Why is allen iverson broke

Along the way, Iverson never picked up a championship, but he made nearly million dollars through contracts and endorsements as his image began to cement. However, as Father Time caught up to him, the contracts became shorter and smaller. Nonetheless, Iverson spent his money carelessly. Same goes for planes. In only rare cases does a watch grow in value. Ditto for jewelry, especially garish jewelry. The best and safest way to grow money over the long-term is through investing in dividend-paying stocks.

As much as I admired Iverson as a player and guiltily enjoyed his inimitable, incorrigible bad boy charm, it is still tragic that someone, anyone, in his expansive network of takers, enablers, handlers, and sycophants did not at some point pull the time All-Star aside and be a genuine financial friend. That lecture is obviously not working. A genuine financial friend would have spoken ongoing, unvarnished, personal truth: lose the lottery mindset, dump the hangers-on, drop the traveling hair stylist, and, instead, start saving and investing wisely.

Moreover, an NBA that cared more about its personnel and brand would have required that Iverson, as well as all players, pass a yearly financial planning and retirement course before they were allowed on the hardwood including how to read a financial statement, why to run from promises of a "guaranteed" return, and how a rock-solid prenup, living will and family planning can prevent you from getting soaked by a gold-digging ex.

Now, Allen Ezail Iverson is reportedly "broke by all accounts but his own," his wages garnished, his Wells Fargo bank account out of his control. Moreover, those fifty or so "friends" and "family" that lived off, or milked, Iverson's naive generosity are running for cover.

Take the vehicle, I have 10 more! His deal is arguably the most unique sports endorsement contract of all-time. Drama aside, Iverson is still a cultural phenomenon and his name held enough strength to attract offers elsewhere. Despite widespread reporting of his financial woes, Iverson addressed the rumors in A second chance like this is entirely unprecedented for professional athletes. By , Iverson will have more than enough money to live out a comfortable retirement.

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Personal Finance. Mandi Woodruff. Mandi edited the personal finance vertical for Business Insider until October Before joining BI, she covered breaking legal news for Law Her work has appeared in Yahoo! Loading Something is loading. Email address.