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  1. #1

    Basketball star Allen Iverson has money woes & his home is in foreclosure

    http://www.examiner.com/article/bask...closure-action

    According to The Inquisitr on Dec. 9, 11-time NBA All Star Allen Iverson is having money woes. His $4.5 million Atlanta mansion is in the middle of a foreclosure action and he's having trouble meeting bills. Sound familiar? Well, the "meeting bills" part is familiar to a lot of us, at any rate.

    Unfortunately, Iverson has more money woes than just the foreclosure. Sports Illustrated claims Iverson earns about $60,000 a month. That sounds pretty darn good to many of us except for the fact that he's currently spending about $350,000 per month. Admittedly, most of that money is being used on back mortgage payments and bills; however, he has other expenses, too.

    “Allen says he blows a lot on other expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.”

    Allen Iverson earned more than $154 million in a stunning basketball career. In recent years, though, he's moved on to play in professional leagues in Turkey and China which has significantly dropped his income.
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  2. #2
    Sounds like he's getting what he deserves.

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  3. #3
    $5,000/month on entertainment

    Gotta stop going to "entertainment" spots

  4. #4
    I read an article a couple of years ago that almost 70% of NBA players file for bankruptcy after they retire. It's sad but they are used to that lavish lifestyle and once the money stops rolling in they don't know how to live within their means. AI wasn't the first and he won't be the last we hear about in a story like this.
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  5. #5
    I know that a lot of athletes take college as a joke but if I were a 1 and done ballplayer I would take as many business and fiance courses as I possibly could. We all know the saying about the fool and his money....
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  6. #6
    I do agree getting some finance and business training is good. Most times though, all these guys know or are able to digest is sports. Or they don't have the acumen for business or finance so putting them in such classes may do more harm than good. I think the best course is to pair them with league approved financial advisors that guides their investments and plans long-term. Not just a boot camp before the season.

  7. #7
    Quote Originally Posted by cgb_orl View Post
    I do agree getting some finance and business training is good. Most times though, all these guys know or are able to digest is sports. Or they don't have the acumen for business or finance so putting them in such classes may do more harm than good. I think the best course is to pair them with league approved financial advisors that guides their investments and plans long-term. Not just a boot camp before the season.
    That would be a good idea. Many are 19-20 years old and walking into millions. I they're from a poor or average background that money would be hard to manage for sure.
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  8. #8
    I have a better idea, they give the athletes their contracts over a lifetime. Instead of giving them ridiculous paychecks every 2 weeks. Give them every 2 weeks for life, but for much less money. Kinda like the lottery option.

  9. #9
    No surprise. Iverson often frequent the casinos and would be up all night out drinking before games when he played here in Detroit. He probably never invested his money well and faces the consequences of going broke today like many other former pro athletes.
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  10. #10
    Quote Originally Posted by seinfeld1 View Post
    I have a better idea, they give the athletes their contracts over a lifetime. Instead of giving them ridiculous paychecks every 2 weeks. Give them every 2 weeks for life, but for much less money. Kinda like the lottery option.
    That's actually an interesting idea. Or even if they give the ball player half of the contractly in the form of bi weekly payments and the rest spread out over their lifetime. That we they can life the lifestyle that they like and still have money coming in incase they are not very wise with their finanances.
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