We all know how easy it is for an NBA player like Allen Iverson to run out of money pretty quickly after retirement. It’s pretty simple actually. Those huge paychecks encourage the sort of unsustainable lavish lifestyle that only really works if you’re able to invest and save.
Players like Kobe Bryant are renowned for their smart decisions when it comes to saving, whereas others like Allen Iverson…less so.
Over the course of Iverson’s career he earned a staggering $200 million. $155m from his salary and another 40m-50m in endorsements. He allegedly traveled with an entourage of as many as 50 people at times. He showered friends and family, especially his mother, with cars, jewelry, houses and expensive vacations.
How did Allen Iverson manage to go broke?
Firstly, there are always ways for celebrities to claim bankruptcy but that doesn’t necessarily mean they have no money. This is sometimes done in an effort to settle debts and start a clean financial sleight. However, in Iverson’s case, his bankruptcy was very much a by-product of his spending habits.
Aside from showering his entourage with gifts he couldn’t afford and including them in a lifestyle fit for a king, he apparently had a habit of keeping his money in dozens and dozens of garbage bags around his mansion. Some would occasionally go missing. At one point in his career he arrived back at an airport and had forgotten where he parked his car so apparently ditched the car and bought a new one.
Image Source: Allen Iverson @ Instagram
