You have $100M and get divorced three times, that's $50M, $25M, $13M assuming no spending or gain on investments. An irresponsible idiot celebrity can rip through $13M in a heartbeat.
You have $100M and get divorced three times, that's $50M, $25M, $13M assuming no spending or gain on investments. An irresponsible idiot celebrity can rip through $13M in a heartbeat.
Let's start a GoFundMe page and help the brother out.
Like your name..;) used to watch that show too..haha.
Of course it is easy to blow through money...that doesn't make it right or smart. It's also easy right at the beginning of your career to earmark 5% for retirement.The fact that Iverson's now less than a million dollars is more than you have is immaterial...unless you also had a salary that gave you millions of dollars over a short period of time.
john utah wrote:
If his gross was 154 then I'll bet his after tax, after agents take home was 50% at the very most. Probably only 45%, but let's just say 50%. That's $77 mill over 14 seasons. That's 5.5 mill per year. Easy to blow that kind of cash in a year on cars, houses, property taxes, living large, paying for a large posse, etc. Top that off with really bad investments and you have nothing. Especially when you continue the large spending ways after you retire and the income dries up to nothing.
At some point in life you have to be responsible for yourself. If he has a million now that's more than I have.
Flagpole wrote:No one who has made millions like so many sports stars should EVER end up destitute. Doesn't matter if there are bad business investments. Allen Iverson made over $154 million in his career, and now just 7 years after retiring, his net worth is listed as below a million dollars. That is ridiculous.
Had he just conservatively invested 5% of that money and then that money made NOTHING, he would have $7.7 million dollars today, and since the market has boomed for a while now, it would likely be much higher.
Flagpole wrote:
Of course it is easy to blow through money...that doesn't make it right or smart. It's also easy right at the beginning of your career to earmark 5% for retirement.
The fact that Iverson's now less than a million dollars is more than you have is immaterial...unless you also had a salary that gave you millions of dollars over a short period of time.
john utah wrote:If his gross was 154 then I'll bet his after tax, after agents take home was 50% at the very most. Probably only 45%, but let's just say 50%. That's $77 mill over 14 seasons. That's 5.5 mill per year. Easy to blow that kind of cash in a year on cars, houses, property taxes, living large, paying for a large posse, etc. Top that off with really bad investments and you have nothing. Especially when you continue the large spending ways after you retire and the income dries up to nothing.
At some point in life you have to be responsible for yourself. If he has a million now that's more than I have.
He has 32 million in a trust that Reebok will pay him when he turns 55. That might have contributed to his recklessness.
Flagpole wrote:
Of course it is easy to blow through money...that doesn't make it right or smart. It's also easy right at the beginning of your career to earmark 5% for retirement.
The fact that Iverson's now less than a million dollars is more than you have is immaterial...unless you also had a salary that gave you millions of dollars over a short period of time.
But what guarantees can you give us today? We're all ears on your next prognostication ...
Surprise! wrote:
Flagpole wrote:Of course it is easy to blow through money...that doesn't make it right or smart. It's also easy right at the beginning of your career to earmark 5% for retirement.
The fact that Iverson's now less than a million dollars is more than you have is immaterial...unless you also had a salary that gave you millions of dollars over a short period of time.
He has 32 million in a trust that Reebok will pay him when he turns 55. That might have contributed to his recklessness.
Really?
Yes really and Reebok have being paying him 800k a year and will continue to do so for the rest of his life.
Somebody has some foresight
yepped wrote:
Yes really and Reebok have being paying him 800k a year and will continue to do so for the rest of his life.
As a young man and tennis fan/player I wanted to have Bjorn Borg's heart rate. As an old man I have the heart rate, but not the money. Darn!
Oh, well.
You know the old saying, "liquor up front, poker in the rear."
Some of y'all will be thinking of that line when you run and laugh like hyena.