Source: The Inquistr.
I'm a Los Angeles Lakers fan. My first real notice of Allen Iverson was when the Lakers played the 76ers in the 2001 NBA when he played the Lakers really tough. Dude single-handedly won game 1 and shocked the basketball world.
He's done well for himself in the NBA but he's got a lot of issues. One of them is money. He makes loads of money in salary and endorsements but his spending was out of control. He's getting his $4.5 million home foreclosed. You have to wonder how that happened.
He's a prime example of how you can make a lot of money and still end up sort of down and out. He still can draw $1 million from a trust which hardly makes his destitute but it definitely has knocked him down so many levels compared to his old free-spending life.
We hear from time to time how other sports figures and actors have fallen on hard time. Harder in fact. Happy Day's Joanie is another example as is Curt Schilling, former Major League Baseball pitcher who lost millions in a failed video game deal.
What amazes me is that none of these guys put aside anything for rainy day. Again, Iverson has but he's fallen quite a bit.
I think the issue is that many celebrities came into a large sum of money at a very young age. Essentially, they're still kids. And they never really had the maturity or developed the right senses about finance and receive appropriate guidance. They believe they were going to continue to receive contracts or movie deals without realizing that just as quickly as their careers have taken off, they could fall just as fast.
How about the rest of us? Many of us are in different shoes. We may never make the kind of money that these celebrities make but because we make less, we learn to appreciate it more. Not only that. There is a couple of things that makes the rest of us different from those who make a lot of money but end up losing most of it.
Discipline and common sense.