You can't understand it until someone gives you examples – how does someone earn $200 million and manage to go broke? Allen Iverson is here to explain it, and the stories are insane. Here's how AI managed to have $150,000 of monthly expenses. Not a typo – MONTHLY!
Iverson reportedly often didn't travel with luggage on road trips, only to buy new clothes and jewelry. I guess this is just a responsibility he had put upon himself as the NBA's fashion icon, of never wearing the same thing twice. But it took a massive toll on his bank account.
Another one of A.I.'s expensive ventures was his outings at gentlemen's clubs. Matt Barnes, who played alongside Iverson on the 05-06 Philadelphia 76ers, was there when NBA superstar threw tens of thousands of dollars during their nights out.
Allen was the first guy that showed me how NBA players spend money in strip clubs. That guy went hard. He'd throw so much money, and this was when I was first in the league, that I used to take my foot and scoop the s–t under my chair and either re-throw it or put some in my pocket. He’d throw $30,000, $40,000 every time we went. I'm like, 'You realize what I can do with this money?'
Matt Barnes, Sports Illustrated
But hold on, there's more. The Answer once landed from a flight and forgot where he parked his car. Instead of looking for it, he called a cab to a nearby car dealership and bought a new ride instead. Wow!
That isn't the only car-related anecdote that shows how careless Iverson was when it came to money. How about the time when Allen gifted his Bentley to a teammate. A teammate who was also set to become a millionaire, and it was only a matter of time before he would've been able to afford one himself. But Iverson beat him to it.
I'm saying, Larry is standing there, and he's in this daze. He's in a Bentley daze. Just looking at it and then looking at me. And then he's just, like, 'Yo AI. I have to get me one of these. 'I don't even hesitate. 'Bro, you can have mine.' I've never seen anyone so grateful.
Allen Iverson, The Players' Tribune
It seems that Iverson became a victim of not being able to say no. But it also appears that Iverson didn't want to say no. He didn't know where to draw the line for himself nor the people around him. That's the leading cause of AI's financial troubles. No one kept him accountable, and he didn't know how to do it himself.
Fortunately, that's when Reebok showed up. His lifetime deal endorsement company had set aside $32 million in a trust fund that A.I. will have access to once he turns 55. Them doing so was Iverson's last resort. We're hoping for wiser Allen Iverson in the upcoming years who will be responsible for his financial situation and have the courage to say 'No' when someone asks him to give him money or buy something.