Comments on: Report: Allen Iverson is not broke because a friend was smart

By: midjerseyfatcat

midjerseyfatcat — Sun, 10 Feb 2013 14:29:56 +0000

You mean somebody like Billy Joel or Elton John?

By: patsfan15

patsfan15 — Mon, 04 Feb 2013 13:22:05 +0000

That money is Allen iversons earned money. Your entire comment is absurd.

By: sw19womble

sw19womble — Thu, 24 Jan 2013 21:49:33 +0000

Agreed – I work with an entertainer (white) who has been a complete idiot with money throughout his life. He has spending money, and spends it. Every time he’s gotten his hands on any “capital” or principal amounts – for instance when an asset has been sold – he’s burned through it in the space of a few months.
It comes with the territory.

By: rudster69

rudster69 — Tue, 04 Dec 2012 01:21:39 +0000

Some of these players hit the big time at 18 ,19 and have no clue about what to do with millions, most of us on here have no clue what and how to invest 1 million never 150 million and to trust soimeone that won’t burn you when all u know is people that robbed and stole there whole life and you have to pick someone to take care of your LIFE, not money but LIFE, please we all need some kind of help, who live a certain way and it cost money, do you live in a 3 decker and have 150 mil in the bank? NO u FOOL, you are basically forced to live a certain lifestylre and most of the atheletes that still have money years after there done is because they had investors they could trust, not gang bangers that were your friends since high school that you learned to trust but not with what you have now, I give you ever helped him big props, everyone needs a real friend, I’m tired of listening to all these wall street bankers on here, you would’nt have a clue on what these players have to do, it’s not only playing it’s fund raising , spending time all over the world doing things you never heard of and then some from waking up in the hood to all that, PLEASE GROW UP!

By: macsimillian

macsimillian — Wed, 29 Aug 2012 21:12:25 +0000

I see so many comments about “only black athletes” squander all their earnings and are broke shortly after retiring. I am absolutely positive that the percentages match equally to the ratio of white and black athletes in sports. White athletes are just as often in the news for ending up broke or also in legal trouble.
It’s the same with musicians . . .white bands are just as often broke after earning millions in their heyday. Life doesn’t discriminate, it happens to us all, good and bad. Stupidity doesn’t discriminate either.

By: khuxford

khuxford — Fri, 10 Aug 2012 12:52:37 +0000

What are those most recent stories? Incredibly flashy jewelry purchases he couldn’t afford to complete the purchase of with the cash he currently has access to? What are the old stories? His mom flying back into Philly, being unable to locate her car in the long term parking and dealing with it by buying a new car?

Before you imply someone is making a statement out of ignorance, step back, breathe and remember we’re talking about someone who has demonstrated the exact behavior he was being accused of.

And this comes from someone who, also, disagrees with terraj35 about Iverson being trash.

By: ajpurp

ajpurp — Tue, 29 May 2012 00:58:43 +0000

Really? What do you think the bail out was? Every working persons money going straight to the large financial institutions lending to people who couldn’t pay their mortgage instead of goof to more useful causes, seriously every household in the country could’ve gotten a stipend out of that for their months mortgage. Instead we’re stick with the health system like it is, nothing to show for our tax money getting dumped into these clompanies because theyre scared it’ll happen again so theyre holding onto it, and we’re still paying taxes out the *ss, but yeah we won’t wind up paying for these people’s inability to manage their finances, pay their mortgage and their indiscretions. Not with the government we have in place..

By: scooter2the

scooter2the — Mon, 23 Apr 2012 19:27:30 +0000

Folks –

There is a lot more to Allen Iverson than has been reported in the press during his years at Georgetown and the NBA. What sells is all the negative stuff about the supposed inner city kid atheletes – well we all are people who have their own story and culture and we are quick to jump to conclussions when the press reports something and very seldom does the press give the entire story or all the facts about anything these days. I for one think Allen Inverson will be just fine. He is not without his faults – none of us are. His faults just happen to be public record without much of the good things he has done throughout his career off the court. Allen knew what he was doing when he allowed this to be done. He will be set up for life. From a Hampton Native.

By: jizzojames

jizzojames — Sun, 08 Apr 2012 15:38:16 +0000

WOW!! I didn’t know you knew Allen Iverson on a personal level. Can you get me an autograph? (Sarcasm at its finest) You don’t know what Iverson may do, or what he has been doing. All you know is what is publicized, which may or may not be true. Before you make claim of what he will do, and who should get HIS money that he earnestly played for, take a step back terraj35 and just breathe.

By: condor75

condor75 — Sat, 24 Mar 2012 22:31:01 +0000

People in America go broke every single day, why are jock sniffers so obsessed with other peoples money. He made so if he blows it that is his biz. Not like anyone here is gonna pay his mortgage

By: sufferingbirdsfan

sufferingbirdsfan — Sun, 04 Mar 2012 15:23:24 +0000

whos the friend then

By: sufferingbirdsfan

sufferingbirdsfan — Sun, 04 Mar 2012 15:22:53 +0000

whos the friend

By: kunztown

kunztown — Sat, 03 Mar 2012 21:40:15 +0000

I’ve never made 50k a year, and I have my house, and car paid off, and am living quite comfortable. If I can do it with 50k, I can’t understand athletes who make over a million having money problems. Maybe it’s time to settle down with a family and quit the partying lifestyle….

By: crillbill

crillbill — Sat, 03 Mar 2012 06:29:34 +0000

why do we all instantly believe this?

By: losangelasbasketball

losangelasbasketball — Sat, 03 Mar 2012 05:09:24 +0000

I bet the NBA probably set iverson up with this financial advisor somehow, lot of broke old school ballers walking around these days that weren’t as lucky…the NBA… where caring happens…

By: barryhoskings

barryhoskings — Sat, 03 Mar 2012 03:46:09 +0000

my bad, typing too fast. left out the word doesn’t. Should be each pro league player’s association DOESN’T mandate… SBT.

By: barryhoskings

barryhoskings — Sat, 03 Mar 2012 03:44:12 +0000

One more, as a retired tax & financial planner who’s seen the very smart and the very very dumb, I don’t understand why each pro league’s Players Association mandate that 10% of every player’s income from that sport has to go into a secured retirement account & can’t be touched until the player reaches 55. End of sermon.

By: barryhoskings

barryhoskings — Sat, 03 Mar 2012 03:39:22 +0000

Not really that uncommon. If you have a commercially viable talent then that’s all you do, nothing else. No regular job, no hands on checking account, no real concept of the realities of life once your talent runs out. In my generation all 4 of the Beatles from about age 17 to 35 never handled a checking account, didn’t know anything about publishing rights to their songs. Great story when one of the “assistants” needed cash from Paul to buy something Paul opened a locked drawer and there were two years worth of pay envelopes plus several cashier’s checks, all totaled over $2 million in 1969 dollars, worth today over $13 million. Yeah, talent in one area frequently doesn’t translate to brains in another. So, yeah, you’re right – they have to be treated like a 5 year old. Look at how many NFL players who made millions are now flat broke.

By: frankvzappa

frankvzappa — Sat, 03 Mar 2012 03:34:17 +0000

I don’t think it is the smartest move a black player can make…anybody take a look at african-heritaged life expectancies lately? Iverson will be lucky if he even makes it to 55, considering the damage he did to his body in the partying days. You only get one liver…actually, scratch that, because I am pretty sure 32 million can buy another one, in some country or other.

By: barryhoskings

barryhoskings — Sat, 03 Mar 2012 03:29:45 +0000

The money goes into a federally approved retirement account. Once the funds are in he’d have to pay a massive penalty to take any of it out, often about 25-35% in a combination of penalties & taxes, both federal & state. That alone will take the starch out of any noodle. So, if he’s smart enough to do basic math then he’s smart enough to know that he doesn’t want to give up about $15 million to the feds & state just so, as Cris Rock once said, just to by some rims & blings for his posse. And, oh yeah, it’s also protected from bankruptcy.

By: wj4122

wj4122 — Sat, 03 Mar 2012 02:33:52 +0000

I hope his friend that saved his ass gets some money!

By: sasquash20

sasquash20 — Fri, 02 Mar 2012 23:12:31 +0000

Bearsstillsuck your response says it all. Practical parents is what Iverson didn’t have. You were taught how to live, and behave and were held accountable. Iverson was taught none of that. He probably went to poor ghetto schools that are over crowded and under funded. On top of that he was a superstar athlete that got away with anything he wanted to. He was probably coddled by coaches, teachers, and all the hanger ons that try and leach on to these talented kids from the ghetto. He was never held accountable. You may have come from nothing but you had much better guidance then Iverson. He probably didn’t even understand the things you said you would have done with that money. Also he made way more then 150 million. His Reebok deal was monster for that time.

By: jigwig13

jigwig13 — Fri, 02 Mar 2012 22:44:13 +0000

Great friend

By: raidmagic

raidmagic — Fri, 02 Mar 2012 22:22:20 +0000

It’s about time we get to read a story about a guy helping instead of screwing a friend. Good on that guy.

By: rexgrossman8

rexgrossman8 — Fri, 02 Mar 2012 22:02:19 +0000

I wish more people had friends like that.

By: rob0527

rob0527 — Fri, 02 Mar 2012 22:00:23 +0000

Why don’t all pro athletes have friends like this?

By: Mr. Wright 212

Mr. Wright 212 — Fri, 02 Mar 2012 21:44:29 +0000

mightyquinn, that’s a cop out. I came from nothing and while I’ve only brushed close to six figures in a year a couple of times, I KNOW I would never blow through $150 million — family, friends or not. At least half of that money would be going into annuities and INTEREST BEARING accounts, along with real estate gains.

And again, I came from nothing, with practical parents who gained a bit of knowledge in their adult years. It’s not an excuse. Reading about people like Iverson, A. Walker, Scottie and others just flat out makes my heart hurt.

By: thedripfeed

thedripfeed — Fri, 02 Mar 2012 21:14:33 +0000

One of the best things a pro athlete can do is appoint a trustee to oversee their assets.Someone they can trust and has their best interests at heart will keep them out of trouble. As a Financial Planner I am constantly hearing stories from other planners who have clients that are athletes and how even against the planners best recomendations the player blows their money within a few years. Find a reputable advisor and find someone who can be trusted to help you protect your assets.Athletes, money burns faster than oil when you dont pay attention

By: stadix093

stadix093 — Fri, 02 Mar 2012 20:50:43 +0000

Every player in the NBA should read this. Especially Gilbert Arenas.

By: kaf39

kaf39 — Fri, 02 Mar 2012 20:06:45 +0000

Interesting