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Allen Iverson made $154 million in career earnings and much more in endorsement money during his Hall of Fame NBA career. Somehow, Iverson ended up declaring bankruptcy in 2012 and became so broke that he couldn't even afford a cheeseburger.
But that's all in the past, as Iverson has bounced back and found his way back. He may no longer be as rich as he once was, but at least he has more than enough to spend on himself and his family.
Looking back, it wasn't until A.I. learned to say no to the people around him that he finally got his finances on the right track. That included stopping drinking. While it was on CBS that he revealed that he had quit the booze, Iverson explained why during an appearance on "The Breakfast Club."
"I would be lying if it stopped abruptly,"said Iverson. "It was situations. Like 'Where's my s—t at?' 'I know I put it here.' It's the same thing with having the same guys around you. When they your people, they know when you drunk…When I get nice, man will give you the shirt off his back."
Iverson didn't know how to say no, especially when he was drunk
Known for his lavish lifestyle, Iverson famously splurged on cars and jewelry, once admitting that at the height of his financial powers, his mother owned 15 cars. But aside from material things, Iverson also loved to party and he loved being the life of the party. He would take his friends to the clubs and drink all night. But as he revealed, it wasn't only drinking.
Once Iverson got drunk, his pals started talking about their problems and how they needed A.I.'s help. Being the generous person that he always has been, Iverson didn't know how to say 'no' at this time, not especially when he was already intoxicated, so he usually gave away everything.
"'Yo, I went to sleep with $25,000 on me. Man, how I got $1,200? Yo, where my Louis sneakers at? Man, you gave such and such your Louis sneakers. You gave your sister your fur coat. You gave dadadadada… I mean that's just small s—t, compared to the real. You know what I mean? Not feeling well. I mean, I did all this and I was having fun last night to wake up feeling like this?" he added.
As Iverson said, the amount of money given away during those occasions wasn't really material compared to the big financial mistakes that he committed. Still, Iverson said in hindsight, he would have rather kept his money in his wallet and not gone out to get drunk.
"I done experience having millions and losing and I've always been a millionaire. I'm making millions, regardless. But for me, once I hit the pinnacle, $10 million a year is not enough for me. But at the same time, if I won the lottery. If I hit one of them joints that went up to a billion or something like that, the last thing I would want is for anybody to know," he stated.
He and Tawanna got back together after he stopped drinking
But staying sober hasn't only helped A.I.'s finances. As he also admitted last year, it has brought him and his ex-wife Tawanna back together because his heavy drinking was one of the reasons why they fell apart, and later separated.
"Steve, I'm 50 years old," he said to Stephen A. Smith. "A lot of the things that I did then, I mean, I couldn't… I'll give you an example. Six months ago, I stopped drinking and it was the best feeling in the world. When I used to be a part of a party, I was the life of the party."
"She dealt with that for 35 years. And for her to be that strong and the love for me, Steve, to put up with that and everything outside of just that, turning into somebody that you're not, being a person that she could not recognize, it was a lot, man."
Although he had to learn his lesson the hard way and lose everything, Iverson seems to be in a good space today. He is working for Reebok, he just wrote a book and is making TV and podcast appearances here and there. He is also four birthdays away from receiving his $32 million Reebok trust fund.
Hopefully, A.I. stays the course this time around.
