Allen Iverson retires…with no money
LeBron James thinks that Allen Iverson is the best “pound for pound” NBA player he’s ever seen. That’s no light compliment, especially coming from “King James” himself.
No doubt Iverson’s legacy will be one worth remembering, but we’ll also remember that the star retired broke.
You might be wondering what could make Allen Iverson broke if he’s such a great basketball player. After all, he earned over $200 million during his 15-year NBA career, and a Reebok endorsement scored him $50 million, so where could all of that money have gone?
It turns out Allen Iverson lived lavishly, showering friends and family with gifts, houses, and cars, and boats. He regularly traveled around with a 50-person entourage and treated himself to expensive jewelry and his former home was a $4.5 million mansion. His second mansion sold for $2.85 million, as well.
Iverson was banned from Atlantic City due to unpaid gambling debts. On one ocassion the former NBA player blew a whooping $1 million.
His divorce from his wife costed him $1.2 million in alimony. Despite his financial woes, Iverson was still spending roughly $360,000 a month on clothes, groceries, entertainment and dining.
Iverson’s monthly income is $62,500. He is currently in debt by $150 million.
Thoughts on Iverson’s financial woes?
Should millionaires undergo a mandatory financial responsibility course so they do not end up broke?
Sound off below!