“I don’t even have money to buy a cheeseburger.” It’s hard to imagine these words coming from Allen Iverson. While still playing, he is said to have earned more than $200 million in his NBA (American Professional Basketball League) career. It’s a sad reality knowing Iverson – who would lead the Sixers to the NBA Finals – didn’t have enough change to buy that burger.
Allen Iverson – Photo: Pinterest
However, Iverson has never had difficulty making money. This former player’s problem is his lack of control over personal finances. Iverson’s living expenses at that time were very high including $10,000 (nearly 250 million) for clothes, $10,000 to eat out in luxury stores and $10,000 for groceries. How did Iverson spend so much?
In fact, Allen Iverson always has about 50 friends accompanying him on his outings. Iverson trusted those friends, always spent generously and rarely let “money make money”. Unbelievably, this player stored his cash in dozens of trash bags scattered throughout his villa, not knowing where his money was or how much he had.
Iverson spent so generously that he was able to give away 30-40 thousand dollars (745 million – nearly 1 trillion) in one party, according to Matt Barnes. Perhaps the most classic example of Iverson’s financial irresponsibility was his trip to the airport. Iverson landed and forgot where his car was parked. In typical Iverson fashion, he abandoned his search and headed to the dealership to buy a brand new car.
Allen Iverson’s NBA career ended in 2010 and his $200 million (nearly 5 trillion) income dried up in 2012. The male player couldn’t even pay off his $900 thousand debt ( 22.3 billion) to a jeweler in Georgia. He then filed for bankruptcy.
How to stop overspending?
Despite possessing a desirable fortune and being able to live comfortably until old age, due to spending too much money on unnecessary items, Iverson went bankrupt. Financial experts say that solving the problem of overspending should start with small things. Small changes can help you control your future spending. Instead of relying solely on willpower, setting specific goals and establishing a strong personal financial foundation with an emergency fund and a budget can be more effective.
One study found that ” Failure in financial self-control can have serious consequences. Financial independence improves overall quality of life and happiness. Meanwhile, Financial stress is linked to physical health difficulties, problems in close relationships and stress in retirement.”
Try tracking how your spending makes you feel to determine which spending is worth keeping – and which you can cut back on. Instead of focusing on limiting your spending to the bare minimum, consider eliminating purchases that don’t increase your happiness.
According to Clutchpoints, The Balance
