After making millions in the NBA over a span of a few short years, Allen Iverson is reporting that he is broke. While it isn’t uncommon for sports players and other famous young adults to make millions and spend it quickly, Allen Iverson’s case is drawing much attention.
Big Money Big Debts
Allen Iverson was once the most famous NBA player in the league, but his stardom was short lived compared to historically famous players like Michael Jordan. Earning about $154 million over the course of his basketball career, Iverson reportedly owes hundreds of thousands in debts to creditors. After a few years of living the high life and spending frivolously Iverson is reporting that he does not have any cash left to pay his debts and is considering bankruptcy.
Iverson’s financial woes began after he was dropped from the NBA and was making only $2 million a year playing basketball for a team in Turkey. Prior to being dropped by the NBA, Iverson bought massive amounts of expensive jewelry, carried a 50 person paid entourage and a personal grooming team. It is reported that he was warned about his spending habits. Even the NBA Players’ Association reminded him that 60 percent of players go broke within 5 years of their last paycheck. Iverson ignored the warnings and is now in the midst of a financial insolvency he can’t get out of alone.