Allen Iverson now broke.

[AstroManLuca]

You'd think that since every major pro sport has a players' union, the union would seek to educate their members on smart money management. Maybe they do and no one pays attention.

 

[0roo0roo]

gingrich only owed 500k for jewelry ...

 

[Nintendesert]

I think the player unions would fight that to the bitter end.

Out of his $154M earning I wonder how much did he take home after taxes?

Enough. :awe:

 

[ch33zw1z]

You'd think that since every major pro sport has a players' union, the union would seek to educate their members on smart money management. Maybe they do and no one pays attention.

They're too busy "ballin'" and trying to get on MTV cribs.

 

[NeoV]

this is a guy who hardly listened to his coaches or teammates - you think he's going to attend a union 'workshop' on smart money management?

I have ZERO pity on Iverson

 

[Elbryn]

Apparently, that's what Charles Barkley has done.

well we dont know that for sure. the man also has a tv gig paying him over a million a year. i'm sure he took better care of his money but athletes are prime targets for being ripped off. they make tons of money, in many cases dont know how to take care of it, and dont know how to find the right people to trust. you become a deer with a big red bullseye on it to fund a plethora of "opportunities" when all they gotta do is plunk some money into something safe like immediate annuities or the deferred annuities, massive cds, or whatever floats your boat. sadly, being safe doesnt mean much when someone promises they can get you 15% on your millions than takes off with it instead

 

[terry107]

You'd think that since every major pro sport has a players' union, the union would seek to educate their members on smart money management. Maybe they do and no one pays attention.

I'm pretty sure that is part of the rookie symposium the NFL holds each year. Whether or not the attendees actually pay attention is another story.

 

[thegimp03]

What an idiot.

I thought Barkley had a gambling problem a couple years ago. At any rate, he's still getting paid with his turrible game breakdowns and player analyses.

 

[LiuKangBakinPie]

Glassgow Rangers broke as well

 

[ichy]

I think sports league should maybe consider taking a % cut of salaries as part of an initiative and putting that into a trust fund for all athletes and pay out distributions after they retire.

I agree. You'd think the league would do this if for no other reason than to avoid the PR embarrassment of all these former players going broke.

 

[child of wonder]

I fail to understand the whole "posse" or "entourage" thing. Why would I want a massive crew of freeloaders hanging around me 24/7?

 

[Fausto]

I fail to understand the whole "posse" or "entourage" thing. Why would I want a massive crew of freeloaders hanging around me 24/7?

I would imagine it helps someone who went from a "normal" life to a very public life feel more grounded and it's not unique to basketball. I recall reading that Anthony Kim keeps many of his pre-golf friends close and pays for pretty much everything when they go out simply because he can.

 

[Rudee]

Poor guy only earned $154 millions during his career

"millions" Are you Asian?

 

[KeithTalent]

Bwahaha, perfect.

Really sad for Iverson though; sucks that he let all of those leeches bury him.

KT

 

[Phokus]

I just found out Iverson has a LIFETIME 5 million dollar per year contract with Reebok, so i think he's going to do fine (just has to adjust his lifestyle a tad bit)

 

[KeithTalent]

I just found out Iverson has a LIFETIME 5 million dollar per year contract with Reebok, so i think he's going to do fine (just has to adjust his lifestyle a tad bit)

Is that for true?

KT

 

[terry107]

Is that for true?

KT

Technically yes, but as the details weren't released, I doubt the contract is still that large. I can't imagine a company would enter into a lifetime deal with an athlete without very strict stipulations.

 

[Fritzo]

Damn it...everytime I see this thread title I see "Alien Invasion now broke".

 

[QueBert]

far too nice? Remember he started a riot at a bowling alley.

Maybe he was far too vain.

He bought like 2 dozen of his childhood friends and all his family members homes and cars. While starting a riot is definitely a WTF move, I'd say the money he spent on people he didn't even have to made him a pretty nice person. If he's broke now it's because he was far too generous with others. And I'm SURE his business manager didn't help, a lot of these athletics trust their finical future almost entirely to one of them. And a lot get screwed, and I don't just mean by bad investments, but also a lot get straight up robbed.

 

[BergeLSU]

60% of NBA players are broke within five years after they retire.

http://wisdomandfollyblog.com/2010/09/10/the-bankruptcy-plague-among-professional-athletes/

78% of NFL players...

You can take the kid out of the ghetto...

I would love to see someone breakdown these NBA and NFL players into how many years of college they finished. A lot of these guys end up spending their signing bonuses before they even sign a contract. I remember being around campus and seeing the players drive regular cars until the January/Februrary they enter the draft, then they all suddenly have Escalades.

 

[BillGates]

You'd think that since every major pro sport has a players' union, the union would seek to educate their members on smart money management. Maybe they do and no one pays attention.

What you're saying makes sense...but remember that unions aren't there to help their members. Maybe it shows up in their list of priorities somewhere down the line.

 

[darkewaffle]

I just found out Iverson has a LIFETIME 5 million dollar per year contract with Reebok, so i think he's going to do fine (just has to adjust his lifestyle a tad bit)

I gotta get me one of those. Shit I wonder what I can do to get Reebok to give me a lifetime contract for just 1% of that

 

[SKORPI0]

I just found out Iverson has a LIFETIME 5 million dollar per year contract with Reebok, so i think he's going to do fine (just has to adjust his lifestyle a tad bit)

Is that for true?

KT

Maybe "lifetime" means while he is actively playing basketball in the NBA.
Just like lifetime warranties, good only while the product is being sold on the market IIRC. :\

 

[darkewaffle]

I would love to see someone breakdown these NBA and NFL players into how many years of college they finished. A lot of these guys end up spending their signing bonuses before they even sign a contract. I remember being around campus and seeing the players drive regular cars until the January/Februrary they enter the draft, then they all suddenly have Escalades.

I think financial incapacity is common across all walks of life.

Iverson's a guy I always liked so I'll root for him, but I mean even if he is broke he's still earning 4M in two years playing in Turkey evidently, I think he'll come out alright. He likely just needs to be a bit more selfish with his money this time.

 

[Gibsons]

well we dont know that for sure. the man also has a tv gig paying him over a million a year. i'm sure he took better care of his money but athletes are prime targets for being ripped off. they make tons of money, in many cases dont know how to take care of it, and dont know how to find the right people to trust. you become a deer with a big red bullseye on it to fund a plethora of "opportunities" when all they gotta do is plunk some money into something safe like immediate annuities or the deferred annuities, massive cds, or whatever floats your boat. sadly, being safe doesnt mean much when someone promises they can get you 15% on your millions than takes off with it instead

I heard Barkley has a 'nest egg' of like 20 mil invested that he doesn't touch. Anything above that he gets crazy with.