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 ...
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. ;-)
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