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Word on the curb is that former NBA baller Allen Iverson is dayum near broke and homeless!
[READ: Allen Iverson Faces Foreclosure of Atlanta Mansion (PHOTOS)]
The basketball legend, who reportedly made over $150 MILLION during his sports career, is drowning in debt and there it seems there’s no way out.
A.I. reportedly brings in $62,500 in monthly income and while that isn’t necessarily chump change, Iverson’s monthly bills are almost 4 times his income!
In financial documents disclosed as part of his bitter divorce battle with his ex-wife, Tawanna Iverson, A.I. revealed his lavish lifestyle costs him around $358,376.66 per month.
[FLASHBACK: Iverson’s Wife Demands List of All Sex Partners in Divorce Battle…]
While Iverson is clearly drowning in debt, at least he has one thing that’s fully paid off and isn’t in jeopardy of repossession… his Maybach!
Details + video & photos below…
VIDEO: Allen Iverson’s Maybach (RANDOM)
According to TMZ:
A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).
But Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.
All in all, Iverson — who reportedly made over $150 MILLION during his NBA career — says he ends up in the hole each month to tune of $295,876.66. Ouch.
Despite the mounting debt though, he’s still got his Maybach (which is fully paid off) … and reportedly worth between $340k – $400k.
Somebody please get Suze Orman on line 1! It’s so sad that someone can squander that type of dough… and on what? Jewelry that he probably can’t even find? Bottles of liquor that he already p*ssed out?
I hope he stashed something away for his kids, but judging from his monthly income, it’s doubtful.
Maybe we should all watch ESPN’s 30 for 30 Documentary over and over and over again until it sinks in….
[WATCH: ESPN’s 30 for 30: “BROKE” Documentary (FULL VIDEO)]
Do better people! What is it about athletes and their cash flow that leaves ‘em all broke? SMH…
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still has his car? good! at least he’ll have somewhere to sleep at night! LOL
Man it’s crazy how these superstars blow on material things. I was thinking that the leagues should implement some type if financial planning training once a contract is signed but I guess they feel its not their responsibility.
When are Americans going to learn that material things are not going to make you happy. All these starving people all over the world and they just blow crazy amounts of money.
Well I thought they did, but when people like Iverson who has never had anything they go crazy buying shit because most don’t realize that the more money you make the more the outrageous spending. It’s just like every year during tax refund time how some women spend half their tax refunds on Louis Vuitton, Gucci, Chanel, and other bs trying to keep up with the other person who doesn’t have shit themselves all because of putting up a front.
I don’t even think a financial planner would even be able to help this man! This sounds more like an addiction. He may need to go to some type of financial rehab.
You’re probably right.
And wash his face huh Dana..lol
Un Un.. I do not feel sorry for him, he’s pulling is 65k a month, and bi*ch you still broke,Please…
That’s what I’m saying and wondering too
A fool and his money will soon be parted…is there a truer saying? This is sad with all the homeless and starving In this country
especially sad when these high paid ballers go broke.
The Bible is the truth.
A.I., our love affair is now officially over…cause you are stupid as hell for blowing money like this.
Just goes to show that some people just do not know how to manage money. I’ll never forget when Oprah told this lady who won the lottery to make sure she knows what’s coming in and going out of her accounts and make sure she signs all her checks.
You know what it is? People have stopped balancing their checkbooks. They think since checks have gone out of style they don’t need to do that anymore. Balancing your checkbook ON THE DAILY will keep you from going broke. When I balance my checkbook ON THE DAILY, I know exactly how much is in the bank each day and I have no choice but to not spend because the money just simply isn’t there; and I am not rolling up to a store and getting embarrassed behind a declined transaction. And I absolutely REFUSE to have an American Express card, or any other credit card for that matter. A debit card with the VISA/Mastercard logo is good enough. AMEX does not put a limit on their cards and that spells TROUBLE!
Exactly and we all know that having an AE means you have to pay the balance in full when the bill comes in. I refuse to go in debt and jack up my credit for anyone. We all know that Allen Iverson isn’t the only one going through this but I am sure there are plenty of other people out there living way beyond their means and we damn sure know that we have some relatives like that too, lol.
…smh.
You were raised with damn near nothing and now just because someone knows your name you feel you need all things expensive to survive….YOU SIR ARE A DUMB ASS.
bad money management. And they all could have use a lesson from someone that wasnt in their inner circles. you only need one house, one car, one chain and one woman and you only need to spend 30% of your income and save the rest when your career is over.
da fuck!!!?? Who and the hell is he feeding with 10k a month??
I’d like to know this as well. Is there even $10k worth of food in a grocery store? Let’s pray he was feeding the homeless.
$10,000 a month on clothes? Everytime I see him he’s in a t-shirt, baseball cap and arguing w/ his baby momma? I mean c’mon bro! You got kids. I can’t!
First you dont know Allen so don’t publish some bull youthink he is broke to tell these pathetic low life people information. He is NOT broke why is it a concern to you??? Much information y’all publish shit about him is not true. I’m sick of y’all groupies and itches spreading nonesense. Grow the f up.get some balls and matter fact no say.how f up the world is, and entertainers.slept around. Why does it matter? You a sad case and this blog. You barely like Shekinah but listen stop.spreading much and worry about yourself.
And he’s a blog reader lol
Hold up… wait! Shekinah? What does she have to do with this??
CHILE, BYE. A.I. been on the brink of broke nucca status for a good minute. We are from the same area, where it is commom knowledge that this man spends money like water and never thought his well would run dry. He’s been getting the side-eye for years about his frivolous spending habits. I do wish he had gotten it together earlier because this shameful and stupid.
When you go from a have not to a have ..you not equipped on how to maintain the money …..shame
Right. This is the reason why the Bible says "but whoever gathers money little by little makes it grow." Proverbs 13:11.
When you get money a little at a time, first you make $100 a month for awhile, then you make $200 a month for awhile, then $300 a month for awhile, etc., you get used to each level and you know what each level can buy you. You are forced to make do with what you have on each level. You gradually move up. When you get a windfall like these athletes, that turns this biblical wisdom on it’s head because you can’t go from $0 to $4 million and stay sane. When you get a windfall, don’t put the whole $4 million in your bank account. Put that money up somewhere and let it "drip" into your bank account each month. Start off with $3k a month for a year, then $4k a month the next year, then $5k the next year, etc. This is the only real way to keep and grow the money. I mean, $150 million over the span of his career is just $50 million shy of what Mitt Romney is worth! This type of money is supposed to be passed down to the next generations. Not spent on Maybachs!
Very well said….but that is the difference between new money and old money….point me to a bentley or in this case a maybach and will point out the newest money in the room!!! I’m sure we will hear this about Rick Ross big ass soon because he stays buying luxury cars that he can’t even fit in!!!
Lol. You know, I hate to say it but people like AI and others like him just fall into the stereotype about black pro athletes.
Lol
Well said, New2daA
Wow! People in the world starving, losing their homes, losing their jobs, and surviving on unemployment of $300/wk…or less!! And this JOKER can’t live off of $61,000 a month??!!! Don’t wish him any harm, but he is definitely his own worse enemy!!
He should of had me manage his money I’m very cheap. Haha but real talk rappers and athlete have no idea wht it means to have money so when they get. A little they spend a lot
Angel when some people get money you cannot tell them anything.
Lol @somebody please get Suze Orman on line 1. I remember when we lived in Virginia and he used to have the hangers on gang right in tow like they were some damn body. You always knew when he was in town.
See there. I’m not trying to preach again or sound like I’m better than anyone, but Proverbs 19:4 says "Wealth brings many friends, but a poor man’s friend deserts him."
He really needs to open up his Bible because he has fallen into all of the enemies traps.
They all flee when the money is gone.
These new money minstrels kill me. You’re losing everything, but you made it a point to pay for a luxury car that can’t get you to your destinations no faster than a car that’s a fraction of the cost? Priorities, man. Priorities.
My friend (RIP) always said "niggas and flies, I do despise."
Pretty much.
I don’t care if I had a billion dollars I still couldn’t justify spending over a $100,000 for a damn car that depreciates as soon as you drive off the lot.
Ok! What’s wrong with getting a $35k BMW? I guess those cars aren’t good enough for him.
Well it’s a good thing that car is paid off cause that’s where he’s about to be living. Right inside that car…
I wonder if he can keep up the maintenance on a car like that because I’m sure it can be expensive.
Ok! And it doesn’t have to be anything major either. It could be something minor like a flat tire, or a cracked windshield.
I do not know how old Allen is but I can’t wrap my mind around the concept of how a person can blow $150 million dollars while still young. This is mind blowing. I was going to ask if he had financial advisors, but if he did he didn’t take their advice.
Nothing is impossible but I think it’s highly improbable Allen he will not come out of this to become a rich man again. He will probably wind up staying broke or near broke for the rest of his life unless he learns to change his way of thinking when it comes to money. SMH.
1. “A.I. reportedly brings in $62,500 in monthly income and while that isn’t necessarily chump change, Iverson’s monthly bills are almost 4 times his income!”
^^Proof positive that human nature for most people is to live WAY beyond their means. I hear people saying all the time what they would do if they had this or that, etc. but a lot of people would probably be in a similar boat to the one that Iverson is in. You’ve got to plan for things like injury and unemployment. You’ve also got to sign ALL of your own checks, like Oprah does. Do not give anyone else financial power of attorney.
2. How do we know that is his car? The guy is saying it is, but it could be anyone’s car.
3. I am not trying to be mean, but $10,000 a month on clothes??!! All he wears are t-shirts and throwback jerseys!!!!
4. $10,000/mth on groceries/toiletries and another $5,000/mth for restaurants. How many mouths is he feeding every month??!!! He doesn’t have enough kids for that time of expenditure, and he shouldn’t be paying for meals for other grown men in his crew.
"Somebody please get Suze Orman on line 1!"
L M A O ! That is the funniest thing I ever heard!!!! Michelle, I take back every negative thing I’ve ever said about you on here. You just redeemed yourself once and for all. I worship the ground you walk on! LOOOOOOL!
Whew! Now that I’ve caught my breath…
He should just sell that car, go buy a condo and a BMW with the money and call it a day. Who. In. Thee. Hell. spends $358,376.66 a month when they are only bringing in $62,500? If you can’t make $62,500 a month work, you deserve to be broke. $10 grand on GROCERIES? Really? I truly hope that’s a lie.
He’s buying groceries for those lazy ass hangers on. You know they probably have to have filet mignon, lobster tails, shrimp, au gratin potatoes, the best wines, desserts, lol. I would have told those good for nothing bastards to leave a long time ago, hell, like someone wants to look at their asses everyday all day long.
"You know they probably have to have filet mignon, lobster tails, shrimp, au gratin potatoes, the best wines, desserts,"
Bwahahaha! Right! They were probably eating REAL good. He better go to Safeway or Trader Joe’s and make some groceries for $200 like everybody else. I don’t mind my friends coming over to eat, but I have affordable things for them to snack on and drink. Like some frozen burritos and chimichangas for $6.99 a bag. A $1.99 to $12 bottle of wine is good enough for your friends. If they want lobster tails and filet mignon they need to go home.
Gurl, at least you offer snacks-my friends know they better eat before they come to my house. Hit up the corner store on your way over-we in a recession, homie.Lol!
LMAO @ Suthern. Damn right. My kitchen ain’t Piccadily’s or Sizzlers.
LOL. I’m glad to hear yall say that cause I thought I was being too cheap!
My grandfather always told me that even the richest poor man will always be poor, and the poorest rich man will always be rich. I didn’t quite understand it as a child, but as an adult the concept became quite clear as I watched people piss away millions on bullshit. A person who is use to wealth or respects the wealth they acquired is not going to spend money on frivolous items just to say they have them. They are going to invest their money and watch it grow….not pay over 150k for a vehicle that will never, ever go up in value. I would rather pay off my modest, yet comfortable home than a car that I definitely do not want to end up sleeping in.
That is so true. The best way to curb your spending is to only buy the things you really truly like/love and that’s it. You’d be surprised at how much money you will save because you do not always come across things that you really truly like/love. People spend money just to be spending money.
Dang, I love me some A.I.! However, I’m beyond disturbed by this and even more disturbed that it KEEPS happening across the entertainment field as a whole: whether it’s ATHLETES, SINGERS/RAPPERS, or ACTORS. They’re beyond the realm of help by Suze Orman or even ESPN’s 30 for 30 Broke Documentary. Instead, they need a basic understanding that you simply CANNOT spend more than you bring in….
A dumb ass will always be a dumb ass…
This man has small children and his daughter has a serious illness and he driving around in a Maybach, spending $10,000 on dingy t-shirts and jeans with dirty throwbacks on…$10,000 on groceries…for who…
He needs to grow the –ck up…
America is the ONLY country on Earth where a person can be BROKE, DESTITUTE, & drowning in debt, yet still drive around in high end luxury cars!
Yep. It’s no wonder other countries look at us with disdain…we’ve become so materialistic and wasteful. Did you see that post going around on FB two weeks ago? "Only in America can people go to stores and trample each other for useless items after giving thanks for everything they have just hours earlier."
Lol thats so true!! I was traveling the day before Thanksgiving and on Black Friday so I missed out on all that chaos!
They couldn’t pay me to get out and be trampled by some damn morons who think they are getting some extravagant deal. They mark that shit so cheap after Christmas and even cheaper after New Year’s. But I do believe that Americans are consumed with too much materialism.
Yes. The best sales are AFTER Christmas. Go figure.
"It’s no wonder other countries look at us with disdain"
Aint that the truth
$10,000 for clothes?? $10,000 on groceries? This fool better realize it’s time to start shopping at WalMart, Old Navy and The Gap (WalMart’s got groceries too) And I’m sorry, but when you are that broke, you cannot afford entertainment. He needs to buy his ass a Monopoly board and take that ish in-house.
He should have kicked all those freeloaders to the curb from the jump. Bet they are starting to drop off now that the good stuff isn’t flowing anymore anyways, so A.I. is probably broke and lonely…good thing you can still sleep in your car dude…hope you can still afford to fill up the tank…(wonder how much it costs to fill up one of those??)
"He needs to buy his ass a Monopoly board and take that ish in-house."
Omg, thank you! What ever happened to kickin’ it at home? He better pull out a DVD or a book to read and sit down somewhere.
Maybe he should join Oprah’s Book Club, he may learn something.
LOL!
SMH.
Anyone who brings in $62,500 in monthly income should not have money problems. Most of the things he’s spending boatloads of money on–jewelry, clothes, etc.–are nonsense. Where are his investments? How will he pay for his kids’ college tuitions? What if one of his kids are their mother gets sick? How is he going to pay for the medical care? He’s spending more than $350,000 a month? Are you freaking kidding me? I mean, seriously? $350,000 a month? So, more than $4 million a year in the hole due to lavish living. Dude, do you know where you could have put that money instead? You could have purchased a McDonald’s franchise, Subway franchises, etc. And I got some news for you: Mercedes announced about a year ago that they’re going to kill the rebirthed Maybach by the start of 2013. It never made nowhere near the money they had estimated it would. Although expensive, the Maybach never could compete with other ultra-luxury cars in its class, such as Rolls-Royce, Bentley, etc. For one, it looks too much like a Mercedes S-Class. So, think about it. Maybach wasn’t a good investment for Mercedes and its owners and shareholders, so why would you waste almost half a million dollars on one? Yeah, it could be worth something on the collector’s circuit in the coming years, but you can’t wait that long.
"Where are his investments?"
There aren’t any. Lol…
Speaking of jewelry, why didn’t he invest in gold and silver instead of wearing it around his neck and wrist? Gold is worth $1,700 an OUNCE right now! Silver is only $32 an ounce. Whenever there is a recession, gold and silver grow in value. He needs to take that $350,000 he’s spending a month on BS and spend it at the nearest United States Mint. Stat!
That’s the problem, they invest their money by buying Gucci, Prada, Chanel, Armani, Fendi, and all that other bs they like to wear. Pretty soon he might be selling that mess on EBay. I’m still scratching my head as to why I see poor people with IPhones, $200-300 pairs of sneakers, flashy rims, and all that gold shit in their mouths, knowing that they are almost close to living in a cardboard box. Sad, really sad, people better get their priorities in order.
Bubbachuck was just bad with his money but that happens to a lot of people when they come from poverty (Bad News in his case) and suddenly have money. He faced so much adversity that possibly spending money fast was the only way he felt worthy due to so many naysayers having so many disparaging comments to make about him. Instead of using this space to discuss how foolish he was I will just wish him well. No point in bringing him down more, hell he was there when he was spending money and when Anne was balking out. They always say hindsight is 20/20 vision so he knows what he did wrong financially. He’s not a bad guy, can be cocky, but he’s a straight up dude and loyal to his friends.
I hear what you are saying and I just gave him some advice in the comment above yours. But he and everyone else needs to realize that:
Loyalty to friends = Broke
Those aren’t really his friends. A true friend will feel uncomfortable going into your pockets.
I just love that pic of the little kid throwing money out the window. DWL
What yall talking bout he #winning lmao!!!
Man, I hope A.I. wakes up and comes to his senses one of these days. Wasting money ain’t cool, not even a little bit.
Allen Iverson has his Maybach, but it looks like he’s shopping at the Piggly Wiggly…
[…] [READ: Iverson May be "Broke & Homeless" But He Still Has His Maybach…] […]