explanation for his ongoing financial woes.

The reports of Iverson’s troubles may strike fans as odd, especially since Iverson earned more than $154 million in salary during his NBA career — reaching $20 million in 2008-09 alone, according to Inside Hoops. Additionally, he had a $50 million endorsement contract with Reebok.

Though Iverson has not officially declared bankruptcy, his attempts at a basketball comeback suggest that he has bills to pay. Iverson recently played on squads in Turkey and in Puerto Rico. Additionally, a Georgia judge recently garnished Iverson’s salary in order to pay his nearly $900,000 in jewelry bills from Aydin and Company Jewelers.

According to Forbes magazine, a former Philadelphia 76ers teammate of Iverson’s admitted that the star point guard would refuse to carry baggage on road trips, buying a full selection of new clothes, shoes, and other expensive items at each and every new destination. He would then leave all of those goods behind in his hotel room or just give them away.

Iverson’s recklessness in money management is not uncommon among professional athletes. Derrick Coleman, Sheryl Swoopes, and Mike Tyson are just a few of the high-profile stars to publicly fall on hard times financially.

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

http://thegrio.com/2012/02/23/allen-iverson-is-reportedly-broke-after-earning-over-200-million/

His earrings are worth more than my yearly salary

Graycap23 said:

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

WOW that is the real story here. These guys need to realize that the money they make has to last a LIFETIME! They won't get 10 mil a year forever! That's why I say, yes, maybe they are overpaid, but their career is so limited.

I make nothing, but I am 40 and making more than I ever have, and hope that trend continues for another 25 years.

What is the NBA teaching its players?!

NDRU said:

Graycap23 said:

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

WOW that is the real story here. These guys need to realize that the money they make has to last a LIFETIME! They won't get 10 mil a year forever! That's why I say, yes, maybe they are overpaid, but their career is so limited.

I make nothing, but I am 40 and making more than I ever have, and hope that trend continues for another 25 years.

What is the NBA teaching its players?!

Nothing - and frankly, it isn't their responsibility to teach them. My boss doesn't give money management classes.

Let's face it - a lot of these young guys come from situations where their families had nothing. Nobody knows how to manage money, because nobody has any money. If you got it, you spend it.

It's sad - but not surprising.

NDRU said:

Graycap23 said:

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

WOW that is the real story here. These guys need to realize that the money they make has to last a LIFETIME! They won't get 10 mil a year forever! That's why I say, yes, maybe they are overpaid, but their career is so limited.

I make nothing, but I am 40 and making more than I ever have, and hope that trend continues for another 25 years.

What is the NBA teaching its players?!

They actually have a comprehensive program for young players.

They just tend NOT 2 listen.

My dad was a very high-powered banker. He always said there were two groups of people you NEVER lend money to:

Athletes and entertainers.

Let me tell you, that was great advice.

RodeoSchro said:

My dad was a very high-powered banker. He always said there were two groups of people you NEVER lend money to:

Athletes and entertainers.

Let me tell you, that was great advice.

Yep.

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

no news there. most have little or no experience with money or good advisors. they run thru money like water and want to keep livin like they have 20 million still coming in every year.

damn shame tho.

No surprise...

Genesia said:

NDRU said:

WOW that is the real story here. These guys need to realize that the money they make has to last a LIFETIME! They won't get 10 mil a year forever! That's why I say, yes, maybe they are overpaid, but their career is so limited.

I make nothing, but I am 40 and making more than I ever have, and hope that trend continues for another 25 years.

What is the NBA teaching its players?!

Nothing - and frankly, it isn't their responsibility to teach them. My boss doesn't give money management classes.

Let's face it - a lot of these young guys come from situations where their families had nothing. Nobody knows how to manage money, because nobody has any money. If you got it, you spend it.

It's sad - but not surprising.

You are right, but my job does at least offer to let us meet with the 401k (403b in my case) people that help you plan your retirement.

Maybe they don't owen the players anything, but IMO they should offer programs to 18 year old millionaires that teach them something about money. Probably Graycap is right, though, and the NBA does offer such resources, and most players just don't take advantage of the oppportunity of a lifetime. Sad!

umm umm umm

Haven't we heard this before about him?

oh well. back to the basics for him, i guess, least he's still healthy (looks healthy) and he had a heck of a ride!

[Edited 9/17/12 16:31pm]

Graycap23 said:

According to Forbes magazine, a former Philadelphia 76ers teammate of Iverson’s admitted that the star point guard would refuse to carry baggage on road trips, buying a full selection of new clothes, shoes, and other expensive items at each and every new destination. He would then leave all of those goods behind in his hotel room or just give them away.

Yeah, no wonder he's broke. Is that really necessary? I hope he has enough money for his burial, when that time comes.

Well, Mr. Iverson can always fall back on the great education he received.

Ahhh, fuck them all. They don't know how to handle loot, that's on them.

Graycap23 said:

Genius:

by Ashley Michelle Williams | February 23, 2012 at 3:01 PM

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Allen Iverson is reportedly broke. Although he is well known for his nickname “The Answer”, after playing more than 14 seasons in the NBA, he doesn’t seem to have an adequate explanation for his ongoing financial woes.

The reports of Iverson’s troubles may strike fans as odd, especially since Iverson earned more than $154 million in salary during his NBA career — reaching $20 million in 2008-09 alone, according to Inside Hoops. Additionally, he had a $50 million endorsement contract with Reebok.

Though Iverson has not officially declared bankruptcy, his attempts at a basketball comeback suggest that he has bills to pay. Iverson recently played on squads in Turkey and in Puerto Rico. Additionally, a Georgia judge recently garnished Iverson’s salary in order to pay his nearly $900,000 in jewelry bills from Aydin and Company Jewelers.

According to Forbes magazine, a former Philadelphia 76ers teammate of Iverson’s admitted that the star point guard would refuse to carry baggage on road trips, buying a full selection of new clothes, shoes, and other expensive items at each and every new destination. He would then leave all of those goods behind in his hotel room or just give them away.

Iverson’s recklessness in money management is not uncommon among professional athletes. Derrick Coleman, Sheryl Swoopes, and Mike Tyson are just a few of the high-profile stars to publicly fall on hard times financially.

According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.

http://thegrio.com/2012/02/23/allen-iverson-is-reportedly-broke-after-earning-over-200-million/

Damn AI say it ain't so.