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

  1. BlackSupaman Reply

    January 5, 2013 at 6:56 pm

    Anorher dumb a*s 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!!

    • Silentbro Reply

      January 7, 2013 at 12:35 am

      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

  2. Destitute American Reply

    January 5, 2013 at 12:46 pm

    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.

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