Why is iverson broke

He was a successful player for the Celtics, Mavericks, Hawks, Timberwolves, Grizzlies and Heat, making around million dollars over the course of his career. Unfortunately, his money was spent on legal fees, his gambling debt and the fact that his wife spend most of his money. He even had to sell his Heat Championship ring. Luckily, his life is looking better now as he has gotten himself out of that debt.

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Take the vehicle, I have 10 more! His deal is arguably the most unique sports endorsement contract of all-time. Drama aside, Iverson is still a cultural phenomenon and his name held enough strength to attract offers elsewhere. Despite widespread reporting of his financial woes, Iverson addressed the rumors in A second chance like this is entirely unprecedented for professional athletes. By , Iverson will have more than enough money to live out a comfortable retirement.

The only question is, will his financial management skills be any different his second time around? Connect with us. Iverson's troubles also included a arrest for carrying a concealed weapon for which he pleaded No Contest and was sentenced to community service and a later arrest though never convicted for trespassing, criminal conspiracy, false imprisonment, and making terroristic threats. The judgment was upheld on appeal in Finally, there was Iverson's banishment from casinos in Detroit and Atlantic City.

So, it comes as no surprise to many that he was reckless and ungovernable in his finances. What's sad is that the remedy was so simple and easy. I am not talking hedge funds or sexy IPOs.

I am talking large-cap staples of the American economy, with no "vig" at all to the money management sharks, Ponzi schemers, and private equity shysters that circle pro athletes and their posses. Yet celebrities in general, and pro athletes in particular, think they do. Blinged-out, overly customized, and hard-to-resell mansions, diamond-studded watches, Gulfstream jets, fur coats, cheesy overpriced jewelry, and the requisite Bentley's all lose their value over time.

Cars, no matter what the brand, lose value as soon as they are driven off the lot. Same goes for planes. In only rare cases does a watch grow in value. Ditto for jewelry, especially garish jewelry.

The best and safest way to grow money over the long-term is through investing in dividend-paying stocks.