Iverson broke?
Old 02-02-2012, 01:18 PM   #1 (permalink)
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From the second the NBA left Allen Iverson, I wondered what in the world he would do without basketball. It seems "paying his bills" wasn't on his to-do list.

The gumshoes at TMZ say Iverson's bank account has been garnished to pay an exorbitant jewelry bill. Per American custom, that's brought out snickers and finger wagging. Iverson made over $150 million, according to basketball-reference.com. Now, he's 36-years-old and can't even come up with the money to pay for bling he's too old to wear.
The Tragedy Of Allen Iverson - SBNation.com
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Old 02-02-2012, 01:36 PM   #2 (permalink)
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It's amazing how many professional athletes go broke despite the millions of dollars they've earned. Professional sports leagues and player agents need to immediately hire financial advisors for these athletes, many of whom have little idea about managing finances and long-term investment.
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Old 02-02-2012, 03:52 PM   #3 (permalink)
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It should be part of a CBA agreement. MANDATORY.

I know these gusy are idiots, but we pay them as kids to be athletes, they deserve a little help in the beginning to guide them.
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Old 02-02-2012, 03:55 PM   #4 (permalink)
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My cousin is in the NHL and all i hear is how he pisses away his money.
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Old 02-02-2012, 04:13 PM   #5 (permalink)
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These athletes are no smarter than the idiots that win the lottery, it's their fault, the first thing you should do is have an investment planner. I don't feel one bit sorry for morons buying rims, bling, 5 houses 20 cars and expect to carry their friends on their backs. Excuse my french, but it's fucking ridiculous.
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Old 02-02-2012, 04:19 PM   #6 (permalink)
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please, an investment planner can only do so much for a person.

and you still need to find an honest one, that in itself is not an easy task.(i know cause i used to be one)

And remember, financial planners get paid a commission off of the amount of money they invest or have in their portfolio. at just 1 million the average finacial planner gets paid 40000 dollars upfront then gets a fee on a monthly basis for having that money in their portfolio.

You are talking ALOT of money for the planner.

If your athlete says he want to buy something, you tell him its a bad idea, and he only has to say that another investor accross town told him it was a good idea, then every single planner out there would cave.
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Old 02-02-2012, 04:20 PM   #7 (permalink)
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don't NBA players have a percentage of their salaries withheld every year and collect when they retire?
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Old 02-02-2012, 04:28 PM   #8 (permalink)
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he made $150 million, but has a $151 million dollar lifestyle.
in this case, it doesnt matter whether he made 1 million or 500 million... the guy spends more than he's worth.
thats the problem with AI, and pretty much everyone who is in dept right now. we (society) has a more expensive lifestyle than we can afford.

how old is he?
and he's still dressing like a teenager and buying bling? classic AI.
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Old 02-02-2012, 05:06 PM   #9 (permalink)
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Why dont they just put half their earnings into an account that you cant use until you retire and live in the meantime on the other half?
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Old 02-02-2012, 06:14 PM   #10 (permalink)
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How hard is it to hire a financial planner? 150 million gone to shit, what a joke.
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Old 02-02-2012, 06:15 PM   #11 (permalink)
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How hard is it to hire a financial planner? 150 million gone to shit, what a joke.
Well thechnically it's probably closer to 90Mil after taxes. But still. lol
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Old 02-02-2012, 06:17 PM   #12 (permalink)
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Well thechnically it's probably closer to 90Mil after taxes. But still. lol
oh lord, the horror
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Old 02-02-2012, 06:18 PM   #13 (permalink)
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oh lord, the horror
lol

Anyone that gets rich and doesn't get a financial planner, or if they don't know how to deal with money often run into these issues. Michael Jackson was going broke when he died.
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Old 02-02-2012, 06:32 PM   #14 (permalink)
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I think you guys are looking at this on the surface, although these athletes are responsible for their own lives, they are not put in position to be able to handle it.

Not all pro athletes have mentors....

ahh fuck it...whatevr
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Old 02-03-2012, 02:31 AM   #15 (permalink)
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please, an investment planner can only do so much for a person.

and you still need to find an honest one, that in itself is not an easy task.(i know cause i used to be one)

And remember, financial planners get paid a commission off of the amount of money they invest or have in their portfolio. at just 1 million the average finacial planner gets paid 40000 dollars upfront then gets a fee on a monthly basis for having that money in their portfolio.

You are talking ALOT of money for the planner.

If your athlete says he want to buy something, you tell him its a bad idea, and he only has to say that another investor accross town told him it was a good idea, then every single planner out there would cave.
Thanks for the post. I'm often suspicious of "financial experts".

If AI had $10,000,000 to invest his "planner" would make $400,000 regardless if his investments went up or down that year. That's brutal. It's easy to see this "I'm a financial leech" bullshit in the huge MERs for Canadian mutual funds.
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Old 02-03-2012, 02:59 AM   #16 (permalink)
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Well thechnically it's probably closer to 90Mil after taxes. But still. lol
Don't forget about the sponsors.
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Old 02-03-2012, 11:13 AM   #17 (permalink)
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Thanks for the post. I'm often suspicious of "financial experts".

If AI had $10,000,000 to invest his "planner" would make $400,000 regardless if his investments went up or down that year. That's brutal. It's easy to see this "I'm a financial leech" bullshit in the huge MERs for Canadian mutual funds.
That's why the League, the Union, and the agents need to get involved and help NBA players select legitimate, proven financial advisors. It shouldn't just be one of the three parties, but all three parties working together in order to avoid players getting ripped off. In particular, I would be most leery if agents were connecting players with their financial planners since their agents could also be skimming from any commissions earned. As such, a joint process needs to be undertaken.

And while financial planners will make money off professional athletes, the athletes, too, will be earning additional income through their investments that SHOULD off-set the commission; therefore, leaving them financially stable in the short and long terms.

One final point, I've never met a financial planner that takes a 4% commission. Most financial planners will take anywhere from 0.3% to 1% of the initial money invested + any interest / growth earned. If you have a financial planner taking 4%, you better find another planner.

Agents, on the other hand, do take a hefty portion - from 2% to 15% depending on the client and his contract.
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Old 02-03-2012, 11:21 AM   #18 (permalink)
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i thought AI was in serious trouble of bankruptcy a couple of years ago because of a gambling addiction and a divorce
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Old 02-03-2012, 11:26 AM   #19 (permalink)
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One final point, I've never met a financial planner that takes a 4% commission. Most financial planners will take anywhere from 0.3% to 1% of the initial money invested + any interest / growth earned. If you have a financial planner taking 4%, you better find another planner.

Agents, on the other hand, do take a hefty portion - from 2% to 15% depending on the client and his contract.
Ah, I misread Snooch's post:
Quote:
40000 dollars upfront then gets a fee on a monthly basis
$40,000 + ($10,000,000 * 0.01) = $140,000

Last edited by Beans; 02-03-2012 at 11:28 AM.
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Old 02-03-2012, 11:39 AM   #20 (permalink)
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and that 4% generally comes from the company, not the investor, although that 4% is essentially taken out through mers and such
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