Hall of Famer Allen Iverson grew up poor, and like so many others who weren’t swimming in cash in their younger days, he got reckless when he did get rich. During an appearance on expediTIously with Tip “T.I.” Harris, Iverson spoke about how his desire to make everyone happy led him to squander money.
“I was reckless in the sense of I wanted everybody to be happy,” Iverson said. “I wanted to pay everybody rent. I wanted to pay motherf***ers child support… I wanted to pay their bond… car payments. When I go to the jewelry store, y’all go to the jewelry store. When I buy a car, y’all get a car.
“I spoiled my mom,” Iverson continued. “At one point, my mom had like 15 cars. I pull up in a Bentley, and she’ll see it and say, ‘Son, I love that car. I want one just like it.’ She was like, ‘You going to get me one?’ I’m like, ‘No, I’m not doing that.’ [She’d say], ‘Well, I’m gonna go buy one myself.’ [I’d say], ‘Mom, you got 15 cars. Here, take this one.’
“I wanted everybody to be happy,” Iverson added. “But I was crippling people… The cornerstone of being a man is accountability. I was out of control with it. And then I thought I was going to play forever… And God put me in check. That money got funny.”
Thinking they’ll play forever is a mistake many athletes seem to make. In Iverson’s case, the end came sooner than he’d have thought. He put up impressive averages of 26.4 points and 7.1 assists per game for the Denver Nuggets in the 2007-08 season, and his last NBA game would come just two years later in 2010.
According to Spotrac, Iverson had signed a four-year, $73.5 million extension with the Philadelphia 76ers in 2003. He made $20.8 million in 2008-09, the final year of that contract, and you can get away with spending recklessly when you’re making that much. What happens when you’re not even sniffing that kind of money after that, though? Well, what happens is you find yourself in a bit of trouble.
Iverson filed for bankruptcy in 2012 and famously told his wife, Tawanna, during divorce proceedings that he didn’t even have money for a cheeseburger. Mind you, this is someone who made $154 million in salaries over the course of his 14-year career.
Now, Iverson would be fine in the long run. He had signed a lifetime deal with Reebok in 2001 that paid him $800,000 a year. The deal also included a $32 million trust fund, which is accessible in 2030 when he turns 55. Tawanna was said to be getting half of that, but these two have now reconciled, so it’s unclear what happens there.
Iverson revealed in this episode that he has now finally added the word “no” to his vocabulary. The 51-year-old still loves to spoil his children, but isn’t throwing his money around anymore.
