Basketball players get a lot of flack from the general public. Today they are hated and tomorrow they are loved. It’s hard to see the value in what players do when the fame ultimately catches up to them. We have seen stars rise and fall even while sitting on the throne, and as we also know, the throne is not always open for seating. Kings come today and leave tomorrow. This fluctuation in assets can be attributed to poor money management, generous giving of cash to family and friends and bad habits which plague everyone from time to time.
Players like Allen Iverson and Charles Barkley are famous for being financially irresponsible, squandering money on gambling and poor management. Barkley apparently lost a whooping $10 million to gambling, Jason Caffey who filed for bankruptcy after losing $35 million has also fathered 10 children with eight women, and a failure to pay child support landed him in a hot mess in 2010. Antoine Walker lost $110 million from spending on assets like cars, real estate in bad housing markets and gambling habits. The list is endless when it comes to basketball players who are financially irresponsible.
No truer fall will be forgotten than the fall of Allen Iverson, who’s on and off presence in court, a four month stint in jail and an incredulous support of over 50 members of his family and his friends led him to file for bankruptcy a few years ago. Iverson’s life on the rocks, as highlighted in this article, explains the rise and fall of the star, whose career swung between a heavy past and a an uncertain career on the court.
After the money problems, comes the women problems or so it seems. This pattern of “trouble” for basketball players not only outlines how financial mismanagement or a lack of financial literacy is instrumental in ruining the life and career of athletes, but also the need for identity diversification in sports. If more athletes looked to careers or opportunities beyond basketball, perhaps the fall, when it comes, might not be that hard.
VH1’s surprisingly hit franchise Basketball Wives LA and Basketball Wives Miami, showcases the lives of basketball … girlfriends or divorced wives of famous athletes as they navigate a social circle and it’s nuances together. What one can gather from this show is that the lifestyle of athletes may not always be glitz and glamour. Leaving in their wake, broken hearts, upset wives and girlfriends, superstar athletes seem to have a lot on their plate despite all the money problems . You can take a hint from this video below