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View Full Version : Prayer Request Allen Iverson: $154 million made in the NBA. Broke already


Der Flöprer
02-14-2012, 11:44 AM
I'm on my phone, so you only get the link.

http://www.thepostgame.com/blog/dish/201202/allen-iverson-has-no-answer-financial-woes

Buck
02-14-2012, 11:47 AM
Couldn't have happened to a better guy.

I'm glad he's broke.

Sofa King
02-14-2012, 11:48 AM
You'd think athletes would eventually get smarter with their money.

Phobia
02-14-2012, 11:49 AM
He has about $80 Million in ink on his body.

Dicky McElephant
02-14-2012, 11:49 AM
Loyal to his friends from a youth spent in Virginia, Iverson traveled with one of the biggest posses in professional sports. Bill Lyon of the Philadelphia Inquirer says the group has as many as 50 people for some Sixers home games. "A.I." took a hair stylist on the road with him and also loved to buy jewelry for himself and his beloved mother, Ann Iverson.

There is your problem.

Rain Man
02-14-2012, 11:50 AM
It's amazing how these guys can't do basic math. You'd think that they'd learn a little bit about finances purely from a self-preservation standpoint.

suds79
02-14-2012, 11:50 AM
You'd think athletes would eventually get smarter with their money.

To be fair, I know a lot of normal people who are or would be broke if they had that kind of money.

Just saying it's not necessarily an athlete thing.

pr_capone
02-14-2012, 11:51 AM
I will never understand how someone can blow through that much money.

Over the same span of time, I would likely still have 99% of that money.

Rain Man
02-14-2012, 11:53 AM
To be fair, I know a lot of normal people who are or would be broke if they had that kind of money.

Just saying it's not necessarily an athlete thing.


It probably is easy to lose control, but you'd think that as the money dwindles down a person would start thinking about whether that next $860,000 jewelry purchase is a good idea.

I don't follow basketball at all. Is Iverson a guy who is a permanent draw where he could at least stay off the street by being a casino greeter or something?

L.A. Chieffan
02-14-2012, 11:57 AM
One of the most unique players ever. Probably won't be another one like him.

FAX
02-14-2012, 11:59 AM
I read somewhere that he had an enormous posse.

Probably a Whitlock article.

FAX

blaise
02-14-2012, 12:05 PM
AIOU

bevischief
02-14-2012, 12:05 PM
What a idiot.

loochy
02-14-2012, 12:08 PM
You'd think athletes would eventually get smarter with their money.

You'd think that they'd learn a little bit about finances purely from a self-preservation standpoint.

Why do you think that?

Bowser
02-14-2012, 12:10 PM
"It's not that we MAKE a lot of money, it's that we SPEND a lot of money"

Holladay
02-14-2012, 12:11 PM
Hard to imagine. It's all bout the zero's. I heard that Jordan runs around with 20K as pocket change. If you are use to those numbers, 860k in jewlery is workable. When I was a kid, $50 was huge. When I got my first job in the Army as a Lt, my first pay check was $1305. I didn't know what to do with it all. Crap that is a house payment now.

I remember the last NBA stoppage 8 years ago. Charles Barkley was belly aching bout not getting any money. When questioned about why, he shoulda had enough. His answer was "We gotts bills man, bills".

Dicky McElephant
02-14-2012, 12:12 PM
I will never understand how someone can blow through that much money.

Over the same span of time, I would likely still have 99% of that money.

I probably wouldn't have 99% but I damn sure wouldn't blow through all of it.

The first thing I would do is setup a interest bearing savings account that couldn't be accessed for 25 years. I'd dump 5-10 million into it and never touch it.

Deberg_1990
02-14-2012, 12:17 PM
To be fair, I know a lot of normal people who are or would be broke if they had that kind of money.

Just saying it's not necessarily an athlete thing.


This. Some people just can't help themselves and love to spend money. Millionaire athletes are different than anyone else, they just have bigger bills. The more money you make, the more money you spend.
Posted via Mobile Device

loochy
02-14-2012, 12:19 PM
This. Some people just can't help themselves and love to spend money. Millionaire athletes are different than anyone else, they just have bigger bills. The more money you make, the more money you spend.
Posted via Mobile Device

Ok, so that means that some people are just as stupid.

stonedstooge
02-14-2012, 12:20 PM
Iverson had a posse of 50 with not one that advised him how to save some money, but 50 that showed him how to spend it?

fan4ever
02-14-2012, 12:21 PM
Hopefully mom stashed that jewelry away...

WV
02-14-2012, 12:23 PM
This. Some people just can't help themselves and love to spend money. Millionaire athletes are different than anyone else, they just have bigger bills. The more money you make, the more money you spend.
Posted via Mobile Device

Also the more money you make the more disposable income you should have, but none of that is an excuse for poor financial planning.

vailpass
02-14-2012, 12:23 PM
I probably wouldn't have 99% but I damn sure wouldn't blow through all of it.

The first thing I would do is setup a interest bearing savings account that couldn't be accessed for 25 years. I'd dump 5-10 million into it and never touch it.

With that amount of liquid capital you wouldn't have to try hard to have more than 100% of that amount.

KCUnited
02-14-2012, 12:25 PM
Finance! We talkin' bout finance!

DaKCMan AP
02-14-2012, 12:26 PM
The first thing I would do is setup a interest bearing savings account that couldn't be accessed for 25 years. I'd dump 5-10 million into it and never touch it.

No you wouldn't. Most of that 5-10 million wouldn't be FDIC insured.

loochy
02-14-2012, 12:26 PM
Finance! We talkin' bout finance!

How the hell is he supposed to make his money better with finance? Not a game...finance.

saphojunkie
02-14-2012, 12:32 PM
No you wouldn't. Most of that 5-10 million wouldn't be FDIC insured.

Exactly.

But even setting up 40 $250k accounts would be better than this. Hell, putting 10 million under your mattress is better than custom jewelry for your friends.

qabbaan
02-14-2012, 12:39 PM
I heard a guy on the radio tell a story of being in line at a strip club ATM behind JR Rider. He left his receipt behind, and where it shows your balance it said over $14 million. The money was all in his checking account.

Demonpenz
02-14-2012, 12:44 PM
Someone should post his high school football videos. He had nine interceptions in a high school playoff game. He was awesome on the gridiron.

KurtCobain
02-14-2012, 12:57 PM
Good to hear someone has been pumping money into the economy the last few years.
Posted via Mobile Device

vailpass
02-14-2012, 12:59 PM
Finance! We talkin' bout finance!

LMAO

DeezNutz
02-14-2012, 01:02 PM
I read somewhere that he had an enormous posse.

Probably a Whitlock article.

FAX

Hmm...sounds fishy.

Amnorix
02-14-2012, 01:03 PM
The list is endless. Mike Tyson, Iverson, Antoine Walker -- a former very good baseball player who bought, like 20 too-many high end collectible cars (Clark, maybe?). Usually these are under-edumacated kids who never had much money, have zero financial skills, and don't seem to realize that eventually this gravy train MUST run out. They can't play forever.

I know the NFL, for one, has several programs for young players entering the league to try to get them to pay attention to financial matters. I dunno about the other sports.

kysirsoze
02-14-2012, 01:04 PM
Someone should post his high school football videos. He had nine interceptions in a high school playoff game. He was awesome on the gridiron.

I'm pretty sure any NBA star would be amazing at high school football. Most of them would probably be amazing at NFL football.

/Not trying to start a whole big thing or anything, just sayin

Amnorix
02-14-2012, 01:04 PM
Meanwhile, the freaking FAMOUS Leigh Steinberg, great sports agent, filed bankruptcy himself last month. I was stunned to read this. Absolutely stunned.

http://www.huffingtonpost.com/2012/01/12/leigh-steinberg-bankruptcy-sports-agent-jerry-maquire_n_1201344.html

BIG_DADDY
02-14-2012, 01:05 PM
Now when he acts all ghetto he doesn't have to really act.

vailpass
02-14-2012, 01:06 PM
Meanwhile, the freaking FAMOUS Leigh Steinberg, great sports agent, filed bankruptcy himself last month. I was stunned to read this. Absolutely stunned.

http://www.huffingtonpost.com/2012/01/12/leigh-steinberg-bankruptcy-sports-agent-jerry-maquire_n_1201344.html

WTF are you doing reading Huffpo?

stevieray
02-14-2012, 01:07 PM
fitting. ..considering that paying someone 154m to play basketball is irrational.

dirk digler
02-14-2012, 01:14 PM
The list is endless. Mike Tyson, Iverson, Antoine Walker -- a former very good baseball player who bought, like 20 too-many high end collectible cars (Clark, maybe?). Usually these are under-edumacated kids who never had much money, have zero financial skills, and don't seem to realize that eventually this gravy train MUST run out. They can't play forever.

I know the NFL, for one, has several programs for young players entering the league to try to get them to pay attention to financial matters. I dunno about the other sports.

I think all sports leagues do but you are right they have no clue what to do with all their money and allow to many hanger-ons to basically rob them blind.

Rain Man
02-14-2012, 01:14 PM
Meanwhile, the freaking FAMOUS Leigh Steinberg, great sports agent, filed bankruptcy himself last month. I was stunned to read this. Absolutely stunned.

http://www.huffingtonpost.com/2012/01/12/leigh-steinberg-bankruptcy-sports-agent-jerry-maquire_n_1201344.html


Whoa. What the - ?

How does an agent screw up like that? The guy's complaining about not getting clients, but who's going to hire a guy to negotiate their finances when he can't handle his own? Time for Steinberg to think about a career change.

PunkinDrublic
02-14-2012, 01:16 PM
Don't worry he's still got money coming in from that rap album he put out.

Iowanian
02-14-2012, 01:20 PM
Guess he should have attended that financial planning...practice...

Amnorix
02-14-2012, 01:26 PM
WTF are you doing reading Huffpo?


I don't. I read about the Steinberg bankruptcy last month -- no clue where. Maybe ESPN or CNN. But this thread brought it to mind so I did a Google search and randomly grabbed a link near the top.

My online news reading is limited to CNN and ESPN mostly, plus whatever links I find on there or on here and want to follow up on. A couple of sports bloggers/tweeters. That's about it.

mesmith31
02-14-2012, 01:59 PM
Meanwhile, the freaking FAMOUS Leigh Steinberg, great sports agent, filed bankruptcy himself last month. I was stunned to read this. Absolutely stunned.

http://www.huffingtonpost.com/2012/01/12/leigh-steinberg-bankruptcy-sports-agent-jerry-maquire_n_1201344.html

<b>"There are many legal complexities, but in a nutshell, his representatives – the ones who lost the lawsuit – have insisted on collecting monies without informing the NFLPA that the matter is settled. This point is crucial because I did not apply for recertification by the union after one of their agents (and his wife) filed suit against me in 2006. If I cannot be recertified, I cannot work in the field that I have been trained in, which is to the benefit of this rival agent. Keeping me out of business seems to be a priority above collecting the debt, and although substantial payments have been made, the demand is now four times the original amount. My attempts to rebuild my life have been hamstrung.</b>

Whoever the other agent is...#balla

Amnorix
02-14-2012, 02:06 PM
<b>"There are many legal complexities, but in a nutshell, his representatives – the ones who lost the lawsuit – have insisted on collecting monies without informing the NFLPA that the matter is settled. This point is crucial because I did not apply for recertification by the union after one of their agents (and his wife) filed suit against me in 2006. If I cannot be recertified, I cannot work in the field that I have been trained in, which is to the benefit of this rival agent. Keeping me out of business seems to be a priority above collecting the debt, and although substantial payments have been made, the demand is now four times the original amount. My attempts to rebuild my life have been hamstrung.</b>

Whoever the other agent is...#balla



It's David Dunn or whoever his former partner is, who left his agency to start a competing firm. I only briefly skimmed it a month ago, but my impression was that he and his former partner were in an all-out war, Steinberg screwed up in some technical way, and the former partner was extracting a huge pound of flesh from his hide.

Since Steinberg was known as an arrogant jerk, my sympathy is limited. It was also only his side of the story, so who knows where the truth lies.

KILLER_CLOWN
02-14-2012, 02:06 PM
Time to pony up and bail out the poor sap, it's not unprecedented.

mikey23545
02-14-2012, 02:30 PM
Meanwhile, the freaking FAMOUS Leigh Steinberg, great sports agent, filed bankruptcy himself last month. I was stunned to read this. Absolutely stunned.

http://www.huffingtonpost.com/2012/01/12/leigh-steinberg-bankruptcy-sports-agent-jerry-maquire_n_1201344.html


I was also knocked on my ass by that story.

Dr. Facebook Fever
02-14-2012, 02:33 PM
He should have practiced better financial sense.

InChiefsHell
02-14-2012, 02:36 PM
It probably is easy to lose control, but you'd think that as the money dwindles down a person would start thinking about whether that next $860,000 jewelry purchase is a good idea.

I don't follow basketball at all. Is Iverson a guy who is a permanent draw where he could at least stay off the street by being a casino greeter or something?

I think when you are spending that amount of money and never looking at the balance, this is what happens. They think they have a infinite amount of money, cuz let's face it, 154 million is hard to spend...

...or not. Since they were never looking at the money dwindling. Pretty pitiful actually.

BigMeatballDave
02-14-2012, 02:47 PM
How does this happen?

People are fucking dumb.

BigMeatballDave
02-14-2012, 02:48 PM
He should have practiced better financial sense.

Practice?

Detoxing
02-14-2012, 02:51 PM
Meh.

While dumb, I can understand how it happens.

I guess this what my dad would always refer to as "N****R" rich.

FAX
02-14-2012, 02:55 PM
How does this happen?

People are ****ing dumb.

This may provide some insight, Mr. Dave. A few years ago, I was involved in a start-up based out of the Tech Center in Denver. As a result, I was required to raise a significant amount of money. In our A round, we raised about 12 million through VCs (Venture Capital Companies), other businesses, private individuals, and other sources.

One of the contacts I made was a guy in Denver who was a Certified Financial Planner specializing in investments for professional athletes. He had a lot of cash and was looking for placement. Of all the people I dealt with during that time, this dude performed the least due diligence of anybody. Basically, he just wanted to slam some drinks and talk about his new boat. I don't believe for a minute that he investigated the deal in any depth whatsoever (not that I didn't encourage him to do so, mind you).

Anyhow, he plunked down some money and never checked back to see how his investment was doing. He never requested a seat on the board or, to my knowledge, ever requested financials (although the company did send them regularly).

I got the impression that A) His clients (the athletes) weren't checking up on him and B) He was rolling in cash and C) He really didn't give a crap as long as he had good seats at games.

I walked away thinking that I'm sure there are excellent investment advisers who specialize in pro athlete finances, but damn ...

FAX

Valiant
02-14-2012, 03:22 PM
It's amazing how these guys can't do basic math. You'd think that they'd learn a little bit about finances purely from a self-preservation standpoint.

They need more midwest college educated wite friends. Seriously though it is just like the majority of lottery winners, hell millionares period. I have read the average millionaire has went bankrupt three times.

The difference is you have to use the system. Most sports stars and lottery winners don't know how. And now he loses everyting but the tats.

vailpass
02-14-2012, 03:24 PM
How many of those 50 homies are still going to be there hanging with AI every day now that the money has dried up?

Valiant
02-14-2012, 03:33 PM
How does this happen?

People are ****ing dumb.

I am guessing of the 154 mil he got 75 after taxes.
Agent get 10%.. we will say 67mil
Union and such 64mil left

But over the years he spent it thinking he made 154mil in the bank.

Jewelery/houses/cars probably dropped him 20-30mil.
Then his 50 person posse ate away the rest. The average bills probably did him in.
Because he has 154 million.

I agree not enough people look at the balance, or what they will spend in money he whole year on your bills and expenses.

Amnorix
02-14-2012, 04:01 PM
I am guessing of the 154 mil he got 75 after taxes.
Agent get 10%.. we will say 67mil
Union and such 64mil left

Pretty sure agents get 3 to 5% in the various pro sports leagues, and definitely NOT 10%.

As for the rest of what you say, I agree.

Amnorix
02-14-2012, 04:03 PM
Oh, don't forget endorsement contracts. I'd imagine AI had one or two, certainly for multiple millions total. The agent gets a slice of that also (probably higher than for the playing contract).

scho63
02-14-2012, 04:17 PM
The best thing the sports world could do for these guys would be something like this;

Year 1 salary:60% to athlete, 40% into a 401K or some annuity to protect them
Year 2 salary:80% to athlete, 20% into 401K
Year 3 salary:90% to athlete, 10% into 401K
Year 4 salary: All yours to blow

If they did this 99% of athletes who make it to their 4th year would be solvent enough for the rest of their lives

loochy
02-14-2012, 04:19 PM
The best thing the sports world could do for these guys would be something like this;

Year 1 salary:60% to athlete, 40% into a 401K or some annuity to protect them
Year 2 salary:80% to athlete, 20% into 401K
Year 3 salary:90% to athlete, 10% into 401K
Year 4 salary: All yours to blow

If they did this 99% of athletes who make it to their 4th year would be solvent enough for the rest of their lives

Yeah, I agree. Those athletes aren't coddled enough as it is with their exorbitant salaries. We should also manage their wealth for them. :rolleyes:

Also, what makes you think that they wouldn't just take the money out of their 401k when they run out of the other money?

crispystl420
02-14-2012, 06:43 PM
It's amazing how these guys can't do basic math. You'd think that they'd learn a little bit about finances purely from a self-preservation standpoint.

They're freaking idiots Rainman.

MahiMike
02-14-2012, 07:08 PM
Couldn't have happened to a better guy.

I'm glad he's broke.

This. What took him so long?LMAO

Tombstone RJ
02-14-2012, 07:19 PM
Yeah, I agree. Those athletes aren't coddled enough as it is with their exorbitant salaries. We should also manage their wealth for them. :rolleyes:

Also, what makes you think that they wouldn't just take the money out of their 401k when they run out of the other money?

this. I seriously doubt these spoiled athletes would agree to this type of thing. They want the money and they don't want to be told how to spend it either.

For most of them it's all an image thing and they burn through the money like it grows on trees. Plus, they are probably getting terrible financial advice from all the wrong types of people.

el borracho
02-14-2012, 08:14 PM
Good. Now if he would just catch fire and die then I could start believing in karma and cosmic justice again.

JD10367
02-14-2012, 08:58 PM
I read somewhere that he had an enormous posse.

That happens with age. At first, your posse is small and tight, but soon it gets all stretched out and huge.

FAX
02-14-2012, 09:06 PM
That happens with age. At first, your posse is small and tight, but soon it gets all stretched out and huge.

They had long dreads, too. Almost all of them. It was a real hairy posse.

FAX

JD10367
02-14-2012, 09:20 PM
They had long dreads, too. Almost all of them. It was a real hairy posse.

FAX

They were dockworkers too, I hear. Smelled like fish.

FAX
02-14-2012, 09:36 PM
They were dockworkers too, I hear. Smelled like fish.

Yeah ...

But then again, they showered daily, you have to give him that much. Iverson had a fairly clean posse.

FAX

Phobia
02-14-2012, 09:55 PM
They conserved his money well. They were a tight posse.

DJJasonp
02-14-2012, 09:59 PM
hard to believe a guy this smart is broke:

<iframe width="420" height="315" src="http://www.youtube.com/embed/k0sPZyVY5No" frameborder="0" allowfullscreen></iframe>

FAX
02-14-2012, 10:02 PM
They conserved his money well. They were a tight posse.

That may be true, but Iverson said he spent a fortune just keeping them in groceries. Apparently, they were an eating posse.

FAX

Phobia
02-15-2012, 12:43 AM
It seemed like once a month or thereabouts, his friends were involved in gun play on the street and they were a bleeding posse.

FAX
02-15-2012, 12:47 AM
Yeah. I heard about that. In fact, the last gun fight in which they were involved took place during a rain storm which caused a real wet posse.

FAX

Phobia
02-15-2012, 12:57 AM
They were somewhat organized and rehearsed their gun-battles with water gun props. They were a squirting posse.

ThaVirus
02-15-2012, 01:01 AM
He's a douchebag, but I hope he finds "the answer" to his financial woes..

Pushead2
02-15-2012, 03:18 AM
Found one of the 50....

http://500motivators.com/plog-content/thumbs/motivate/me/large/464-17-dollars-now-thats-gangsta.jpg

Extra Point
02-15-2012, 07:59 AM
Karma = Coach Iverson