Allen Iverson reveals the hard financial lessons he learned during his time in the NBA: "No way you can take care of every-f**king-body!"
Allen Iverson is one of the greatest guards in NBA history, but had his struggles outside of basketball. Mainly, with his finances.
While pro athletes make unthinkable amounts of money, there have been cases where they don't spend it properly. Allen Iverson has become one of the most notable examples of this.
During his playing career, the former MVP made over 150 million dollars. On top of this, Iverson also had an array of endorsement deals. This still did not stop him from almost going broke.
Recently, the Philadelphia 76ers legend sat down with GQ to discuss an array of topics. Among the things brought up was his financial habits. It was there that Iverson talked what led to him blowing through all of his NBA money. Two major catalysts were looking out for other people and his career not going as long as he initially thought.
"All that 'having money' shit was so fucking new. I had to learn the hard way. There’s no way you can take care of every-f******-body. I didn’t know anything about no trust funds for my kids. I didn’t know I was gonna be outta the NBA when I was out the NBA. I thought I was gonna play for a lot longer."
"So a lot of times, shit, you spending money that you ain’t even got. But I was so happy when I was done."
Allen Iverson saved by one endorsement deal
Things looked bleak for Allen Iverson for a while, but that all changed when one clause in his endorsement deal came to light.
For NBA players, signing with a shoe company is one of their biggest deals outside of basketball. During his MVP season in 2001, Iverson inked a lifetime deal with Reebok.
Part of that deal came with a trust fund that the 11-time All-Star was unaware of. When Iverson turns 55 in 2030, he will receive 32 million dollars from the shoe and apparel company.
Allen Iverson turns 45 today. Ten years from today, on his 55th birthday, he receives a $32 million trust fund as part of the lifetime Reebok deal he signed in 2001. https://t.co/ptbZTOYEsN
Right now, Iverson only has a net worth of one million dollars. That being said, it is set to skyrocket in a few years when the trust fund from Reebok kicks in.
While on the court, Allen Iverson was one of the most influential players in NBA history. Sadly, he is mainly remembered today because of his outlandish spending habits. Luckily for him, the money he's owed in a few years will give him the chance to set him and his loved ones up for the future.