shared from Bossip |
Allen Iverson went from globally-adored NBA icon to broke, divorced, exiled sports tragedy struggling to afford a McDouble. Known as the face of a generation, A.I. earned over $200 million during his 15-year NBA career and blew it all. Seems impossible, but that’s what made the 11-time All-Star shine on the court—him doing exactly that.
Here are seven reasons why Allen Iverson went broke. Take a look.
He traveled everywhere with a 50-person entourage and showered “friends”/family with extravagant gifts, houses, cars and boats they’ll never use. Every day, he woke up, hungover, in a new Bugatti, Bentley or Maybach and blew millions on jewelry and lavish mansions.
His monthly expenses AFTER declaring for Bankruptcy? $10,000/month on clothes. $10,000/month on groceries. $10,000/month on entertainment/dining out. $1,000/month on dry cleaning.
Terrible Asset Management + Financial Illiteracy
The best pound-for-pound NBA player, maybe ever, signed a six-year max contract worth $70.9 million in 1999 along with a $50 million lifetime endorsement deal with Reebok. In ’09, he earned $20 million just to skip practices and party in Atlanta while “injured” after being traded from Denver to Detroit.
Too Rich, Too Fast
He literally started from the bottom in Hampton, Va and rose to superstardom. For years, he was the NBA’s most popular player with a top-selling jersey and no idea how to manage millions.
He blew over $1 million in a single evening of gambling in Atlantic City on several occasions until he was banned due to unpaid debts. After years of reckless gambling while wasted, he spiraled into a $150 million hole.