Professional athletes aren’t the best at managing money and some of them are just flat out terrible at it. Most of them have never had money in their lives, which is why many of them try to make up for everything they always wanted or feel they missed out on when they were growing up.
Allen Iverson isn’t different than many other profession athletes in this regard. Iverson lives a life way beyond his means, spending $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, and $5,000/month on restaurants, according to TMZ.
About a third of his debt is owed to creditors, his bank account was seized last year when he couldn’t come up with $860,000 he owed to a jeweler and another chunk goes to his mortgages.
On top of that, his $4.5 million Atlanta mansion is in foreclosure. At least he can drive to and from court in style – Iverson reportedly kept his Maybach, which he paid off before all of the money drama.
For a guy who still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month. I wonder what type of changes he will need to make to get out debt. Hmmm….
Andrew Alvez | Elite.