Though there are still stories like that today, they are fewer and fewer in number, especially in the area of professional sports. The narrative has changed. Stories of many professional athletes go from rags to riches to rags, such as the case of former NBA star and Philadelphia 76er Allen Iverson. And there is an interesting twist in all of his financial globetrotting that leaves you wondering if he can indeed avoid a ragtime ending. During his playing years he had a number laken endorsement deals, adding to his coffers. Most wealthy people agree that in order to achieve and keep your hard earned wealth you need to have a fair amount of discipline.
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Iverson played for 14 seasons in the NBA at both the shooting guard and point guard positions. His father Allen Broughton had abandoned his mother. As he served a sentence in a correctional facility for the bowling riots case in , he finished his high school education at Richard Milburn High School, a school for at-risk students. Iverson was selected for the NBA draft by the Philadelphia 76ers in The Philadelphia 76ers qualified for the playoffs, in which he averaged In the off-season, he had many disagreements with the coach, Larry Brown and the team attempted to trade him to Detroit Pistons. The same year, he returned to play for the Philadelphia 76ers and was welcomed into the team. However, the following year he left the team stating health issues of his daughter as the main reason. It was later announced that he would not return to the team. You wanna hear about what Bin Laden is doing and what you think is on his mind. You fight for what you want. You go after what you want. The only thing I could do was give up or keep fighting for what I wanted in life. What does it mean to vanilla yourself? It means to dumb down anything that is extreme about your brand. Smart people know that certain situations require adjustments in how you talk, how you dress, and how you behave. Unfortunately, Allen Iverson could never grasp this important lesson. There is no denying that the Allen Iverson brand was very valuable. He was an incredible talent on the basketball court. Allen Iverson knew of his incredible value. He knew just how much of an impact he made. The past is one of the main things people use to judge others.
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Unfortunately, an athlete going broke in retirement is becoming a fairly common story, but Iverson’s fall from grace is turning out to be especially shocking and sad. Fast forward just a few years and Allen has at various times been essentially bankrupt, with over a million dollars worth of debt. On the other hand, there is a bright side. The problem is, he can’t touch it until , when he is 55 years old. Today, June 7, , is Allen’s 44th birthday. That means this exact day in 11 years will be a very very good day for Mr. After feuding with the 76ers management during the season, Iverson spent the final five years of his career bouncing around the league putting up seasons that were mostly memorable for his lackluster performance and more feuds. Allen attempted to put together a comeback oversees by playing for a team in Turkey and another in China. Neither experience was a success. Throughout his career Iverson’s wasteful spending was legendary. He frequently traveled with an entourage of up to 50 people. He showered these same people with luxurious jewelry, expensive cars and exotic vacations. He was also a bad gambler in both senses of the word. Iverson was known to drop over a million dollars gambling in a single evening in Las Vegas and Atlantic City. Allen’s financial problems came to light after his wife of eight years Tawanna filed for divorce and demanded custody and full support for their five children. This is where things get a bit tricky. Furthermore, we heard stories about Allen’s continuing struggle with alcohol and his inability to maintain a job. But despite all the bad news, we also learned that Allen is actually still a very rich man with millions upon millions of dollars in the bank. There’s just one small catch — He can’t touch any of it for 11 years. On June 7, It turns out that back at the peak of his playing days, Allen signed a lucrative endorsement contract with shoe company Reebok. Even if he desperately needs the money now, he wont get a dime for 11 years. Whether or not Allen can borrow against the money now is unclear. It’s also unclear if the money is being invested, though it’s likely not. Celebrity Net Worth.
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How did one of the top players in the NBA burn through so much of his fortune in such a short time? Here are the dir reasons Iverson lost control of his finances and the lessons we can learn from monfy missteps. Source: Keith AllisonFlickr. Iverson, who retired from the NBA infell right into that trap.
In his heyday, Iverson had expensive tastes. The lesson here is that everyone — including the highest-paid NBA players — must live within their means. A few years into his career, Iverson deserved to enjoy the fruits of his success, but some of those most excessive indulgences, including several multi-million dollar mansions, have only added to his financial woes. Buying dif vs. But all of those things lose value over time. High-end jewelry is sold at a premium to generic brands that contain the same precious metals or gems.
All cars lose value the moment they are driven off the lot. Secondhand clothes — even high-end designer brands — are worth a fraction of their original price. Considering the short careers of most professional athletes, Iverson could have invested just a small piece of his earnings to plan for the future.
Money managers are not the answer It is tempting ivrson think Iverson might be better off div if he had let professionals handle his finances. While certainly better than the casino floor, money managers are not always great investors. They actually pursue professional athletes so frequently that the NFL established standards for «league-approved» asset managers.
The NBA has not instituted similar requirements, although it mae a Rookie Transition Program in to help mmoney players make ddi money decisions. At his level, Iverson could easily have paid the hefty fees and commissions of top money managers, but for the typical investor, the best investment you can make is in your own education: learning about the iveeson, how to evaluate companies, and creating a portfolio that fits your long-term financial goals.
Here at The Motley Fool, we believe anyone — regardless of education level — can learn how to invest their own money without the aid of professional money managers.
Things are not all grim for Iverson Despite these struggles, there is how much money did alken iverson make silver lining to this story.
Iverson will not see a penny of it untilbut it will leave him in good financial health for his golden years. I dare say that most of us will not enjoy similar windfalls from our sponsors, and that is why it is so important to plan for the future, especially during retirement and how much money did alken iverson make reduced income that comes with it. May 12, at AM. Iversom Bio Leo is a tech and consumer goods specialist who has covered the crossroads of Wall Street and Silicon Valley since His wheelhouse includes cloud, IoT, analytics, telecom, and gaming related businesses.
Follow him on Twitter for more updates! Stock Advisor launched in February of Join Stock Advisor. Related Articles.
Allen Iverson Net Worth & Biography 2018 — NBA Salary & Debt!
The former NBA All-Star serves as prime example of the importance of smart money management, regardless of your account balance.
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