Allen Iverson is indeed Broke

[JordansBulls]

http://www.philly.com/philly/blogs/p...300Kmonth.html

Iverson says monthly expenses cost him about $360,000 per month while he brings in income of $62,500 per month.

According to the court filings, Iverson pays more than $125,000 to assorted creditors including his jeweler, and also spends money on several mortgates, though as TMZ states, his Atlanta mansion is about to be auctioned off.

A.I. reports that he spends $10,000 a month on clothes, $10,000 on groceries, $1,000 on dry cleaning and $10,000 per month on restaurants (It’s unclear how much is spent at T.G.I. Friday’s) and entertainment.

[heyman321]

We talking bout money.

[Hawkeye15]

While it used to amaze me that athletes that made in excess of $100 million are broke, it doesn't anymore.

[Gators123]

I don't feel bad for him at all.

[Giants #1 Fan]

Hey, it's Iverson we're talking about

[Hawkeye15]

I don't care if you are making $15 million a year, why on earth would anyone have monthly expenses of $360k+?

$10k a month on clothing? Dude, you deserve to be broke. I really don't understand how a financial person can not get through to these 20-something kids and tell them, "the money won't be coming in after you are around 35, so don't blow it all".

[Johann]

And it's not like he's spending anything on charity either...

He's a selfish S.O.B.

And it's all on himself. How is he still making money?!

[ewing]

I don't care if you are making $15 million a year, why on earth would anyone have monthly expenses of $360k+?

$10k a month on clothing? Dude, you deserve to be broke. I really don't understand how a financial person can not get through to these 20-something kids and tell them, "the money won't be coming in after you are around 35, so don't blow it all".

I honestly don't know how you spend that much. I would buy anything i wanted and still have a scrooge mcduck like stash

[Snakeyestx]

This is why you don't pay children (at least in the head) exorbitant amounts of money until they've had some formal economic education ...

[NYKnickFanatic]

I dont get how this happens to these ****ing guys.

[ewing]

This is why you don't pay children (at least in the head) exorbitant amounts of money until they've had some formal economic education ...

He graduated HS and went to Georgetown.

[jpro611]

AI has like a 100 million dollar trust fund though... He can't touch it until he's 50 or something

But it's not like he won't just spend it all when he gets it

[JNA17]

Iverson you freaking idiot.

Just goes to show that even the biggest and high paid names in sports can go broke because of their stupidity.

[Snakeyestx]

He graduated HS and went to Georgetown.

...clearly learning absolutely nothing.

"Formal Economics Education"

I do recall saying that.

[Snakeyestx]

AI has like a 100 million dollar trust fund though... He can't touch it until he's 50 or something

But it's not like he won't just spend it all when he gets it

He'll have a jewel encrusted Bentley the day he turns 50... mark my words.