Allen Iverson enjoyed a successful NBA career. The former No. 1 overall draft pick from Virginia made numerous all-star appearances and won the NBA’s Most Valuable Player award in 2001.
With the amount of success that Iverson had throughout his career, that brought a lot of money. Iverson was a big spender when he played, and he always knew how to enjoy himself.
Allen Iverson was a big spender
Allen Iverson was a big-time name while he played in the NBA. He also lived the lifestyle of a well-known celebrity. Even though Iverson had success on the court, he did not have success in the financial area. He’s a perfect example for the younger NBA players to look at and see why it’s essential to manage your money the correct way.
Iverson came to games with jewelry hanging down from his neck, he had the lastest fashion designers, and he was living his best life. With the money that he was making, he knew he could afford to buy the best of the best.
According to TMZ, Iverson spent an estimated $10,000 a month on clothes, restaurants, and groceries. He also spent $1,000 on dry cleaning and $126,000 on creditors and mortgages. Iverson was not afraid to spend the money he was making. The Virginia native also liked to provide for his crew and the people that were close to him. He didn’t believe in putting his money in banks at the time, so he just kept cash for the most part.
Spending money at strip clubs
Not only was Iverson’s monthly budget a significant number, but his entertainment expense was also crazy. Iverson enjoyed having fun, and he liked to go out, especially when the team was on the road. Whether it was at a club or bar, you knew Iverson was going to spend some money.
One place that Iverson blew a lot of cash at was the strip clubs. A former teammate of Iverson’s recalled the times they would go to different strip clubs. Former NBA player Matt Barnes was a teammate of Iverson in Philadelphia, and he said that Iverson would spend between $30,000 to $40,000 at the strip club.
In an interview with Sports Illustrated’s Chris Ballad, Barnes talked about his experiences with Iverson at the strip clubs. “Allen was the first guy that showed me how NBA players spend money in strip clubs,” Barnes said. “That guy went hard, he’d throw so much money, and this was when I was first in the league, that I used to take my foot and scoop it under my chair and either re-throw it or put some in my pocket.”
That was an experience for Barnes, especially with him just getting into the league. For Iverson, it was just another night at a club, and he had money to spend.
Accumulating debt, but not broke
There were times during his NBA career where Iverson did not make the smartest of financial choices. Throwing that much money out at a strip club is one thing but buying other things just because is another.
Though Iverson had numerous debts, he wasn’t ultimately broke. His endorsement with Reebok saved him big time. Reebok still has nearly $32 million to disperse to Iverson when he turns 55 in 10 years. Iverson is bringing in $800,000 a month from his lifetime Reebok endorsement.
With all the money he spent and the debt he got in as a player, Iverson still has money coming in from his endorsements. If he had to do it all again, he would probably have made better decisions with his money when he was in the NBA.