Many consider Allen Iverson a cultural icon in the NBA. The Hall of Fame guard became an influential figure around the league on top being one of the best players in the NBA. With his elite status as one of the best “little men” to ever lace up a pair of basketball sneakers, Iverson also made a fortune while doing so.
Though he earned so much money with playing basketball alone, it’s mind boggling to think that Iverson’s reported net worth is estimated at just $1 million, per Money Inc.
Throughout his tumultuous superstar career, The Answer made roughly $154.8 million in NBA salaries, per Spotrac. Majority of his money came from his time with the Philadelphia 76ers, where he made a little less than $98 million. Iverson’s first major payday came in the form of a six-year, $70.9-million deal that he signed prior to the 1999-00 NBA season. He later on signed a four-year, $73.5 million extension prior to the 2004-05 season. In the 2008-09 season, Iverson earned the highest annual salary of his career at $20.8 million.
After collecting the massive paychecks, Iverson signed a one-year $3-million deal with the Memphis Grizzlies. However, he had a disastrous tenure in Memphis after expressing his displeasure playing a reserve role. He only made over $400,000 after the two sides mutually agreed to terminate the contract.
Allen Iverson returned to the Sixers midway through the 2009-10 season on a partly guaranteed deal, where he made a little over a million. Unfortunately, he had to leave the team to address his daughter’s health issues. Iverson played his last official NBA game on Feb. 20, 2010 in a game against the Chicago Bulls.
Aside from career salaries, Allen Iverson also made a ton of money through endorsements, most notably with Reebok. The American apparel company immediately brought in Iverson as soon as he came into the NBA. The two agreed to a 10-year, $50-million deal. Later on, Reebok gave Iverson a lifetime deal after the Philadelphia 76ers legend won league MVP in the 2000-01 season.
According to Bloomberg, the deal includes paying Iverson $800,000 a year. It also includes a $32 million trust fund that Iverson, now 45 years old, can access when he turns 55 in 2030. However, Allen Iverson only figures to get half of that money as his ex-wife holds the rights to the other half after their divorce.
So how does a player who made over $200 million throughout his basketball career end up with a net worth of just $1 million? Much of it has to do with the former MVP’s spending habits. It’s no secret that Allen Iverson carries a lavish lifestyle. He also showered his entourage and family with expensive gifts and vacations.
Iverson was careless with his money and spent it without any care or financial planning. There was also a time when Iverson forgot where he parked his car at the airport. Instead of looking for the vehicle, Allen Iverson ditched it and bought a new one instead.
Iverson’s financial problems became public knowledge when he failed to pay a court-ordered $900,000 to a local jeweler. The former league MVP also disclosed at the time that his monthly income was at $62,500, while his expenditures were at $360,000.
Luckily for him, Iverson still gets $800,000 annually from Reebok and has $16 million waiting for him in a decade. Reebok CEO Matt O’Toole told Bloomberg that Allen Iverson is still worth the money despite being out of the NBA for over 10 years now.
As mentioned, Iverson is one of the most iconic players in the history of the league and is still a popular figure to this day. Aside from his money with Reebok, Allen Iverson will also be able to get some money out of his NBA pension fund, which pays $800 a month.
Allen Iverson is a prime example of player who didn’t take care of his money. Nonetheless, The Answer seems to be in a better spot nowadays than he was in the earlier part of the previous decade. Hopefully, he doesn’t get back down the rabbit hole once again.