|AI listened to financial advise|
Last week I was astonished (well maybe not astonished) to learn about Allen Iverson's financial woes. Apparently, AI has squandered his loot and we are talking about a major grip - conservatively, about atleast 154 million dollars in NBA salary alone (not counting his endorsements).
Apparently, AI may have foolishly squandered a big chunk of his loot, but he is not in the poor house. Read on compliments of NBA insider Peter Vecsey:
However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his “nothing in moderation’’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.
A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per. read entire article
Bubba Chuck, I am gratified regarding this news, but I still implore you to give Magic Johnson, Junior Bridgeman or Jamal Mashburn a call.