Allen Iverson is reportedly broke. Although he is well known for his nickname “The Answer”, after playing more than 14 seasons in the NBA, he doesn’t seem to have an adequate explanation for his ongoing financial woes.
The reports of Iverson’s troubles may strike fans as odd, especially since Iverson earned more than $154 million in salary during his NBA career — reaching $20 million in 2008-09 alone, according to Inside Hoops. Additionally, he had a $50 million endorsement contract with Reebok.
Though Iverson has not officially declared bankruptcy, his attempts at a basketball comeback suggest that he has bills to pay. Iverson recently played on squads in Turkey and in Puerto Rico. Additionally, a Georgia judge recently garnished Iverson’s salary in order to pay his nearly $900,000 in jewelry bills from Aydin and Company Jewelers.
According to Forbes magazine, a former Philadelphia 76ers teammate of Iverson’s admitted that the star point guard would refuse to carry baggage on road trips, buying a full selection of new clothes, shoes, and other expensive items at each and every new destination. He would then leave all of those goods behind in his hotel room or just give them away.
Iverson’s recklessness in money management is not uncommon among professional athletes. Derrick Coleman, Sheryl Swoopes, and Mike Tyson are just a few of the high-profile stars to publicly fall on hard times financially.
According to Sports Illustrated, within five years of retirement, nearly 60 percent of all former NBA players are broke.
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