Why Allen Iverson Went Broke

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.
Financially-reckless
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.
15 years. $200 million. But no savings, trust funds or key investments? Incredible. - See more at:
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
21-year-old face of a franchise from the slums with guaranteed millions? Rarely ends well.
Photo credit: Instagram
Obsessive Gambling
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.
Mortgage Crisis Casualty
He purchased his lavish six-bedroom, nine-bathroom Denver mansion for $3.875 million in 2008 (before his career crumbled) that later fell into foreclosure, and sold for $2.85 million. Do the math.
Last year, his foreclosed Atlanta mansion sold for $2.5 million. A.I. purchased the home for $4.5 million in 2010. SMH. - See more at: http://bossip.com/763327/shattered-dreams-7-reasons-why-allen-iverson-went-broke/6/#sthash.AJuBahfa.dpuf

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.
- See more at: http://bossip.com/763327/shattered-dreams-7-reasons-why-allen-iverson-went-broke/?utm_source=outbrain&utm_medium=cpc&utm_content=widget&utm_campaign=bossip.desktop.global.evergreen#sthash.HR9ACbhO.dpuf