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Allen Iverson now broke.

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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.
 
newt_gingrich_bling2011-med-wide.jpg

gingrich only owed 500k for jewelry ...
 
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
 
AstroManLuca said:
Apparently, that's what Charles Barkley has done.
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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
 
AstroManLuca said:
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.
Click to expand...

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.
 
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.
 
darkxshade said:
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.
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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 said:
I fail to understand the whole "posse" or "entourage" thing. Why would I want a massive crew of freeloaders hanging around me 24/7?
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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.
 
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)
 
CPA said:
far too nice? Remember he started a riot at a bowling alley.

Maybe he was far too vain.
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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.
 
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Whoozyerdaddy said:
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...
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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.
 
AstroManLuca said:
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.
Click to expand...

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.
 
Phokus said:
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)
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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 😀
 
BergeLSU said:
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.
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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.
 
Elbryn said:
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
Click to expand...

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