Allen Iverniger broke?

Ballbuster1

In The Danger Zone...
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#1
This made me lol :

At one time, there was no more famous nor more sought-after basketball player than Allen Iverson. Dubbed "The Answer" to a Michael Jordan-less NBA, Iverson scored numerous record-setting deals and endorsements.
In NBA salary alone, he earned about $154 million, according to basketball-reference.com.
Now, a judge in Georgia has ordered Iverson to pay the $860,000 he apparently owes a jeweler, The Philadelphia Inquirer reports. The problem is, he didn't have the cash to pay the jeweler, so the judge has ordered his bank accounts commandeered and his earnings garnished.
Rumors about Iverson's insolvency began as far back as 2010, when an Inquirer reporter visited the guard in Turkey, where he was apparently playing on a two-year $4 million contract for a non-elite team.
"The 76ers' former all-everything guard is broke - by all accounts except his own - and playing here in Istanbul for a number of reasons, none of which is to become an ambassador for Turkey's solid, but often overlooked, professional league," wrote reporter Kate Fagan in November, 2010.
Iverson's financial woes are rather common among former big-earning NBA players. The NBA Players' Association reportedly reminds its rookies every year that 60 percent of NBA players go broke five years after their last basketball-related paycheck, reports the Toronto Register.

Scottie Pippen, Antoine Walker, Kenny Anderson, and Derrick Coleman are just a few of the bigger names to have had major financial woes after leaving the NBA, according to Yahoo Sports. Even the great Julius "Dr. J" Erving reportedly has struggled with money in his post-basketball life.
Iverson fame went well beyond having the most devastating crossover dribble in NBA history, and he spent money like the superstar he was. He was known for having an entourage as big as 50 people. He helped popularize in the NBA the hip hop fashion sense of neck tattoos and absurdly large diamond jewelry. He traveled with a hair stylist, and spent lavishly on everyone around him.
Now, The Answer may be headed to play basketball in anywhere from Puerto Rico to the Philippines to Iran in order to pay his bills.

They just never learn. :haha7:
 

Neckbeard

I'm Team Piggy!
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Oct 26, 2011
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#2
Well, what did you expect? He was the walking, talking definition of N Person Rich when he was still NBA royalty.

Still, 154 MILLION DOLLARS and he's broke. goddamn.
 

Stormrider666

Hell is home.
Mar 19, 2005
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#5
That just fucking amazes me. How the fuck do you blow it all?

I'd be set for life and so would my kids and grandkids.
Word around the campfire is that Iverson had a gambling problem. But I can guarantee he tried to take care of everybody thinking it was the right thing to do.

My advice to any person who comes from a shitty background and makes it big is to move your immediate family from the ghetto and only return when you're doing charity work there.
 

domelogic

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Feb 16, 2005
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#6
Well, what did you expect? He was the walking, talking definition of N Person Rich when he was still NBA royalty.

Still, 154 MILLION DOLLARS and he's broke. goddamn.

It was a little more than that considering that number didnt take into account his earnings outside the nba salary. Couldnt happen to a better person, right T.O. Dumb fucks will always be dumbfucks
 

ughh

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Nov 14, 2010
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#7
My advice to any person who comes from a shitty background and makes it big is to move your immediate family from the ghetto and only return when you're doing charity work there.

------------------

That is always what does happens, they always buy their momma a big mansion in the nice part of town. Then they get stuck paying crazy property taxes till the end of time. Then they of course have to buy momma a nice car to get to her nice mansion and a staff to take care of momma's mansion since you aren't going to have your dear sweet ma take care of an 11 bedroom mansion by herself.

Shit like that starts to get expensive real fast.
 

Creasy Bear

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#8
It's the hangers-on... the entourage... their fambly... their "peeps". That's how these fools get bled dry. Moms, grandmoms, aunties and uncles, second cuzins on my stepsister's first and forf baby daddy side of da fambly... they all come out of the woodwork when they smell big cash on a nig... and they don't leave until the well runs dry.

Dave Ramsey.

Dave has been saving the bacon of many a Tennessee Titan. He's based out of Tennessee and he's a huge Titans fan. He's been working with the players and offering them money management advice and services... and, so far, none of the players who have taken him up on his offer have gone the typical NpersonFL player route of cash to trash in a few short years.
 
Jan 25, 2006
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#9
LOL at an Indoor Soccer Team is offering him $20,000 for 2 games. and $5,000 per goal.

And people are talking about how he "should" and "needs" to do it? Really, you need $40,000 that bad AI? Very sad
 
Jan 25, 2006
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#11
2 games...
I can see if it were a whole season maybe, but you're going to fly to wherever this is and play 2 games?
England?
 

VMS

Victim of high standards and low personal skills.
Apr 26, 2006
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#12
Word around the campfire is that Iverson had a gambling problem. But I can guarantee he tried to take care of everybody thinking it was the right thing to do.

My advice to any person who comes from a shitty background and makes it big is to move your immediate family from the ghetto and only return when you're doing charity work there.
Pretty much this.

That is always what does happens, they always buy their momma a big mansion in the nice part of town. Then they get stuck paying crazy property taxes till the end of time. Then they of course have to buy momma a nice car to get to her nice mansion and a staff to take care of momma's mansion since you aren't going to have your dear sweet ma take care of an 11 bedroom mansion by herself.

Shit like that starts to get expensive real fast.
1.) Learn how to use the "reply with quote" function. It's really not that hard.

2.) No, not really. I mean, if you're a "normal" pro athlete, then yes this will break you. Most guys who make it to the pros only play for a couple of years (whatever sport) and maybe make a couple of million if they're lucky before they're cut. There are a lot more guys who were the 40-53rd man on an NFL roster or the 8th-12th player on an NBA roster than there are starters in those sports, just because the guys at the bottom of the rosters are rotated in and out so much. Those guys shouldn't be doing anything with their money except putting it away and spending every minute they can trying to make friends with rich fans/owners and trying to get a job in the real world. Stormrider said "makes it big" not "spends a couple of years as a minimum salary guy".

Making it big is if you're a superstar player like Iverson was. It takes fucking effort to destroy your life like this if you've made it big. Iverson had an incident where he parked his Rolls Royce in the handicapped parking of the Philly airports for months while he was out of town. The reason why he didn't leave it at his Philly area mansion? He didn't trust his entourage to not fuck it up while he was gone.

Just a hint: if you have friends that you can't trust around your kid/your home/your life savings in cash, they're not your friends. And you need to find real friends.

The entourage is what gets these guys into trouble.

Buying your mom a house if you make it big (ie- you can fucking afford it) isn't stupid: it's being a good son/daughter. You don't have to buy the biggest house in the world, you don't have to staff it with maids and butlers, and you don't have to buy her a fucking Bentley. Buy her a nice McMansion in a nice suburb (where the mil rates are usually lower than in bad neighborhoods, though the total property tax is higher due to higher property values), a nice Lexus SUV to blend in with the other yuppies in her neighborhood, and let her be happy. Iverson could have set his mom up like that for easily under $2 million (obviously a lot of variability on this), even counting a hefty interest-bearing fund to pay for the property taxes. That's not much of a dent in ~$150 million.

Stormrider is right: if you make it big, get your immediate family the fuck out of dodge. Use your big money to set up a safe, smart, LEGAL (hey to Michael Vick...) business back in the old neighborhood, give your old friends REAL jobs working for that business, and make some money for yourself while doing good for the old neighborhood. Magic Johnson made crazy money on movie theaters, did well for the people who worked for him: do THAT with your fucking money and fame instead of just spending what you make. When you have that kind of money, your money can make money for you. Just stop paying tens of thousands in parking fines because you can't trust your crew to not fuck up your Rolls.
 

Neckbeard

I'm Team Piggy!
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#13
I think you offered good advice for somebody who makes it rich, but the absolute last thing I'm telling some dumb jig to do is to start investing in "businesses."

Fuck that. Get some silver and gold, some safe bonds and mutual funds and stock indices and blue chip stocks.

Wu Tang Financials that shit. DIVERSIFY YO BONDZ NIGGA!

All of these athletes with double digit IQ get bamboozled by slick talking conmen with "surefire business opportunities."

I bet Iverson has a ton of "surefire business opportunities" that were multi-million dollar schemes that he lost everything on.
 

Creasy Bear

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#14
Use your big money to set up a safe, smart, LEGAL (hey to Michael Vick...) business back in the old neighborhood, give your old friends REAL jobs working for that business, and make some money for yourself while doing good for the old neighborhood. Magic Johnson made crazy money on movie theaters, did well for the people who worked for him: do THAT with your fucking money and fame instead of just spending what you make.
Yep... Magic Johnson's movie theatre peeps did real well for themselves. Matter of fact... they made out like bandits.

http://articles.latimes.com/2000/apr/19/local/me-21280

9th Magic Johnson Theater Worker Convicted of Theft

BALDWIN HILLS — Nine former employees of the Magic Johnson Theater have been convicted of stealing an estimated $144,000 in illegal ticket sales during a one-year period, prosecutors said Tuesday.
 

d0uche_n0zzle

**Negative_Creep**
Sep 15, 2004
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#15
That boy should have diversified in co-fucking-caine, marijuana, and Heroin. If he did, he'd still still be rollin' in dough.
 

DJ Evel Ed

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Nov 30, 2003
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#17
I heard he hated travelling with luggage. His "answer" was to buy new expensive clothes everytime he went to play somewhere. Instead of taking the clothes with him, he would leave them behind, donate them, give them away.

My knew some guys in a famous band (Limp Bizkit) who would come off stage and throw away their socks and just buy new ones. But that was just socks. Iverson did this with his entire expensive wardrobe. Every road game! IDIOT!
 

Jim's HIV

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#18
Looks like he did talk to a financial adviser early in his career:

http://aol.sportingnews.com/nba/sto...d=maing-grid7|main5|dl2|sec3_lnk3&pLid=140258

Former NBA star Allen Iverson, who had a Georgia judge seize his bank account to pay out a nearly-$900,000 jewelry debt, may not be broke after all.

Though Iverson's insolvency was assumed by many when that news broke last month, the New York Post's Peter Vecsey, through "a person with a firm grip on the situation" reports that Iverson has an account worth $32 million that he cannot access until he turns 55 years old that feeds him $1 million annually.