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Now We Know How NBA Basketball Superstar Allen Iverson Managed To Go Broke
Business Insider ^ | 12/10/2012 | Mandi Woodruff

Posted on 12/10/2012 11:33:21 AM PST by SeekAndFind

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To: CORedneck

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.


21 posted on 12/10/2012 12:05:06 PM PST by EQAndyBuzz (You cant bring something to its knees that refuses to stand on its own)
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To: SeekAndFind

The fruits of low intelligence and poor impulse control.


22 posted on 12/10/2012 12:08:36 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Mr. K

“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.


23 posted on 12/10/2012 12:10:17 PM PST by fatnotlazy
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To: PeaceBeWithYou

He was an all star NBA player 11 times. He also won the MVP award. Plus endorsements add up quick.


24 posted on 12/10/2012 12:11:14 PM PST by EEGator
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To: SeekAndFind
Though he still earns $750,000 per year...

So that means that he is still ObamaRich, and that his ObamsTax will still go up?

-PJ

25 posted on 12/10/2012 12:15:38 PM PST by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: Jonty30

yup, most of the time less is more.


26 posted on 12/10/2012 12:16:19 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: SeekAndFind
When you're bad at money management, there isn't enough income in the world to keep you from going broke.

If the drain's bigger than the faucet, there won't be anything left in the tub.

27 posted on 12/10/2012 12:19:38 PM PST by TChris ("Hello", the politician lied.)
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To: Mr. K
don’t they teach basic math at his college?

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.

28 posted on 12/10/2012 12:23:23 PM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: SeekAndFind

“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.


29 posted on 12/10/2012 12:26:01 PM PST by WinMod70
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To: SeekAndFind

“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.


30 posted on 12/10/2012 12:26:23 PM PST by WinMod70
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To: SeekAndFind

A lot of regular business people make bad choices and end up bankrupt.


31 posted on 12/10/2012 12:33:38 PM PST by fso301
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To: FewsOrange

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.


32 posted on 12/10/2012 12:54:39 PM PST by Fightin Whitey
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To: SeekAndFind

I’ll try to feel sorry for him.


33 posted on 12/10/2012 1:00:31 PM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: SeekAndFind

Hahahaha!!!!! What we talkin’ about? C’mon, we talkin’’ about PRACTICE!!!!

Idiot!


34 posted on 12/10/2012 1:07:47 PM PST by BigDaddyTX (Don't Mex with Texas)
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To: SeekAndFind
Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.

Thus showing the importance of and the role of saving (or the lack of it) in capital accumulation.

35 posted on 12/10/2012 1:30:02 PM PST by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
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To: SeekAndFind

Whitey’s fault.


36 posted on 12/10/2012 1:33:50 PM PST by E. Pluribus Unum ("The more numerous the laws, the more corrupt the state." - Cornelius Tacitus, Roman Senator)
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To: EQAndyBuzz

And how much do you want to bet he blames somebody else for being broke.


37 posted on 12/10/2012 1:45:40 PM PST by happilymarriedmom
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To: SeekAndFind

How much did he pay the “artist” for all those tats?


38 posted on 12/10/2012 1:49:50 PM PST by Wingy
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To: Mr. K

These athletes, many of them, never cracked a book in college


39 posted on 12/10/2012 2:00:02 PM PST by GeronL (http://asspos.blogspot.com)
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To: Mr. K
don’t they teach basic math at his college?

Sure. Doesn't meant that he can do it. ;-)

40 posted on 12/10/2012 2:02:12 PM PST by wbill
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