It’s simple mathematics; spend less than you earn. Allen Iverson is not adhering to this concept. The former NBA MVP is spending about $359,000 per month on an income of $65,000 per month. Bubba Chuck still pushes a Maybach, though.
TMZ reports that because of his ongoing divorce. A.I. filed documents in a Georgia court that outlined his dire financial straights.
So where does all his money go?
A large chunk — $125,749.33 to be exact — is spent paying off various creditors (like his jeweler) … and some goes to his mortgages (but not for long, since his ATL crib is about to be auctioned off).
But Allen says he blows a lot on OTHER expenses too … like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants … and so on.
All in all, Iverson — who reportedly made over $150 MILLION during his NBA career — says he ends up in the hole each month to tune of $295,876.66. Ouch.
To Iverson’s credit, the Maybach he owns is completely paid off. But the aforementioned expenses are exorbitant for a man making $65K a month considering someone who makes that income in a year would be doing better than a lot of people.
Recently, Iverson was spotted in China getting buckets against streetballers while his Atlanta $4.5M mansion, that was foreclosed, is up for auction today.