Sixers legend Allen Iverson could be used as a case study for the current crop of NBA players as to why one should spend their earnings wisely.
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Allen Iverson made equal if not more noise off the court than on the hardwood with his antics. The former MVP brought what we now call swagger and drip to the NBA. Many saw themselves in Iverson, who rose from rags to riches, becoming one of the all-time guards.
Over the years, AI would earn the designation of a cultural icon. The Answer was known for his outfits and heavy accessories, heavily inspired by the hip-hop culture at the time. Iverson was not ready to shed off his image of being a boy from the hood.
Emulating the hip-hop lifestyle came at a cost, which AI embraced with open arms. The four-time scoring champion had reportedly drowned $200M with his larger-than-life ways of living. Iverson spent a bizarre $150,000 per month on himself.
Following are some incidents where Iverson didn’t bat an eyelid before spending. The Sixers superstar seemed to be very cautious of his public image.
Allen Iverson’s list of bizarre expenditures
A classic example of famous personalities gone broke, Iverson was never willing to give up his extravagant lifestyle at any cost. The eleven-time All-Star didn’t seem to learn from some of his seniors like Michael Jordan, Magic Johnson, and Shaquille O’Neal, who set up empires with their respective earnings.
It seemed AI was more concerned with his public image and how he was perceived. Back in the day, there were reports of Iverson traveling without luggage on the road so that he could buy new clothes and jewelry. Former Sixers teammate Matt Barnes once narrated a story of his trip with AI to a strip club.
“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?’
Via: Sports Illustrated
The story of Iverson gifting his teammate a Bentley is gold.
“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.”
Via: The Players’ Tribune
AI would generously splurge up to $10K on his entourage, storing money in garbage bags at his house that would often go missing. Another instance of his outlandish expenses was Iverson heading to a car dealership as he could not find his vehicle at the airport shows his careless attitude towards his wealth.
Luckily for Iverson, his deal with sports giant Reebok turned out to be a lifesaver, setting him $32M aside, which he will have access to at 53-years of age.
Hopefully, Iverson would have surrounded himself with the right minds and tied up with the correct financial advisors.
