Allen Iverson's financial woes

[horses4courses]

The man will likely receive seven figures for the rest
of his life but, by his standards, he is close to broke.

http://www.irishtimes.com/sport/other-sports/allen-iverson-s-fall-a-textbook-case-of-how-sports-stars-are-easily-parted-with-money-1.2228147

[MutuelClerk]

When he was a Piston he spent more time in the casinos being rude to everyone then he did playing hoops. Complete ass. No sympathy what so ever.

[cj's dad]

The man will likely receive seven figures for the rest
of his life but, by his standards, he is close to broke.

http://www.irishtimes.com/sport/other-sports/allen-iverson-s-fall-a-textbook-case-of-how-sports-stars-are-easily-parted-with-money-1.2228147

Atypical of a ghetto thug earning huge $$$'s that he cannot handle and then bitching that he is broke. Once a punk, always a punk (aka-loser)

http://articles.latimes.com/1995-02-11/sports/sp-30761_1_allen-iverson/2

[PhantomOnTour]

In the ESPN 30 for 30 film "Broke" , Bart Scott said it best.
He was told by a financial counselor that he can live like a king for a few years or a prince for the rest of his life.

Bart was smart and chose prince.

[Valuist]

In the ESPN 30 for 30 film "Broke" , Bart Scott said it best.
He was told by a financial counselor that he can live like a king for a few years or a prince for the rest of his life.

Bart was smart and chose prince.

Can't wait!

[Robert Fischer]

Iverson's posse of homeboys had more influence than his posse of financial advisers.

[JustRalph]

Iverson's posse of homeboys had more influence than his posse of financial advisers.

Wow..... if some others on this board had said that..........

[Relwob Owner]

Iverson's posse of homeboys had more influence than his posse of financial advisers.

Financial advisers can get you in just as much financial trouble. See Christian Laettner and Mark Brunell

[Tall One]

Or immediate family. Ask Bernie Kosar.

[Robert Fischer]

Wow..... if some others on this board had said that..........

:blush: i can see offense taken at "homeboys", but "posse" is just a fun word to incorporate :cool:

[Greyfox]

In the 1970's Johnny Rogers , a Heisman Trophy Winner from the Nebraska Cornhuskers, was awarded a million dollar contract/ year with the Montreal Alouettes.
That amount of money was almost unheard of in those days.
He came to Montreal, where he brought his entire family.
I used to go fishing with his Dad and Grand-Dad - really great guys.
Later he signed a lucrative (almost a million) contract with the San Diego Chargers.

In contrast, I was earning $12,000 a year in the 1970's and that was considered to be an above average wage.
I don't know that in my entire career my total earnings over 35 years ever reached $3 million dollars.
Johnny got more than that in 5 or so years.

Then I heard in the 1980's after he'd finished football that he was a suspect in a convenience store robbery in California. Also, while living in California he was charged with assault. Previously, in college he'd been convicted of robbing a gas station.
My guess is that with all of the hangers on that he was supporting and living high on the hog with fancy cars (and possibly women that athletes attract) his football money had more or less been spent.

I don't know how things have gone for Johnny since then.
Wikipedia says that has a sports marketing company in Omaha and a bedding company. How successful they've been I don't know.

But I do know he certainly pissed away a lot of money in terms of '70's pay cheques.

Of course many black athletes today earn far more than Johnny was making.
But still many piddle it away.
Joe Louis ended up being a hotel doorman and died more or less penniless.
Mike Tyson's hangers on milked him pretty good.
He's not starving, but he could have had so much more wealth.

Many black young athletes who come out of poverty really don't know how to manage their money.
Shrewd managers and promoters see them coming a mile away and help relieve them of their wealth. Also, their families ride their coat tails too.

http://en.wikipedia.org/wiki/Johnny_Rodgers

[thaskalos]

You have to take care of the money, if you expect it to take care of you when you'll need it the most. I think most of us don't seriously think about our latter years until it gets late in the game...perhaps figuring that there isn't that much fun to be had when we are "old" anyway. When I was 23, and even 33...53 seemed so freaking old to me. Now that I'm closing in on 54, I wish I had forfeited some of my earlier "fun", so I could be better prepared for the years that still lie ahead.

As the aging professional poker player played by Robert Redford admits in the movie HAVANA: "A terrible thought has just occurred to me: I'm not gonna die young."

[Relwob Owner]

Or immediate family. Ask Bernie Kosar.

Good point

[Relwob Owner]

You have to take care of the money, if you expect it to take care of you when you'll need it the most. I think most of us don't seriously think about our latter years until it gets late in the game...perhaps figuring that there isn't that much fun to be had when we are "old" anyway. When I was 23, and even 33...53 seemed so freaking old to me. Now that I'm closing in on 54, I wish I had forfeited some of my earlier "fun", so I could be better prepared for the years that still lie ahead.

As the aging professional poker player played by Robert Redford admits in the movie HAVANA: "A terrible thought has just occurred to me: I'm not gonna die young."

As usual, good and thoughtful point Thask :ThmbUp: :ThmbUp: :ThmbUp:

[badcompany]

This is the definitive piece on the subject:

http://www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke

[Greyfox]

This is the definitive piece on the subject:

http://www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke

That is an excellent article that should be mandatory reading for all young athletes who are aspiring to become pros.
Thank you for posting that badcompany. :ThmbUp:

Greyfox