he wasted the 154 million he earned and is now totally broke. Another athlete who is broke after earning ungodly amount of money.
Yup, just saw that article. Insane to say the least. How does someone with that much money not even think about possibly investing in something... http://www.thepostgame.com/blog/dish/201202/allen-iverson-has-no-answer-financial-woes
Because they are not smart enough and have little education for them to understand these things. People around them are just bloodsuckers. I think agents have an ethical responsibility to take care of their clients' financial well-being after their retirement. I guess they are only interested in getting the fat commissions from their clients' contracts.
154mil, not even including business deals and ad money. And he had a sh!tload of deals. Can't believe these people go broke, it's insane. What I don't get is, do they never get advise or look at their bank account? When someone checks his financial status and sees how the money goes down every day, wouldn't that person try to get financial advice from reliable sources? Is it that hard to make a business plan to stop the burning of your money? And when former stars like AI see their bank account and know that they won't have much of an income in the next years, shouldn't they be smart enough to calculate how much money they will be able to spend for the rest of their lives, based on their current financial status? And then cut down their spending so that they'll always have enough money to live from that? The majority of sports stars have no brain, it's sad. People are starving all over the world and these guys combined literally burn billions of dollars.
At 2% return, 154 mil generate 3mil a year, but he goes through that much in a couple month most likely. NBA does give them classes on how to take care of their money when they get into the league, but do these people listen? Of course not.
At his peak he was arguably one of the best players in the game. Sad that back then he never thought he'd need to take care of his money. <iframe width="560" height="315" src="http://www.youtube.com/embed/I0ndE_DM8D0" frameborder="0" allowfullscreen></iframe>
