Allen Iverson hits rock bottom

#26
#26
TOP said:
It's sad that it happens but you have to be really stupid for it to happen. Not just stupid, but don't care at all for that matter.

Iverson probably made 15 million a year for almost a decade just on his basketball contract. 1 million dollars is 50,000 a year for 20 years. $50,000 a year is a solid middle class salary considering many teachers, cops and whatever other profession makes half that.

It's easy to blow through a million dollars, I'll give you that. But if you need someone to teach you how not to spend 15 million a year, you didn't deserve the money to begin with and order is restored when you end up broke. That may sound cold-hearted but there are bigger tragedies than people who piss away millions of dollars(partially earned on God given talent).

At least Michael Jackson and Mike Tyson have a legit excuse. Michael Jackson was probably molested and was overworked as a child with no real childhood. Mike Tyson was punched in the face by heavyweights and probably has brain damage. People like Allen Iverson and Antoine Walker are just stupid to begin with. I wish it hadn't happened to them and don't want them walking the streets but 18 year olds are sent overseas to die. Why should anyone care about 18-21 year olds who end up broke when they had millions of dollars to better themselves? They weren't exactly broke at 18-21 either. Their rookie contracts were nowhere near the contracts they got at 25 or 30. So in other words, they were still stupid at the age of 30. They never evolved and that's on them.

There are people with crap backgrounds who grow up with nothing, will never have anything and nobody feels sorry for them. They didn't ask for that life. Why should anyone feel sorry for people who are naturally fast, can naturally jump high and made millions playing a game for a living? Heck, they were given a scholarship they probably didn't earn as a student and took for granted they were given a free education to fall back on. And I'm certain some do in fact rely on God given talent which means they didn't work nearly as hard as other athletes. And what did they do with that God given talent? They took advantage of it and pissed it away. Antoine Walker was always a chub, was said to be lazy and didn't really give a crap. Jamarcus Russel? He has plenty of money for codeine now.

I get it... not everyone has a good upbringing and I was fortunate to have good parents. That doesn't change the fact that when you win the lottery and play a game for a living, you shouldn't need someone to tell you how not to piss away a hundred million dollars. Again, if you blow 100 million in a life time, you deserve to be broke. Blowing it in a decade is just embarrassing.

I'll just leave it at this... I see middle class families struggling to get by and not lose their home at the age of 50 after having busted their ass for 30 years. It's hard to feel sympathy for people who were filthy rich and now lack money. There are more important things in the world than money and those people chose to piss it away. I don't feel that bad when Allen Iverson says he doesn't have money for a cheeseburger after having been able to afford 20 million burgers(dollar burgers) a year for a decade. That really is all on him.
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Great post.
 
#27
#27
VOLinthaNATI said:
Absurd.

It doesn't take a "personal finance education program" to teach someone that you can't support an entourage of 10+ people while also having 5 cars, 3 watches, 50 pairs of shoes, and a multimillion dollar home.
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There's a reason that so many of these guys (as demonstrated by the statistics in this thread) are broke just a few years after their playing career ends.

There's a lifestyle that comes with the profession. Lavish? Excessive? Ignorant?

Perhaps.

But nonetheless, giving kids (can't be overstated that these guys are indeed kids when they become millionaires) huge lump sums of money is going to lead to really bad financial decisions. And while I agree with the notion that at some point you have to learn how to handle your money and realize that you only earn that kind of income for a few years. I also understand how a teenager or a guy in his early twenties who came from nothing could develop ridiculously lavish spending habits after signing a 40 million dollar contract.

Even the guys making the league minimums. That's an insane salary. I could see how it would be easy to let that get away from you.

If I were running the NBA, I'd want my former players to resemble Jamal Mashburn and not Allen Iverson. Wouldn't hurt to try and help guide these guys in the right direction.
 
#28
#28
What's the lawyer and agent share of these millions. I'm not going to say these guys aren't well off but their net earnings are not what is reported as their salary.

I'm with pj on providing some education to NBA players if it isn't already offered like the NFL, though.
 
#29
#29
95 Vol Alum said:
What's the lawyer and agent share of these millions. I'm not going to say these guys aren't well off but their net earnings are not what is reported as their salary.

I'm with pj on providing some education to NBA players if it isn't already offered like the NFL, though.
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No doubt.

After all is said and done(taxes,agents,lawyers,accountants ext) that a 100 million dollar contract is really about 50 million.

Which is still an astronomical amount of money but look at the league averages in salary and the league averages in length if career. Apply the same percentage taxed and the same 10 percent for an agent and its easy to see how the average pro athlete is broke.

Guys like Iverson are an anomaly, he's in the 1 percent of athletes that make that kind of coin. Kind of hard to imagine spending that much money.
 
#30
#30
I read somewhere that one of his Adidas or rebok contracts pay him millions when turns 50 something. I'm guessing creditors will be lined up for that money.
 
#31
#31
Both the NBA and NFL cover this at rookie symposiums. There's really nothing more they should do.
 
#33
#33
I think a financial advisor should be worked into the contract. Force these guys to use a small amount of their salary to have someone watch over their bank account. That way the leagues are kinda providing assistance, but the players themselves are the ones paying for it.
 
#36
#36
Read that AI sold his house to a teammate. Teammate found 20+ pairs of Timberlands still in boxes. His mom went to the airport to pick him up. Couldn't find the Hummer so they went to the dealership and bought a new one.
 
#39
#39
A grown man should have every right to blow his money. The leagues give them guidance. If they don't listen, who cares.
 
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#40
#40
dooley2 said:
I think a financial advisor should be worked into the contract. Force these guys to use a small amount of their salary to have someone watch over their bank account. That way the leagues are kinda providing assistance, but the players themselves are the ones paying for it.
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The players union would never agree to that.
 
#41
#41
Any of you all see that 30 for 30 flick "no crossover"? Really interesting, he is such a confusing personality. I also think there were a lot of misguided people on all sides of the story.
 
#42
#42
TOP said:
It's sad that it happens but you have to be really stupid for it to happen. Not just stupid, but don't care at all for that matter.

Iverson probably made 15 million a year for almost a decade just on his basketball contract. 1 million dollars is 50,000 a year for 20 years. $50,000 a year is a solid middle class salary considering many teachers, cops and whatever other profession makes half that.

It's easy to blow through a million dollars, I'll give you that. But if you need someone to teach you how not to spend 15 million a year, you didn't deserve the money to begin with and order is restored when you end up broke. That may sound cold-hearted but there are bigger tragedies than people who piss away millions of dollars(partially earned on God given talent).

At least Michael Jackson and Mike Tyson have a legit excuse. Michael Jackson was probably molested and was overworked as a child with no real childhood. Mike Tyson was punched in the face by heavyweights and probably has brain damage. People like Allen Iverson and Antoine Walker are just stupid to begin with. I wish it hadn't happened to them and don't want them walking the streets but 18 year olds are sent overseas to die. Why should anyone care about 18-21 year olds who end up broke when they had millions of dollars to better themselves? They weren't exactly broke at 18-21 either. Their rookie contracts were nowhere near the contracts they got at 25 or 30. So in other words, they were still stupid at the age of 30. They never evolved and that's on them.

There are people with crap backgrounds who grow up with nothing, will never have anything and nobody feels sorry for them. They didn't ask for that life. Why should anyone feel sorry for people who are naturally fast, can naturally jump high and made millions playing a game for a living? Heck, they were given a scholarship they probably didn't earn as a student and took for granted they were given a free education to fall back on. And I'm certain some do in fact rely on God given talent which means they didn't work nearly as hard as other athletes. And what did they do with that God given talent? They took advantage of it and pissed it away. Antoine Walker was always a chub, was said to be lazy and didn't really give a crap. Jamarcus Russel? He has plenty of money for codeine now.

I get it... not everyone has a good upbringing and I was fortunate to have good parents. That doesn't change the fact that when you win the lottery and play a game for a living, you shouldn't need someone to tell you how not to piss away a hundred million dollars. Again, if you blow 100 million in a life time, you deserve to be broke. Blowing it in a decade is just embarrassing.

I'll just leave it at this... I see middle class families struggling to get by and not lose their home at the age of 50 after having busted their ass for 30 years. It's hard to feel sympathy for people who were filthy rich and now lack money. There are more important things in the world than money and those people chose to piss it away. I don't feel that bad when Allen Iverson says he doesn't have money for a cheeseburger after having been able to afford 20 million burgers(dollar burgers) a year for a decade. That really is all on him.
Click to expand...

Nailed it...great post.
 
#43
#43
YorkVol said:
We spend a lot of time making sure they can play the game. It wouldn't hurt to spend a little time educating them on what comes next (you know, the bulk of their lives). They are responsible for their decisions, no doubt, but it wouldn't hurt the leagues to impose a mandatory personal finance education program for rookies.
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They do get that prior to their rookie year from the NBA. The broke ones just brush it off with a "you can't tell me what to do with my money" attitude.
 
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