The reports of Allen Iverson’s financial demise are greatly exaggerated, if you believe probasketballtalk.com.
The former NBA MVP and scoring champion has been out of the league for a few years, and there have been many stories about his financial struggles. Not so fast, according to the website.
The site reports that Iverson, who earned $154 million in his career, actually had a friend who did not have his hand out the entire time and who gave the diminutive future Hall of Famer some sound financial advice.
An unidentified friend, realizing Iverson had the potential to run through his money expeditiously, helped him set up a fund that has in excess of $32 million — a principal he is prohibited from touching until he turns 55.
In the meantime, it feeds the 37-year-old former star $1 million annually.
When he turns 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever is there as lump sum. He will be entitled roughly to $8,000 per month.
If Iverson can restrain himself until he’s about 62, the 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.
For someone who lived lavishly – multiple houses, dozens of cars, super-expensive jewelry – Iverson might have to make an adjustment on his lifestyle. But at least it appears he will not be a former player in dire straits like so many others.
So, Iverson’s quest to return to the NBA – or even China or Puerto Rico – very well could stem, as he has insisted, from his love for the game. He has not gotten any semblance that an NBA would even give him a tryout, which is why he said he is considering China.
The surprise in all of this may be that Iverson’s inner circle had at least one friend who was looking out for him.
