Monthly Archives: January 2014

Major Sports Star Earned $200 Million, Has (Almost) Nothing Left


Allen Iverson brought in — and lost — around $200 milllion. At age 55, the unusually fortunate ball player will get a second chance. Wow.

4 years after he played his last NBA game, Allen Iverson’s basketball career is officially over. He announced his official retirement last fall.

While it lasted, “AI” was one of the highest scoring basketball players in NBA history.

Over the course of 15 years, Allen Iverson brought in around $200 million. He earned about $155 million in salary alone, plus tens of millions more through things like product endorsement contracts.

He is reportedly about $1 million in debt, with no income adequate to pay those debts.

In other words, if you have less than $1 million in personal debt, then you’re in better overall shape financially than Allen Iverson… for the short term, at least.

Iverson’s slide into bankruptcy has been marked by the loss of multiple luxurious mansions.

It turns out that Iverson isn’t completely broke, however.

Back in the glory days, Iverson signed an endorsement contract with shoe manufacturer Reebok. One of the provisions of that contract was a rainy-day trust fund that Iverson will inherit when he reaches 55 years of age.

Iverson is 38 now, which means he can’t touch a penny of it for another 17 years. Although the value of that trust fund is $30 million, Iverson will probably have to split it with his ex-wife. Still, he should be left at age 55 with $15 million.

So Iverson, it turns out, is an extremely fortunate man. One gets the idea that the folks at Reebok had a streak of smart and benevolent in them, and that if things had been left up to Iverson himself, he would’ve ended up living in a trailer.

Of course, if his past history is any indication, he still may. Some people lose their fortunes in spite of exercising apparent good sense — hiring financial advisors, and so forth. In Iverson’s case, he was famous for having an entourage of about 50 people, showering them with various gifts, and in general behaving recklessly, financially and otherwise.

It takes at least some effort to go through an average of a million dollars every month for 15 years. But, as the case of Mr. Iverson shows, it can certainly be done. (Of course, Iverson’s example pales next to that of Prince Jefri Bolkiah, mentioned elsewhere on this site, who reportedly went through about 75 times as much money in only 2/3rds the time.)

In any event, when the year 2030 rolls around (assuming he’s still living then) Allen Iverson will get a second chance.

What’s he going to do for the next 16 to 17 years? Hard to say.

Quote: “I made a lot of mistakes, a lot of things I’m not proud of. But it’s only for other people to learn from.”


Congratulations to…

raining-moneyCongratulations To:

  • John Lee, Kirkwood, Missouri: $2 million, Powerball.
  • Arturo Hernandez, Des Moines, Iowa: $1 million, Lifetime Riches, after being mistakenly sold the wrong tickets by the convenience store clerk.
  • Kathryn Jones, Hamilton, Ontario: $50 million Canadian, Lotto Max. The prize was awarded even though Jones lost the winning ticket, after the lottery board’s investigation determined she was the person who bought it.
  • Dennis Nash, Winnipeg, Manitoba: $8.1 million Canadian, Lotto.
  • Audel Acevedo, Mesa, Arizona: $1 million, Mega Millions.