In the early 2000s, Allen Iverson was on top of his game and was making more money than he would have ever imagined. However, as a young up-and-coming player, Iverson was reckless in his ways of managing money. He spent $360,000 a month at one point, which eventually led to blowing through everything he’d earned. In a video by ‘Frank Hrelja’ on Instagram, he shared a story of his spending habits. According to him, in the 2000s, the NBA player even bought a new car as he could not find his car at the airport.
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The above example is just one of many stories about ‘the Answer’. In an interview with Sports Illustrated, Iverson’s teammate Matt Barnes revealed his spending habits in a strip club. According to Matt, the NBA superstars would spend around 30,000 to 40,000 dollars every time they were at the club. Matt, being a rookie, was left dumbfounded with the amount of money being thrown about.
Allen Iverson left his car at the airport for a new one
Allen Iverson had the most extravagant lifestyle during the early 2000s, which came to a standstill due to his rampant spending habits. If it wasn’t for a lifetime deal with Reebok, the player would be on the verge of bankruptcy. In the video shared on Instagram, Allen Iverson had forgotten where he parked the car at an airport. He decided to ditch the car and took a cab to get a new car.
“He once wasn’t able to find his car at the airport. So he just left and bought a new one.”
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The car at the airport would go on to rack up multiple tickets. According to a report by ESPN, the abandoned car at the airport had four $300 tickets issued for parking at a handicapped spot. The vehicle was left there for more than a week. He had $1700 worth of tickets unpaid during that period.
The spending was not limited to himself. He would buy expensive gifts for the people he knew and reportedly gifted his teammate a Bentley. The player had no regard for money and would keep trash bags full of cash at his house, which would go missing. His spending habits were inevitably leading to only one direction.
Iverson’s lifetime deal with Reebok
The one smart business move AI made in his career was signing a lifetime deal with Reebok. The contract, not only paid him during his time as a player but also secured his future. If not for Reebok, the player would have had to face a lot of financial struggles. That being said, Reebok profited millions from its collaboration with Iverson, and its CEO acknowledged the same.
Reebok signed a deal with the NBA superstar that would pay him $800,000 per month after he retired from the NBA. It also set up a trust fund for the superstar, which would be available to him at the age of 55. The trust fund worth $32 million will be maturing in June 2030 and is the best contingency AI could have hoped for considering his lifestyle habits.
