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Allen Iverson Earning $750k Per Year, but Spending $360K Per Month: Now Fighting Divorce Judge

iverson1Former NBA superstar Allen Iverson is asking that the judge be removed from his divorce case, claiming that she does favors for those who donated to her political campaign.  Citing the case between Usher and his ex-wife, Tameka Raymond, Iverson’s attorneys are filing a motion stating that the judge received campaign contributions from his wife’s attorney, making her unfit to do the job effectively.

Tameka’s judge actually took her kids away, stripping her of both primary custody and tens of thousands of dollars in child support payments.  Iverson says that he doesn’t want that to happen to him.

But the judge isn’t backing off.  She says that there isn’t adequate evidence to prove his allegations.  But then again, he may be setting himself up to have grounds for appeal in the event that she does something he doesn’t like.

Iverson made headlines recently after being the latest NBA superstar to go broke.  Even while making a massive salary of $750,000 per year, he is still spending over $360,000 per month, mostly paying off old debts.   No, that wasn’t a typo:  He’s allegedly spending that much every single month of the year.

Iverson’s bank account was seized when he failed to come up with the $860,000 he owed for jewelry.  Most people spend that kind of money on a nice home or small business.  Iverson spends it on pieces of metal that he puts on his fingers and around his neck.  Additionally, Iverson allegedly spent $10,000 per month on clothes, and another $10,000 per month on grocery and household items.  He even spent $1,000 per month on laundry.

Of course Iverson’s $4.5 million mansion is in foreclosure.  There are quite a few NBA players who learn from the mistakes of those before them. But then there are some unfortunate souls who insist upon embracing the ignorance.  This is not going to end well for Iverson.

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19 comments

  1. Wow wen will these Men Learn…

  2. How much money he spends is his business; he work for it so stay out his business. People always spend more than they make with credit cards, line of credit. loans and a car that keep's you from sleeping at night along with a house you wish you could pay off. That is the American way these day's. NOT 4 ME ANY MORE.

  3. Sandra Pete Hawkins

    I'm glad he's making money, take care of your family! Make it right, who gets this many chances?

  4. Sandra Pete Hawkins

    I'm glad he's making money, take care of your family! Make it right, who gets this many chances?

  5. This happens more frequently than we think! Imagine the non-superstars that make at or near the league minimal! Hollywood/California saw this a lot in the late 70s/80s w/their young stars (see different strokes cast, facts of life, etc). I don't understand why long term financial planning, including retirement planning, isn't mandated by the league!

  6. who gives a fuck about this dude.

  7. Anorher dumb ass n***a. Blessed to be able to earn all that money and then tricks it off on stupid s**t. How about opening up grocery stores, jewelry stores or clothing stores and employ some of your own people dumb a** n***a!!

    • You hit it right on the head. Even those with the capital to do something meaningful and profitable rather spend it on items of nothingless. They make others rich while they go poor robbing their children of any meaningful legacy and making a poster child of(economic) ignorance

  8. Lunetta Williams

    This is absolutely insane, but a poor person does not know how to manage money.I fault the agents, lawyers, managers and the accountants. even though you can not make a person manage their money wisely, you only get one chance at somthing like this.

  9. Smh…..he has always been one of my favorite players, this also happen to Kareem, years ago, they just don't get it, yes you make enough money for a lifetime, but you have to deduct from your balance and stop thinking it will always be there

  10. Anyone controlling that kind of wealth and goes broke deserves to be broke. What in the world could you possible spend $350, 000 a month on. This is why I don't support sports stars. They have no vision and are incredibly self-centered.

  11. Financial lessons should begin early for our children. We should be teaching them about saving and financial planning by giving them responsibility for their allowances, requiring some be deposited and that what is spent is done so responsibly with the consequences discussed.

    Of course, parents that manage money poorly are not going to be able to impart smart money lessons if they do not get their own acts together, stop opening accounts in their babies’ names and ruining the children’s credit before they are adults.

    This is not a unique story. Learn and act responsibly.

  12. Tsk..tsk..tsk…SMDH. Enough said.

  13. Another dummy. And obviously the people around him didn't really give a damn about him, just what they can get from him. And I'll bet all of his so-called friends who stuck to him like g;lue during the good times, are probably nowhere to be found now. I hope he learns from this because this is one hell of an expensive lesson.

  14. Lol 10,000 groceries. U paying for ur whole family nd hood grocery. 10 racks in clothes u paying for ur whole hood to buy clothes. Wow that 2 racks a week food and clothes. 300 dollars a day. He mismanged his money badly wow. Ai was all Time Great player he be ok tho

  15. ThaT just sad…. He was one sad brother…. Why in the hell would you try to live like you the king….. Only a fool would have done what he did…….. Just Plan Duuuuuuuuuuu.

  16. SMMFH……..

  17. This is the kind of Idiot thinking that our black children need to avoid. The up and coming black athlete needs to see this and learn to be more responsible than this dude. Great football as well as basketball player, but what is he going to do now when his skills have deminished and the sports team owners can't use him anymore because he's old. Same for Ochocinco (Chad Johnson), Andre Rison and others. Terrell Owens probably won't get another shot either.

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