Allen Iverson made over 150 million and is now broke.

[edjr 7,050]

Plenty of other athletes have made lots of money and are now broke, but 150,000,000 is a lot to blow.

 

He made 20 million in 2008 and 2009 and is still broke.

 

Who you got?

[cyclone24 1,949]

I was listening to i think Dan Patrick.....and hes not broke. His investment advisor got him into something that they cant touch, and still pays him fairly well. Not big NBA money or anything...but i think hes ok. Sorry i cant remember the details....but they were saying how hes still doing "ok".

 

Antoine focking Walker on the other hand.....that dude is broke.

[edjr 7,050]

I was listening to i think Dan Patrick.....and hes not broke. His investment advisor got him into something that they cant touch, and still pays him fairly well. Not big NBA money or anything...but i think hes ok. Sorry i cant remember the details....but they were saying how hes still doing "ok".

 

Antoine focking Walker on the other hand.....that dude is broke.

 

 

Antoine made 55 million over 12 years. yes that is a lot of money, but I can see blowing 55 million over nearly 20 years now.

[cbfalcon 828]

I was listening to i think Dan Patrick.....and hes not broke. His investment advisor got him into something that they cant touch, and still pays him fairly well. Not big NBA money or anything...but i think hes ok. Sorry i cant remember the details....but they were saying how hes still doing "ok".

 

I could be misremembering, but it seems like I read that his money guy made him put $30m away and he can't touch the principal until he is 50 years old. But he can live off the interest.

 

So I think he is fine. But he has ex wife money issues, so he could be hurting somewhat.

[cyclone24 1,949]

I could be misremembering, but it seems like I read that his money guy made him put $30m away and he can't touch the principal until he is 50 years old. But he can live off the interest.

 

So I think he is fine. But he has ex wife money issues, so he could be hurting somewhat.

 

 

Yeah yeah!...it was something like that....where he couldnt touch THAT money til later.

[DankNuggs 305]

Watanabe of the Oriental Trading Co. blew $127 million at Harrahs and the Rio in vegas over a bunch of months... Represented 5.6% of the casinos revenue for the year lol....

 

He tried to sue them, but im sure it was tossed out.

[patweisers44 874]

Antoine made 55 million over 12 years. yes that is a lot of money, but I can see blowing 55 million over nearly 20 years now.

Thats a lot of dudes, even for you Ed.

[Recliner Pilot 61]

So, Iverson is broke...............but he has $30 Million in the bank.

 

Great thread, Ed.

[cbfalcon 828]

Not broke

 

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

 

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

[Old School 360]

He should have practiced more.

[CantTouchThis 23]

Yeah, I think the definition for broke for some of these athletes has been stretched. I think a lot of "broke" athletes just didn't invest there many millions properly and now "only" have in the tens of millions, like AI.

 

But, yeah, Walker thought it was a good idea to gamble with MJ. The problem with that is MJ is MJ, and Antoine is NOT MJ. That guy has probably gambled/spent a billion dollars and is still worth in the mid-hundreds of millions because he is MJ.

[edjr 7,050]

So, Iverson is broke...............but he has $30 Million in the bank.

 

Great thread, Ed.

 

 

http://www.forbes.com/sites/jamesmarshallcrotty/2012/02/21/allen-iverson-earned-over-200-million-in-his-nba-career-hes-now-broke-say-what/

 

 

Allen Iverson Earned Over $200 Million In His NBA Career. Now He's Reportedly Broke.

 

Allen Iverson – who has earned over $154 million in salary alone over his stellar NBA career — is reportedly broke. That number excludes millions more in non-salary income, including a $50 million lifetime endorsement contract from Reebok. And the player best known as “the Answer” has no easy answer for the bills, including around $859,000 he currently owes to a Georgia jewelry store (too bad he didn’t have Newt’s credit line at Tiffany’s). Whether Iverson can’t or won’t pay Aydin and Company Jewelers is unclear. Moreover, there is no evidence that Iverson has officially declared bankruptcy. But Iverson’s seemingly desperate attempts at a comeback suggest that he’s in deep financial trouble.

 

For instance, he made the Iverson equivalent of pilaf to play in Turkey and was offered plantains to play in Puerto Rico. Now comes an insulting offer to play indoor soccer for the Rochester Lancers. It’s a sad and shameful denouement for a man who, pound-for-pound on his six foot, 165-pound frame, is the most gifted and fearless guard to ever play pro basketball.

 

Most sports fans saw this day coming. Some will point to Iverson’s role in a controversial bowling alley brawl in Hampton, Virginia back when Iverson was in high school. Though Iverson ended up serving four months in prison for the crime, Georgetown coach John Thompson — in his defining Lawrence Phillips moment — overlooked the incident in recruiting Iverson, and Virginia governor Doug Wilder eventually granted Iverson clemency.

 

Fairly or unfairly, the affair tainted Iverson’s reputation and telegraphed his later troubles, which reportedly included missed practices, refusal to train, and frequent disputes with coaches. And that’s just basketball-related behavior. Iverson’s troubles also included a 1997 arrest for carrying a concealed weapon (for which he pleaded No Contest and was sentenced to community service) and a later 2002 arrest (though never convicted) for trespassing, criminal conspiracy, false imprisonment, and making terroristic threats. There were at least two cases of assault by Iverson bodyguards, including a vicious one in 2006 by Jason Kane (as Iverson idly watched), for which Iverson had to pay victim Marlin Godfrey $260,000 in damages for injuries he suffered, including a torn rotator cuff, a concussion, a ruptured eardrum, and a burst blood vessel in his eye. The judgment was upheld on appeal in 2009. Finally, there was Iverson’s banishment from casinos in Detroit and Atlantic City.

 

In the public’s mind, rightly or wrongly, these incidents built an image of Iverson as reckless and ungovernable on and off the court. So, it comes as no surprise to many that he was reckless and ungovernable in his finances. “He redefined high maintenance,” said Pat Croce, Philadelphia 76ers team president and part-owner during the Iverson era.

 

Even with all the caveats that accompany Iverson (his troubled upbringing as “a poor black kid” and child of a single teenage mom, his need for physical protection from extortionists and thieves, his lack of legitimate male role models, and his generous loyalty to those who protected him from harm), the Forbes education writer in me can’t help but place at least some responsibility for his financial mess on the man himself.

 

What’s sad is that the remedy was so simple and easy. For instance, I calculate that even if Iverson had passively invested (say, in a broad-based index fund like SPY) only half of the more than $200 million he reportedly made over the past sixteen years, and wantonly squandered the rest, the amount he invested would have at least kept pace with inflation. I am not talking hedge funds or sexy IPOs. I am talking large-cap staples of the American economy, with no “vig” at all to the money management sharks, Ponzi schemers, and private equity shysters that circle pro athletes and their posses. A high-rated, tax-free, long-term municipal bond ETF like MLN might even be safer, if not always more profitable.

 

As I learned when my beloved mother — an accumulator of seemingly expensive things – suddenly passed, most material things don’t carry much resale value. Yet celebrities in general, and pro athletes in particular, think they do. Blinged-out, overly customized, and hard-to-resell mansions, diamond-studded watches, Gulfstream jets, fur coats, cheesy overpriced jewelry, and the requisite Bentley’s all lose their value over time. Cars, no matter what the brand, lose value as soon as they are driven off the lot. Same goes for planes. In only rare cases does a watch grow in value. Ditto for jewelry, especially garish jewelry. The best and safest way to grow money over the long-term is through investing in dividend-paying stocks. Boring? Yeah. Not very “street.” But, as a former German girlfriend once told me, “To be radical in your art, you need to be conservative in your life.”

 

 

 

[edjr 7,050]

Not broke

 

so 30 million nets you 1 million a year

 

That's some mighty fine investing

[Recliner Pilot 61]

http://www.forbes.com/sites/jamesmarshallcrotty/2012/02/21/allen-iverson-earned-over-200-million-in-his-nba-career-hes-now-broke-say-what/

 

 

Allen Iverson Earned Over $200 Million In His NBA Career. Now He's Reportedly Broke.

 

 

 

 

So, all those reports of him having $30 Million in the bank are wrong?

[edjr 7,050]

So, all those reports of him having $30 Million in the bank are wrong?

 

All those?

 

all one of them?

 

Someone said he has money, so that makes it fact. Unlike the story i quoted. which of course is fake.

 

Also thanks for coming into a thread and ignoring the topic/question and adding to the discussion once again

[Recliner Pilot 61]

Also thanks for coming into a thread and ignoring the topic/question and adding to the discussion once again

Not much to discuss about a guy with $30 Million in the bank being broke.

[DankNuggs 305]

so 30 million nets you 1 million a year

 

That's some mighty fine investing

3% risk free, sounds like the going rate.

[Recliner Pilot 61]

The rumors of Allen Iverson's demise have been greatly exaggerated according to the NEW YORK POST. Despite losing a $860,000 lawsuit to a jewelry store, and having his bank accounts seized, Iverson is setup financially for his retirement and long-term future. The former NBA superstar has over $30 million in holdings in a bank account.

 

http://www.iamagm.com/news/2012/03/02/allen.iverson.not.broke.has.32.million.saved

 

[shovelheadt 72]

While it may end up being true, that Forbes article is garbage. They're basing 'he's broke' on one bill to a jewelry shop and this: "But Iverson’s seemingly desperate attempts at a comeback suggest that he’s in deep financial trouble"

[Recliner Pilot 61]

Allen Iverson is not broke. Nowhere near it in fact. Contrary to popular belief, even our own, Iverson isn’t trying to get back into the NBA for the money. He’s doing it for the love for the game. A source has told NY Post’s Peter Vecsey that Iverson not only has millions at his disposal, but he also has protected his money against himself by putting over $30 million in trust until he’s 55 years old.

 

http://thehoopdoctors.com/online2/2012/03/allen-iverson-is-far-from-bankrupt/

[edjr 7,050]

it was inevitable, but.

 

 

This post is hidden because you have chosen to ignore posts by Recliner Pilot . View it anyway?

 

[Recliner Pilot 61]

it was inevitable, but.

 

 

 

 

Got your ass kicked, so you are taking your marbles and going home? :lol:

 

See ya, Pussie.

[Herbivore 1,222]

3% risk free, sounds like the going rate.

 

I thought the same thing.

[Recliner Pilot 61]

$1 Million per year in interest income.

 

$96,000 per year in pension.

 

$32 Million in the bank untouched for decades.

 

I wish I was broke like that.

[Broheim Steamrollers 0]

$1 Million per year in interest income.

 

$96,000 per year in pension.

 

$32 Million in the bank untouched for decades.

 

I wish I was broke like that.

 

Dude seriously grow up. You never contribute anything to threads. I consider myself more conservative but you and the other morons make it so difficult to associate with you guys. Jesus christ grow up. No wonder the gop is in shambles. If morons like you try to represent the party then the gop is f0cked.

[Recliner Pilot 61]

Dude seriously grow up. You never contribute anything to threads. I consider myself more conservative but you and the other morons make it so difficult to associate with you guys. Jesus christ grow up. No wonder the gop is in shambles. If morons like you try to represent the party then the gop is f0cked.

Howsabout, fukk you.

 

How do you like them apples?

 

Ed posted a thread about Iverson being broke. He's not. He may be one of the biggest tools to ever play in the NBA, but he isn't broke.

[WhiteWonder 3,022]

fukk you.

 

is this your new thing? spelling fuck fukk or fuk?

 

i think i've only seen one other poster do that. maybe 2

[NewbieJr 541]

is this your new thing? spelling fuck fukk or fuk?

 

i think i've only seen one other poster do that. maybe 2

He's an innovator. Lolol

[WhiteWonder 3,022]

He's an innovator. Lolol

 

he has been saying it a lot lately.

 

enough for 2 or even 3 people.

 

must be in a bad mood

[Voltaire 5,534]

AI had an epiphany and made a conscious decision to clean up his act midway through his career. I was skeptical when I heard it, but out of fairness I gave him a second look to see if he would backslide. He (mostly) didn't, he was true to his word. The problems were small and 95% cured.

 

Then came the 2004 Olympics. For anybody who wants to bash AI, maybe you didn't know about or forgot this: he was a great veteran leader on the US Olympic teams. http://sports.espn.go.com/oly/summer04/basketball/columns/story?id=1870490

 

It's been a good ten years now that he's been out of trouble. Because of this, I'm going to go to bat for him. I think his reputation deserves rehabbing, he's not the same street thug or the uncoachable problem child that so many of us had him written off as. He's grown as a person.

[Recliner Pilot 61]

Once again, you fellas are trying too hard. :D

[Stewburtx8 67]

AI had an epiphany and made a conscious decision to clean up his act midway through his career. I was skeptical when I heard it, but out of fairness I gave him a second look to see if he would backslide. He (mostly) didn't, he was true to his word. The problems were small and 95% cured.

 

Then came the 2004 Olympics. For anybody who wants to bash AI, maybe you didn't know about or forgot this: he was a great veteran leader on the US Olympic teams. http://sports.espn.go.com/oly/summer04/basketball/columns/story?id=1870490

 

It's been a good ten years now that he's been out of trouble. Because of this, I'm going to go to bat for him. I think his reputation deserves rehabbing, he's not the same street thug or the uncoachable problem child that so many of us had him written off as. He's grown as a person.

 

 

I've always been an Iverson fan so I'm completely biased. It was tough to watch his career end the way it did. But I thought the ESPN 30 for 30 on Iverson was really good. You get a new found appreciation for him and some of the things he went through.