Forbes - Allen Iverson – who has earned over $154 million in salary alone over his stellar NBA career — is broke. That number excludes his tens of millions more in non-salary income, including a $50 million lifetime endorsement contract from Reebok. … Perhaps the telltale indicator of Iverson’s divorce from financial reality, however, was an anecdote I received via a former teammate of Iverson’s from his days with the Philadelphia 76ers. This player, raised on a far higher standard of fiduciary responsibility, was amused and stunned by “A.I.’s” money habits. He related how on many road trips Iverson refused to carry baggage, evidently seeking to remain as unencumbered from physical things as he was of basketball defenders. Because of this habit, Iverson would buy a full selection of new clothes, shoes, and other expensive items at each new destination with rolls of cash he carried on his person. Moreover, upon departure, he would leave all those goodies behind in his hotel room or just give them away.
Okay, okay, so AI rarely liked to bring luggage and would simply buy all new gear when he landed and toss it after a single use. Of course the mainstream media will eat this up and try to say this is why Iverson is broke and why he had to play in Turkey and the reason he’s getting sued for unpaid jewelry, but those people are just short-sighted. Allen knew what he was doing — you just gotta dig deeper. So, okay, maybe he spends an inordinate amount of cash on new clothes, but did you stop to think how much the dude saved on taking care of those clothes? Had to be at least enough to cover the clothes themselves when you add it all up:
Fancy Washing Machine/Dryer = $5000
Annual Dry Cleaning = $2000
Designer Luggage = $15000
Tide = $300
What was he spending on clothes in 2001? Five bucks for a Galaxy tee, $200 for a throwback, and maybe $55 for a pair of Air Force Ones? I mean the numbers speak for themselves. And if he was GIVING the clothes away — that’s a charity tax write-off. Forbes may try to paint our local hero like an irresponsible clown who blew through $200 million with inept decision making and poor money management, but I see the true genius. If AI is broke, it’s not because of his luggagelessness.