Allen Iverson is considered the most depraved basketball player in history when spending more than $ 150 million before bankruptcy.
Some players “grill” millions of dollars just for gambling. Former Dwyane Wade star is the latest case when he admitted to being at risk of bankruptcy because of playing poker in March 2020. This information surprised fans when they learned that Wade earned nearly $ 200 million in career salary.
Already familiar with the huge income of the competition, most players still maintain the profligate spending habits after retirement. This is a factor that makes many players financially quickly exhausted when spending more money than the income earned after retirement.
Basketball players who possess enormous wealth are considered a lucrative prey with many rogue parts in society. Allen Iverson has a team of about 50 friends when he still owns hundreds of millions of dollars. Iverson is ready to take care of all the expenses in the fun for his friends.
The 44-year-old former player is generous when giving homes and expensive items to friends when they need them. However, all the key friends left when Iverson declared bankruptcy in 2012. Not only Iverson, many players also fell into the same situation and quickly went bankrupt after a short time.
Another factor contributing to many NBA players who do not play badly but still go bankrupt is the ability to make a bad investment. Most of the players later become more or less aware of the investment to maintain a rich life after retirement.
However, the lack of professional knowledge makes them easy to make losses and run out of money quickly. Most players don’t have a college degree because they started a basketball career at the age of under 21.
That’s why a financial advisor is what players need to help with their investment or simply to spend. However, the players are not keen on hiring a financial advisor for themselves.