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.