Yawn
Posted on 12/10/2012 11:33:21 AM PST by SeekAndFind
It's been less than a year since we learned former NBA star Allen Iverson was broke, despite a $150 million career.
Now we know why.
TMZ has obtained court documents from Iverson's ongoing divorce proceedings that clearly show a man drowning in debt.
Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.
About a third of his debt is owed to creditors –– his bank account was seized last year when he couldn't come up with $860,000 he owed to a jeweler –– and another chunk goes to his mortgages.
But there are a few creature comforts, too, "like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants," according to TMZ.
On top of that, his $4.5 million Atlanta mansion is in foreclosure. At least he can drive to and from court in style –– Iverson reportedly kept his Maybach, which he paid off before all of the money drama.
He's not the first NBA multi-millionaire star who has fallen from grace.
(Excerpt) Read more at businessinsider.com ...
The sad thing about this is that compared to the Obamadork, he’s still scrooge.
See also here:
http://www.businessinsider.com/ugliest-celebrity-bankruptcies-2012-11?op=1
10 Of The Ugliest Celebrity Bankruptcies In History
A fool and his money are soon parted. At least he paid off the car. Maybe he can use it as collateral for a loan for party money.
It’s the maintenance costs that kill. Too many of these superstars think all they have to do is lay out $35 million for it their mansion, then they’ll be done. They don’t think of the income needed to pay for the upkeep or taxes, after their career winds down.
don’t they teach basic math at his college?
Another sad chapter in the book titled “Suddenly Rich.” Very sad.
Couldn’t have happened to a nice guy!
I’m sure they did, but superstar athletes aren’t really required to attend classes.
“About a third of his debt is owed to creditors”
I would have thought that all his debt is owed to creditors, isn’t that the definition of creditor.
RE: don’t they teach basic math at his college?
He went to Georgetown, the alma mater of Bill Clinton and the now celebrated Sandra Fluke.
I see that he’s already bought his own hearse.
One thing I learned, when you want something, you have to work for the money to pay for it but however, what is not mentioned is you continually have to keep working to keep the item whether it is taxes on the item like cars or insurance or maintenance.
He no longer got da skills to pay da bills.
I see no mention of gun or motorcycle collecting. He could have cut the time needed to go broke in half.
He could be hiding his money from his wife too.
It’s not just maintenance, he has mortgages. This guy was famous for an entourage, posse, or whatever of hangers on.
for later
I often wonder how some of these fools ever hooked up with the money in the first place.
When you are a rookie in any professional sport, you go through the process of learning basic finance. The league brings in people to teach finance, how to deal with the media, drug counselors, how to act on the road, etc. Teams also employ people to work with the athletes.
Iverson is no different than any athlete who thinks he knows better than the people coming in to teach them about what not to do. He looks down at the person teaching because being Alan Iverson makes millions and this person is just a teacher.
After the parties, after the posse, after the divorces and child support, after the back taxes on the home, after paying a monthly stipend to your accountant and lawyer, after you wake up one morning and realize it is all gone, by then it is too late.
He became another dumb schmuck who got paid to play a game and didn’t listen to a word either his professors in college or his teachers said.
The fruits of low intelligence and poor impulse control.
“don’t they teach basic math at his college?”
***
Colleges don’t teach; they indoctrinated.
So the average grad can recite every Marxist talking point espoused by his professor, but he can’t add 2+2 and get 4.
He was an all star NBA player 11 times. He also won the MVP award. Plus endorsements add up quick.
So that means that he is still ObamaRich, and that his ObamsTax will still go up?
-PJ
yup, most of the time less is more.
If the drain's bigger than the faucet, there won't be anything left in the tub.
No...all they teach basketball players at Georgetown is basketball. He left college without the equivelent of a 6th grade education. He is and always will be, an illiterate thug.
“a few creature comforts, too, “like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants,”
Wow, how can anyone expect to make it on such a modest budget. Poor thing.
“a few creature comforts, too, “like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants,”
Wow, how can anyone expect to make it on such a modest budget. Poor thing.
A lot of regular business people make bad choices and end up bankrupt.
Says a big chunk goes to “mortgages” which would seem to involve creditors unless they are Fannie, Freddie and so on.
Yo bro don’t be habbin fess Obamadollah back.
Could be another “chunk” goes to the tremendous student loan debt he must have wracked up while majoring in dumbass as Georgetown.
I’ll try to feel sorry for him.
Hahahaha!!!!! What we talkin’ about? C’mon, we talkin’’ about PRACTICE!!!!
Idiot!
Thus showing the importance of and the role of saving (or the lack of it) in capital accumulation.
Whitey’s fault.
And how much do you want to bet he blames somebody else for being broke.
How much did he pay the “artist” for all those tats?
These athletes, many of them, never cracked a book in college
Sure. Doesn't meant that he can do it. ;-)
“impulse control” is old white people racist talk
Or a boat.
Buddy of mine has one. Says that next time, he's going to just dig a hole in his back yard and throw money into it...would be faster and cheaper.
also known as a pool.
A normal, fiscally sane older person could just about retire on that amount--or at least invest it wisely.
AI--- Absolute Ignoramus--but oh well.
AI was released from Prison in Va. via the Governor’s pardon. He was in Georgetown within days on a full ride. never attended anything remotely near a class. Left school early to make the big bucks. Several arrests and many more arrests were “bought off”. His Posse pulled guns on another players Posse while at a 76ers practice. All should have gone to prison. He gets what he deserves. Nothing!
He’s still a 1 percenter.
Go get ‘em Baraq!
“Or a boat”. You got that one right. I live just a few miles from the Mississippi within sight of one of the main routes to a major boat ramp. I wish I had a fraction of the money I see going by on the weekend. I strap my kayak on top of the Jeep and go the other direction.
At least he paid off the car.
********************************
You can sleep in your car ,, you can’t drive the house.
You can also,be buried in your car, which looks to be why he bought it.
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