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View Full Version : Allen Iverson is indeed Broke



JordansBulls
12-05-2012, 03:50 PM
http://www.philly.com/philly/blogs/phillygossip/Iverson-talkin-bout-finance-in-divorce-court-Says-he-loses-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 (Itís unclear how much is spent at T.G.I. Fridayís) and entertainment.

heyman321
12-05-2012, 03:51 PM
We talking bout money.

Hawkeye15
12-05-2012, 03:51 PM
While it used to amaze me that athletes that made in excess of $100 million are broke, it doesn't anymore.

Gators123
12-05-2012, 03:58 PM
I don't feel bad for him at all.

GiantsSwaGG
12-05-2012, 04:01 PM
Hey, it's Iverson we're talking about

Hawkeye15
12-05-2012, 04:04 PM
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
12-05-2012, 04:07 PM
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
12-05-2012, 04:08 PM
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
12-05-2012, 04:10 PM
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
12-05-2012, 04:11 PM
I dont get how this happens to these ****ing guys.

ewing
12-05-2012, 04:12 PM
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.

jp611
12-05-2012, 04:12 PM
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
12-05-2012, 04:13 PM
Iverson you freaking idiot. :facepalm:

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

Snakeyestx
12-05-2012, 04:14 PM
He graduated HS and went to Georgetown.

...clearly learning absolutely nothing.

"Formal Economics Education"

I do recall saying that.

Snakeyestx
12-05-2012, 04:15 PM
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. :p

Andrew32
12-05-2012, 04:16 PM
We talking bout money.

Ha!

Gram
12-05-2012, 04:16 PM
Allen Iverson.

JNA17
12-05-2012, 04:17 PM
He graduated HS and went to Georgetown.

College wasn't going to do anything for Iverson.

Once a Ghetto, always a Ghetto. That's all there is to it.

abe_froman
12-05-2012, 04:20 PM
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".
because the richer you get ,the more you spend(obviously)but after awhile the brain adjusts to the new reality. so things that you once thought of as luxury,become a fact of the matter every day life type of thing(you perceive things like maids,jets,astin martins as a basic need rather than a want).there was a famous study back in the 1960's that studied this phenomia,you couple that with "its not gonna happen to me/thats other people" phenomia(thats common to the human brain) and that spells recipe for disaster for these athletes

Pierzynski4Prez
12-05-2012, 04:22 PM
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 be broke by the time he's 51 again.

Seriously, these guys go buy all these enormous mansions, not realizing the amount of taxes they have to pay yearly on them, even if they just buy the house straight cash without taking a loan out on them. Then it starts to add up more and more, running them dry.

AI, sell a few of your mansions, most of your cars which probably never get driven, and live your life based off your still ridiculous 62,500 monthly pay that you get.

JNA17
12-05-2012, 04:24 PM
because the richer you get ,the more you spend(obviously)but after awhile the brain adjusts to the new reality. so things that you once thought of as luxury,become a fact of the matter every day life type of thing.there was a famous study back in the 1960's that studied this phenomia,you couple that with "its not gonna happen to me/thats other people" phenomia(thats common to the human brain) and that spells recipe for disaster for these athletes

I think it has more to do where most of these athletes grew up. Like many players, Iverson grew up in a...not so rich town to put it lightly. As a result, once they become rich, they make it rain in every store they go to and bring alone a 10 man entourage.

Swashcuff
12-05-2012, 04:26 PM
He still isn't broke but he's done a whole lotta DUMB**** with his money that's for certain.

goalie
12-05-2012, 04:27 PM
Iverson needs to be broke because of his divorce, don't believe everything you read.

ewing
12-05-2012, 04:28 PM
because the richer you get ,the more you spend(obviously)but after awhile the brain adjusts to the new reality. so things that you once thought of as luxury,become a fact of the matter every day life type of thing(you perceive things like maids,jets,astin martins as a basic need rather than a want).there was a famous study back in the 1960's that studied this phenomia,you couple that with "its not gonna happen to me/thats other people" phenomia(thats common to the human brain) and that spells recipe for disaster for these athletes

I don't think Hawk is saying he wouldn't spend more if he was rich. I think he is saying he wouldn't spend more then he was getting. I make 55k yearly and save if i made 150k yearly i'd spend more then i do now but i wouldn't spend 300k a year. If you do your dumb. AI well he is dumb.

Ni55anpat
12-05-2012, 04:28 PM
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

Ding ding ! He be ok

DamnGoat
12-05-2012, 04:29 PM
Like every other athlete that's made millions and pissed it all away...I don't feel sorry for them.

Swashcuff
12-05-2012, 04:31 PM
Iverson needs to be broke because of his divorce, don't believe everything you read.

Really a bitter divorce as well. :pity:

Hawkeye15
12-05-2012, 04:32 PM
because the richer you get ,the more you spend(obviously)but after awhile the brain adjusts to the new reality. so things that you once thought of as luxury,become a fact of the matter every day life type of thing(you perceive things like maids,jets,astin martins as a basic need rather than a want).there was a famous study back in the 1960's that studied this phenomia,you couple that with "its not gonna happen to me/thats other people" phenomia(thats common to the human brain) and that spells recipe for disaster for these athletes

I understand that is how it works, but not everyone is like that. Unfortunately people like Iverson probably went through high school and college without ever learning the value of a dollar.

My mom and dad were poor as hell when I was a kid. They ended up becoming quite rich, though I don't see crap lol. My dad's taste in cars, watches, and all that crap has turned into what you are saying, while my mom is still a penny pincher. They got divorced last year, and my mom will stretch that money out for 30 years, easily (just bought a 2 bedroom house for $185k in Minneapolis). My dad? No chance. He has already gone through 3 cars, and bought a condo in Florida for $600k, to live by himself....

Hawkeye15
12-05-2012, 04:33 PM
I think it has more to do where most of these athletes grew up. Like many players, Iverson grew up in a...not so rich town to put it lightly. As a result, once they become rich, they make it rain in every store they go to and bring alone a 10 man entourage.

furthermore, young athletes are just not that smart usually. They also choose to surround themselves with leaches.

iliketurtles24
12-05-2012, 04:34 PM
Why do we make these thread? maybe to make our finacial situation easier to bear knowing that most of us are not stupid as ****.

smith&wesson
12-05-2012, 04:36 PM
iverson has to be the most gifted dumb person in the world.

Hawkeye15
12-05-2012, 04:37 PM
I don't think Hawk is saying he wouldn't spend more if he was rich. I think he is saying he wouldn't spend more then he was getting. I make 55k yearly and save if i made 150k yearly i'd spend more then i do now but i wouldn't spend 300k a year. If you do your dumb. AI well he is dumb.

Not only that, but you are an ATHLETE! And a basketball player at that. No way on earth you are employed and making that money past 35 years of age. What are you going to do then?

SMH!
12-05-2012, 04:46 PM
Gotta admit he is dumb with his money, but he does still have a lifetime contract with Reebok, in which they just are now reselling his shoes, not sure how much he is making from that, but he has 32 million he cant touch yet. http://www.nypost.com/p/sports/more_sports/iverson_isn_broke_down_o9flvhfTwhRD1lNMWBFuyJ

I Rock Shaqs
12-05-2012, 05:02 PM
Wow athlete's are getting dumber by the day.

Mr_Jones
12-05-2012, 05:05 PM
He deserves it then.

COOLbeans
12-05-2012, 05:11 PM
While it used to amaze me that athletes that made in excess of $100 million are broke, it doesn't anymore.

inflation

SteveNash
12-05-2012, 05:11 PM
Doesn't go into all the details, and of course Iverson is trying to make his finances look as bad as possible so that his wife gets less. Iverson is definitely never going to be broke.

COOLbeans
12-05-2012, 05:11 PM
He deserves it then.

You deserve everything bad coming to you if you continue to live your life with this attitude

gaughan333
12-05-2012, 05:19 PM
He graduated HS and went to Georgetown.

and was recruited from a jail cell

Hellcrooner
12-05-2012, 05:27 PM
iverson apologists saying it isnt true in 3, 2, 1...

Ill21
12-05-2012, 05:27 PM
10k an month on grocery is crazy

StarvingKnick22
12-05-2012, 05:30 PM
He could just have a massive signing lol.

ewing
12-05-2012, 05:38 PM
inflation


Take that, haterz

AIRMAR72
12-05-2012, 05:41 PM
FOOL who deserve to lose it all he was warn 10yrs ago about his spending habbits

C_Mund
12-05-2012, 05:41 PM
A lot of these debts are due to monthly payments as well. The article states SEVERAL mortgages. It's not just throwing away money on objects (which is obviously a huge part of the problem as well....), but it's locking themselves into long-term financial commitments that continue well after the income ceases.

$GangGr33n$
12-05-2012, 05:53 PM
where does it say he's broke? His expenses are much more than his income but maybe he still has a lot of left over money from playing ball?

ewing
12-05-2012, 05:56 PM
I cant believe his marriage is breaking up

c.c.
12-05-2012, 06:01 PM
Lowering his living expenses wouldn't be an bad idea but I forgot this guy loves bad ideas

sep11ie
12-05-2012, 06:26 PM
How do you pend that much on groceries AND restaurants?

statquo
12-05-2012, 06:29 PM
10gs on clothing a month?? what the clothes from the month before are no good anymore?

bagwell368
12-05-2012, 07:27 PM
Idiot* on the court, idiot off of it.

* actually more like "selfish pig".

JayW_1023
12-05-2012, 07:36 PM
Just stupid. Don't feel sorry for him. If you blow that kind of money you are a complete moron.

netsgiantsyanks
12-05-2012, 09:49 PM
i could be a billionaire and still wouldn't be stupid enough to buy $10,000 worth of clothes in a month. maybe in 2 months(:p) but you get my point.

C-ross12
12-05-2012, 10:03 PM
Good news is he must not spend unnecessary energy money on washing clothes. At 120K a year on clothes he probably just wears everything one time then its gone.. at least I'd assume.

Alayla
12-05-2012, 10:32 PM
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?!

Lol... he has set up more charity events than you can count dude.

Alayla
12-05-2012, 10:35 PM
Once again
A. Lifetime reebok contract
B. 30- 35 millon he cant touch untill hes 45
C still has millons in the bank that he can it doesnt matter that hes spending more than hes bringing in he isnt broke when will the media lay off of this man?
Anything to put Iverson in a bad light right?

Alayla
12-05-2012, 10:36 PM
where does it say he's broke? His expenses are much more than his income but maybe he still has a lot of left over money from playing ball?

He does

Alayla
12-05-2012, 10:38 PM
iverson apologists saying it isnt true in 3, 2, 1...

Its a fact that it isnt read my other post just **** being blown out of proportion again

Alayla
12-05-2012, 10:38 PM
That being said regardless of the fact that he isnt going broke right now he is still really stupid with his money

5ass
12-05-2012, 10:41 PM
Too bad, always liked the guy. Dont feel sorry for him though.

bootsy
12-05-2012, 11:12 PM
Idiot* on the court, idiot off of it.

* actually more like "selfish pig".

This topic brings the AI haters. Hey look 'it's my chance to call AI selfish'. Just go away man.

Alayla
12-05-2012, 11:15 PM
Idiot* on the court, idiot off of it.

* actually more like "selfish pig".

Bagwell we get it your a celtics fan some of you are still bitter seeing a sixers player light you up back in the day but its about time you got over it don't you think? lol

BKLYNpigeon
12-05-2012, 11:40 PM
So what... it happens to alot of people. remember the housing crisis? stupid banks gave loans to people to buy houses they couldnt afford.

let him do whatever he wants with his money. its not like Iverson is asking you to borrow some money.

John Walls Era
12-05-2012, 11:44 PM
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 (Itís unclear how much is spent at T.G.I. Fridayís) and entertainment.

I can see $10000 on Clothes. AI probably buys something nice everyday. But do you really need that much groceries if you go spend 10000 at restaurants? AI obviously isn't a bargain hunter either and probably wastes most of the food he buys (speculation). So serves him right.

LakersMaster24
12-05-2012, 11:54 PM
10,000 on clothing and 10,000 on food?

Does he wear panda skin shirts made by virgins and eat black caviar for breakfast?

BKLYNpigeon
12-06-2012, 12:07 AM
i could easily spend 10k on clothes a month.

Johann
12-06-2012, 12:34 AM
An Iverson tribute by MadTv

http://www.youtube.com/watch?v=5TyzN_ZtPpc

ztilzer31
12-06-2012, 12:36 AM
So what... it happens to alot of people. remember the housing crisis? stupid banks gave loans to people to buy houses they couldnt afford.

let him do whatever he wants with his money. its not like Iverson is asking you to borrow some money.

If you're referring to the economic bubble developed by banks giving loans to sub prime mortgages, and reselling these mortgages as subsidies to the Chinese, and then these houses ultimately foreclosing causing a huge economic fallout, and drop in the mortgage industry...

That doesn't really effect high market homes, and multi millionaires. This comes from irresponsible spending, and being a dumb ***.

Evolution23
12-06-2012, 01:09 AM
Well at least he still has #SWAG :cool:

FreakaNashur
12-06-2012, 01:22 AM
College wasn't going to do anything for Iverson.

Once a Ghetto, always a Ghetto. That's all there is to it.
that's racist and i bet you are white

say that to his face

blahblahyoutoo
12-06-2012, 02:14 AM
that's racist and i bet you are white

say that to his face

Iverson IS ghetto so is it racist to state a fact?

LOOTERX9
12-06-2012, 03:07 AM
Iverson IS ghetto so is it racist to state a fact?

Where does it say that iverson is broke? You are right he is ghetto but
The article just says that he has lots of foolish monthly expenses but never says that he is broke..Now maybe he will go broke after awhile but he's not broke with that sneaker contract he has. That shoe contract alone makes iverson not broke lol.
Antwan Walker is the broke player yall are looking for, not iverson.

Greedy22
12-06-2012, 04:03 AM
$10,000 on groceries plus another $10,000 on eating out per month? Dear lord.

ThuglifeJ
12-06-2012, 06:31 AM
...clearly learning absolutely nothing.

"Formal Economics Education"

I do recall saying that.

I bet he was a smart dude coming into the league, he actually did seem pretty intelligent and level-headed. Then he got real famous and started rockin the dreads and sleeve (which i did love) and his mind was clouded

Even if you're pretty smart if you go years of jus gettin money handed to you for playing a sport and not continuing to learn anything you'll lose some of that intelligence. I mean wouldn't you? The only reason we gotta take life so seriously is cuz we have to wake up the next day at 8 and be able to think straight at our jobs in order to meet our needs n have a solid weekend.

Iverson's mind is probably so clouded from the fame, money, drugs too

mvb815
12-06-2012, 06:39 AM
Jesus, 10k on groceries a month? Does he eat veal wrapped in endangered dolphin every meal? I work at a grocery store, anyone who spends more than 2k a month on groceries is a lunatic

xILLN355
12-06-2012, 06:53 AM
i don't even think i've made 10 g's in my life lol

and he's spending 10k a month on clothes? damn i spend like $300/year if even that haha

xILLN355
12-06-2012, 06:55 AM
Jesus, 10k on groceries a month? Does he eat veal wrapped in endangered dolphin every meal? I work at a grocery store, anyone who spends more than 2k a month on groceries is a lunatic

me and my girlfriend spend at the most $400 a month on groceries. and that's for two people haha

ROY 2 MVP Braun
12-06-2012, 08:01 AM
Once again
A. Lifetime reebok contract
B. 30- 35 millon he cant touch untill hes 45
C still has millons in the bank that he can it doesnt matter that hes spending more than hes bringing in he isnt broke when will the media lay off of this man?
Anything to put Iverson in a bad light right?

riding his D a little to hard are we?
or are u one of his ten homies that he goes n spends hundred of thousands on at the jewler? You must not want him to know he's broke or they gonna come repo ur earings haha

Six-8-TheWizard
12-06-2012, 08:03 AM
$10,000 on groceries plus another $10,000 on eating out per month? Dear lord.


Jesus, 10k on groceries a month? Does he eat veal wrapped in endangered dolphin every meal? I work at a grocery store, anyone who spends more than 2k a month on groceries is a lunatic


me and my girlfriend spend at the most $400 a month on groceries. and that's for two people haha

Iverson's got a huge entourage of people that he continues to support financially all living his same lifestyle. The groceries and restaurants are for more than just him. Plus those groceries also definitely include buying $100 bottles at clubs and stuff as well, restaurant = strip club etc :laugh2:

And on top of all of that these totals are for sure embellished. The report is for his divorce. The worse off financially he looks, the less he will have to pay his ex-wife.

3RDASYSTEM
12-06-2012, 11:01 AM
Damn AI

gotta give'em something to talk about since he was the best nonring guard of his era...easily

''''top 3 scorer in 2008 to being blackballed bench 5months later''''....now go make a post on that

ewing
12-06-2012, 11:52 AM
...clearly learning absolutely nothing.

"Formal Economics Education"

I do recall saying that.


What like Austro- Hungarian ecnomics or something? Dude received his compulsory education and had the opportunity to go to college. I'm also sure he was required to do some orientation type stuff with the league his rookie year. He had plenty of opportunity to educate himself. What he decided to take from these experiences and what he decided to do what his money was his decision

Money_23
12-06-2012, 12:29 PM
and we sitting here talking bout practice.

JordansBulls
12-06-2012, 01:46 PM
and we sitting here talking bout practice.

Not the game, we ain't talking about the game we are talking about practice.

ZHawk1123
12-06-2012, 02:00 PM
Crazy...

Stinkyoutsider
12-06-2012, 02:35 PM
With guys like AI, it's all about making sure everyone knows what you have. Let the homies know that you do what you want and get what you want...

I understand that he spent money like this earlier but now he's in his mid-late 30s with a family. You would have thought that he would understand that he better restrict his spending now that he's not pulling in $400k paychecks from the league.

jneises21
12-06-2012, 05:48 PM
This just became that much more funny

"Take the vehicle, I have 10 more," Iverson reportedly said. "Police don't have anything else (expletive) to do except (expletive) with me." He then asked, "Do you know who I am?"

Wolfman01
12-06-2012, 07:45 PM
Money goes by fast if your spending like AI that is. I know he make a lot of money during his time in the NBA but why would you continue to spend money like crazy when your aging. I gotta admit some people just don't know how to spend money when they get rich. They start buying everything and they don't think about the outcome of what will happen. All they care about is hey I got money in the bank don't hate lol!

Bishnoff
12-06-2012, 08:16 PM
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".

This.

Those expenses are inexcusable. Live inside your means and donít buy everything on credit.