Posted on 02/21/2012 8:47:46 AM PST by doug from upland
I know a guy, who knows Mike Tyson.
According to him, Mike Tyson isn’t broke, but just laying real low until the IRS loses interest in him.
According to my friend, Mike still has about $10 million.
This article failed to mention the latest casualty of poor use of money — multiple time NBA scoring champ — Alan Iverson. He blew away $154 Million in earnings and now can’t pay his bills.
SEE HERE:
http://www.cbsnews.com/8301-31751_162-57377966-10391697/after-$154m-allen-iverson-may-be-broke/
Truly, wealth is wasted on the undeserving....
If you always spend $3 for every $2 you make, it doesn’t matter how much money you make.
Add Alan Iverson to the list.
Yup. Its far too common.
Many of these athletes were coddled all through school and college (some never cracked a book).
Well, that would be...umm...fraud...filing false documents...perjury...and probably more.
Tyson filed for bankruptcy.
Give a thug millions of dollars and five years after retirement you will have a broke thug!!!No great surprise here.
If its already been taxed, he shouldn’t have to worry
Yeah, so?
Why do you think he’s laying low? :)
At least they wasted their OWN money. Our Basketball / Golf Commander in Chief beats them all. Blowing Trillions of other peoples money.
Besides lavish spending, tales of large entourages of hangers-on and very bad ‘investment’ advice from shady advisers show up in most of these stories.
Well, gee...uh, wow...uh...well, you know what?
I just don't give a rat's ass.
Just like that Houston person...suck it into your lungs, blow it up your nose, shoot it into your veins or just plain throw it down the do-do hole...if you can't manage your money, then you don't deserve it.
Too bad...so sad.
Considering who he was managed by, I wouldn’t be confident that whatever assets he has remaining has been taxed properly.
I do love seeing Latrell Sprewell on this list. At one time he was offered a 3 yr deal at 7 million per and said he could not feed his family on that amount. I’m not sure, by I do not recall seeing him in the NBA again after that.
Sad to see Evander Holyfield’s name on that list.
He always seemed to me like one of the good guys
Coddled? Perhaps.
I think that for many of these athletes, they did not come from families with money; they were not exposed to even reasonably sound financial management. They surrounded themselves with an entourage and handlers. Anyone with any financial skill, say an accountant, probably didn't have nearly as much influence as their closest circle. And those people may, or may not have had the athlete's best interest in mind.
They did not need a budget, they always had more money pouring in from the next contract or advertisement deal. The same is true for a "saving for the future" mindset--in their early 20's, they had all the money in the world, and fully expected to keep receiving it. There was no need to save, or plan for one day when you grew too old, or too injured for your sport.
Iverson is simply a thug, a la Michael Vick. Once a thug, always a thug. OBTW you couldn’t PAY me to watch an NBA game. Soccer and golf are more stimulating.
A fool and his money soon part.
Maybe Rodney King can produce a rap song about dat. . .
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