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Allen Iverson - Sad Example

There was a E:60 special on ESPN recently about this sort of thing. At the end of the show they ran a big list of professional athletes that have gone bankrupt. Pretty amazing list of names.

Money management classes should be mandatory for these guys.
 
ddxu said:
Its not much different than the average American getting into loads of debt themselves. There are plenty of stories of 'normal' Americans buying too much house or toys and having thousands and thousands of debt. The numbers are just different for AI, but the proportion of total debt : total income isnt that different.
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Exactly. $10000 for him is $1000 or $100 to someone else. It's just that the bigger numbers make for a better story.
 
RoundersRob said:
There was a E:60 special on ESPN recently about this sort of thing. At the end of the show they ran a big list of professional athletes that have gone bankrupt. Pretty amazing list of names.

Money management classes should be mandatory for these guys.
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yup. I watched part of that. It was fascinating.
 
ddec said:
lol 1/2 georgetown education. Should be better than nothing right?

I agree it's sad. Like I said it's just crazy to hear stories like this and unfortunately you hear them far too often.
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hahaha...

It is sad and I do agree

Canadan said:
I would hope that anyone with 14 years of formal education would be smart enough to know how to live within their means..

Is he too stupid to figure it out, or does he just live above his means because he doesn't care?

I personally give him enough credit to think that he knows exactly what he's doing.
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you know nothing about the guy...you didnt grow up where or how he did.

Is his education the same as yours was? maybe...maybe not.

I am not agreeing or disagreeing with you or anyone in the thread. I personally think its ridiculous to go through that much money. to throw that opportunity away. But...I have also had to work my Ass off for what I have. and its not millions. so If I had millions now then I would know how to spend within my means.

He doesnt really know better than having millions of dollars. he has not been educated on it. Yes, he could have probably paid the best accountant in the world to help him. But he apparently didnt.

I am just saying...we shouldnt bash the dude for it. How is us sitting at our computers talking shat about someone right? Because he is a famous ex professional athlete who lived above their means?
 
Thainer21 said:
You're a good man jarret. Even if you do wear iversons and wear a 76ers #3 jersey.
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I have never. I have never been an iverson fan. I have never cared for the guy really.
 
One-T said:
I dont think we need to bash the guy. Sure...he lives above his means. Thats what happens when you give an 18 year old with no education millions of dollars.

This is sad really.
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I respectfully disagree with you Jarret we do need to bash people like this and ridicule them till the end of time!! Maybe then those that follow them and try to emulate them will eventually learn from their errors. I understand poor kid hit is big and get lots of money and wants to show off but how much is too much? 10K on clothes a month? Where does he go that he needs this? 10K on food? What is he eating? (notice restaurants are separate so this is home cooking) If he did grow up poor then he must of known how to "survive" with less means. This is just sad and upsets me when there are so so many others out in the world so deserving and you have people like this who just dont get it!!
 
One-T said:
you know nothing about the guy...you didnt grow up where or how he did.

Is his education the same as yours was? maybe...maybe not.

I am not agreeing or disagreeing with you or anyone in the thread. I personally think its ridiculous to go through that much money. to throw that opportunity away. But...I have also had to work my Ass off for what I have. and its not millions. so If I had millions now then I would know how to spend within my means.

He doesnt really know better than having millions of dollars. he has not been educated on it. Yes, he could have probably paid the best accountant in the world to help him. But he apparently didnt.

I am just saying...we shouldnt bash the dude for it. How is us sitting at our computers talking shat about someone right? Because he is a famous ex professional athlete who lived above their means?
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I don't know his education and I don't really care. The bottom line of my comment was that he was given 14 years of some kind of education which gives me enough reason to believe he knows the difference between a quarter and a nickel. I don't and won't ever sympathize with pro athletes for being broke. 150 million dollars is an obscene amount of money to burn though.

Just as JB put it in the title, he's a sad example. One that I'll never sympathize with because he's never really had to work for what he's been paid. Practice? lol, you talkin' bout practice?!

They are given their millions to be in the spotlight, and such is life that they'd be in the spotlight again when they throw it all away on fancy meals and blingbling.
 
This is nuts. I can't get over how frivilous some people are with their money. I wish him the best though, as he does seem to try to take care of many people around him. To me that is what gets most of them in trouble however.
 
Pretty sure a money management seminar is part of the NFL rookie symposium, but its not enough and I doubt that many of them pay attention. While I agree that young people with that much money do stupid things, there is no excuse for a grown ass man making that much money to be bankrupt. There are hard working people in this country that can't find a job and this joker, who makes more in a month than many do in a year, is out there squandering his good fortune. He gets payed to play a game. Sad? Yes, but not in an 'I feel bad for him' way. Sad as in pathetic. It may be cold, but I think that these guys are getting what they deserve.


Typos courtesy of fat fingers and iPhone
 
One-T said:
I have never. I have never been an iverson fan. I have never cared for the guy really.
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I liked him in College, then he seemed to become more of a gangsta type guy and I just lost my interest. He was fun to watch though.
 
I liked him as a player, and liked him more after the 30 for 30 came out about him.
 
JonD said:
Pretty sure a money management seminar is part of the NFL rookie symposium, but its not enough and I doubt that many of them pay attention. While I agree that young people with that much money do stupid things, there is no excuse for a grown ass man making that much money to be bankrupt. There are hard working people in this country that can't find a job and this joker, who makes more in a month than many do in a year, is out there squandering his good fortune. He gets payed to play a game. Sad? Yes, but not in an 'I feel bad for him' way. Sad as in pathetic. It may be cold, but I think that these guys are getting what they deserve.
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When I worked for a minor league baseball team the organization made it a point to talk to these guys about money. Even though they did not make much since they were just drafted, they tried to stress the importance of money management for the day they made it to the big show and started making more. I'll never forget talking to the batting coach, who had a long good major league career as both player and coach. His thoughts were "I'd tell these guys for now forget about an agent, get yourself a good money man. Whether it's just a lawyer or just an accountant. Always try to have your financials in order."
 
Dude needs someone to do his budgeting for him. 5k a month on dining? 10k in grocery and household items? Why are you even buying groceries if you're spending 5 grand a month at restaurants?

Also.. STOP BRINGING YOUR FRIENDS TO DINNER WITH YOU!
 
obviously, he didnt 'Practice' the 1/3 rule for athletes.
 
White Rhino said:
I respectfully disagree with you Jarret we do need to bash people like this and ridicule them till the end of time!! Maybe then those that follow them and try to emulate them will eventually learn from their errors. I understand poor kid hit is big and get lots of money and wants to show off but how much is too much? 10K on clothes a month? Where does he go that he needs this? 10K on food? What is he eating? (notice restaurants are separate so this is home cooking) If he did grow up poor then he must of known how to "survive" with less means. This is just sad and upsets me when there are so so many others out in the world so deserving and you have people like this who just dont get it!!
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Canadan said:
I don't know his education and I don't really care. The bottom line of my comment was that he was given 14 years of some kind of education which gives me enough reason to believe he knows the difference between a quarter and a nickel. I don't and won't ever sympathize with pro athletes for being broke. 150 million dollars is an obscene amount of money to burn though.

Just as JB put it in the title, he's a sad example. One that I'll never sympathize with because he's never really had to work for what he's been paid. Practice? lol, you talkin' bout practice?!

They are given their millions to be in the spotlight, and such is life that they'd be in the spotlight again when they throw it all away on fancy meals and blingbling.
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Opinions are like ....well you know.

fwiw....education is not the same everywhere. having basketball skills probably got him out of tons of school work over his years. Dan, some places in America have kids in the 6th grade who can barely read. but, you want to discuss education in Merica.

I never said what he did is right or wrong. Quite frankly it doesnt matter to me. Trust me when I say I will not sympathize with the guy. But...why the hell would I spend my day making fun of his personal decisions?
 
Most money management is taught by your parents WAY before formal education though (think allowance) and that set the foundation for the decisions you make later on in life. I didn't see the e60 report but it seems like you only hear about this from mostly basketball, football, and some baseball and not much from golf, soccer elsewhere in the world, or even Hockey. Do those leagues have better financial education classes for their rookie players? I know one LPGA player who just got through q-school was tweeting about some classes she was sitting through on dealing with the media.

The AI story is sad in that he knows that there is a problem (documented in the court papers) and doesn't seem to want to change any of it... have a few more home cooked meals and rent a movie on Netflix like the rest of us and solve your problem AI...
 
One-T said:
Opinions are like ....well you know.

fwiw....education is not the same everywhere. having basketball skills probably got him out of tons of school work over his years. Dan, some places in America have kids in the 6th grade who can barely read. but, you want to discuss education in Merica.

I never said what he did is right or wrong. Quite frankly it doesnt matter to me. Trust me when I say I will not sympathize with the guy. But...why the hell would I spend my day making fun of his personal decisions?
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heh, I don't think anyone is spending the day ripping him up.

You're most likely right about some areas being terribly educated (I don't have the stats on that either) and I think it's awful. Pushing a youth forward due to his athletic skills rather than educating him is downright horrible, and it's one thing that leads me to dislike a lot of college sports. College scholarships for the "allen iverson's" of the world rather than some of the brightest young minds out there.

mward2002 said:
Dude needs someone to do his budgeting for him. 5k a month on dining? 10k in grocery and household items? Why are you even buying groceries if you're spending 5 grand a month at restaurants?

Also.. STOP BRINGING YOUR FRIENDS TO DINNER WITH YOU!
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Good call man! Get that guy a monetary babysitter!
 
I don't feel bad for him, his poor planning and stupid spending should not keep his ex wife from getting what she deserves in the divorce.

He mindless idiotic spending is no different than what a large part of Americans do. Just the #'s are larger, the actual % of overspending maybe higher (his is 600% of what he brings in). But the principle is the same and it is what is ruining America.

absolute irresponsible behavior like this is killing us. People like this are the reasons why creditors make a killing every year and are the reason that they charge ridiculous interest rates so that when people file bankruptcy that they don't go out of business because of the loss(that and our stupid tax laws allow these companies to write off that loss, which means they don't pay the taxes that they should).

Ok Ok off my soap box now
 
What an idiot. He is digging himself in to a $250,000 hole each and every month, and does nothing about it. There is no if's and's or but's about it, the guy is a complete idiot.
 
Lay off the guy. Entourages are expensive. And miniature giraffes don't come cheap.
 
One-T said:
Opinions are like ....well you know.

fwiw....education is not the same everywhere. having basketball skills probably got him out of tons of school work over his years. Dan, some places in America have kids in the 6th grade who can barely read. but, you want to discuss education in Merica.

I never said what he did is right or wrong. Quite frankly it doesnt matter to me. Trust me when I say I will not sympathize with the guy. But...why the hell would I spend my day making fun of his personal decisions?
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It does not matter to any of us I dont believe Jarret. None of us here I dont believe have a relationship with AI that would allow them to change this at all. But this is a forum where people express opinions (or anything else that they are like) about the posts on the board. The "athlete who earned millions but is now bankrupt" thread is obviously one where some people have various and differing opinions and that is ok. Just like you find it odd to spend your day making fun of people in AI's situation, others enjoy voicing their thoughts about such issues. Neither one is right or wrong, simply both sides utilizing this place for what it is intended, fun banter and conversation on various topics.
 
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