In the early 2000s, the NBA was filled with stars. There was Kobe Bryant, his partner in crime, Shaquille O’Neal, Tracy McGrady, Vince Carter, and heck; even Michael Jordan returned to action.
Still, none of these players could rival the popularity of the player who ushered in the hip-hop era to the NBA. Yes, I’m speaking of “The Answer” Allen Iverson.
Iverson appeared to have it all. He had a flashy game that included a killer crossover that had Tim Hardaway shaking his head. A.I. had the cornrows hairstyle to match his tattoos, and his dress style was one that many fans related to.
In the 2000-01 NBA season, Iverson even walked away with the MVP while leading his team, the Philadelphia 76ers, to the NBA Finals. His squad may have lost in the Finals, but Iverson gave us a lasting memory with his 48-point Game 1 performance, which included stepping over a fallen Tyronn Lue.
As you might expect, Iverson had many endorsements during his prime, including a lifetime deal with Reebok. You’d think Iverson would be set for life with all of that money. But things would become a struggle for Iverson after he blew through his $200 million career earnings.
How Allen Iverson Blew Through $200 Million
It happens to a lot of famous athletes. They earn huge contracts, and they get accustomed to spending large amounts of money. If they don’t have a money advisor nearby to help them budget their earnings, they spend right through their money.
It doesn’t matter if you make $10 million a year or $10,000 a year; if you’re not smart with spending habits, it can all go away in a blink of an eye.
This is what happened to Allen Iverson during the course of his playing career, which abruptly came to an end in 2010 when no NBA team wanted to sign him. His career coming to an end didn’t help his money problems, but the main issue occurred while he was making a lot of money through NBA contracts.
Here is a list of Iverson’s monthly spending habits during his playing days.
Via TMZ:
$10,000 – clothes
$10,000 – restaurants
$10,000 – groceries & goods
$1,000 – dry cleaning
$126,000 – creditors and mortgages
Iverson sure loved to look good and eat well. He also apparently liked to put a lot of stuff on credit, which can always turn around to bite you.
This list wasn’t all, though. Iverson reportedly became financially responsible for up to 50 people, which included family and friends.
Iverson also loved to spend money on lavish cars, which is like a lot of NBA players. But Iverson, going back to how he liked to help his family and friends, also once gifted a brand new Bentley Daze to teammate Larry Hughes.
Via The Players’ Tribune:
“I’m saying, Larry is standing there, and he’s in this… daze. He’s in a Bentley Daze. Just looking at it… and then looking at me… and then he’s just, like, ‘Yo… AI. I have to get me one of these.’ I don’t even hesitate. ‘Bro, you can have mine.’ I’ve never seen anyone so grateful.”
Iverson’s spending habits cost him $200 million like it was nothing. He struggled with his wealth until that lifetime Reebok deal mentioned earlier kicked in.
The deal paid Iverson $800,000 a year for life, but it also set aside $32 million in a trust fund. Iverson will be able to get that trust fund money in 2030 when he turns 55.
This money will surely help “The Answer” with his money situation. Still, when that money comes, if he continues to spend it in the same way as he has before, he’ll blow through that money in no time.
For Iverson’s sake, we hope he becomes smarter with his money so he can live a comfortable life. Iverson has the answer to his money problems. Will he listen?
We sincerely appreciate and respect you as a reader of our site. It would help us a lot if you follow us on Google News because of the latest update.
Thanks for following us. We really appreciate your support.
