You know what’s really funny? When NBA players blow their millions and have nobody to blame but themselves.
Did you know: 60% of NBA players file for bankruptcy five years after retirement.
It’s only Monday, the market’s down and I need to laugh. Let’s look at the most ridiculous financial debacles of some famous hoopsters.
But first, some honorable mentions.
Jason Caffey and Kenny Anderson both liked to have lots of kids. Between the two of them, these womanizers had 17 children with 13 different women! That’s a lot of baby mamas. Needless to say, alimony payments add up quickly. While Caffey and Anderson amassed $35 million and $63 million during their careers, they both found themselves a little short for cash.
Charles Barkley- It’s no secret that the “Round Mound of Rebound” is no stranger to the art of gambling. More like the art of losing. Barkley has eluded that he’s lost millions of dollars playing cards, betting sports and engaging in all sorts of shenanigans. Better stick to TNT, Chuck.
Chris Singleton- While the Florida State Alum is still in the league, it remains to be seen if he actually took any financial planning classes down in Tallahassee. During last year’s mega Powerball jackpot, Singleton bought 10,000 lotto tickets! When asked why he bought so many, he responded by saying, “I considered it a good investment. I would have just blown it at the club.” I give up on the human race.
Scottie Pippen- The former Chicago Bull Hall of Famer and current financial disaster doesn’t necessarily have the best track record of investing his fortune. Pippen reportedly bought a broken plane for $4 million and then put up another million to fix it. Pippen’s been rumored to have squandered nearly $120 million. Well, I guess people call him “No-Tippin’ Pippen” for a reason.
Now, the “real” idiots
Derrick Coleman- The Syracuse star made $87 million throughout his up and down career. While Coleman would probably own up to some of his shoddy play on the court, I can’t imagine he’d be happy to discuss the prospects of the City of Detroit. Prior to the Motor City’s collapse, Coleman invested heavily in Detroit real estate. Needless to say, Coleman’s now left holding a pile of worthless properties. Still in 2013, he owes creditors $4.7 million.
Antoine Walker- This story’s actually pretty sad. While the former NBA All-Star made his fair share of bad purchases throughout his lengthy NBA career, his desire to help out any schmuck he’d ever said a word to was his undoing. Walker allegedly set up allowances for at least 70 friends and family members. Eventually, the well ran dry and Walker wrote counterfeit checks to try and pay off his debts. Do you think that he could call up any of those 70 people now and ask for some retribution?
Latrell Shopping Sprewell- Making close to $96 million during his eventful career, the former NBA swingman might have one of the best quotes in contract negotiation history. When offered a $21 million/3 year deal, Sprewell responded by saying he had “a family to feed.” I want to be invited to those family dinners. Sprewell had a pretty interesting career. When he wasn’t putting the ball in the cylinder, he was choking his head coach and just being a general distraction and waste of space. Sprewell declined the previous mentioned contract and never suited up in the league again.
And, last but not least…
Allen Iverson- “The Answer” is seemingly out of them after blowing over $200 million. The former Sixer, Nugget and Piston is not allowed in Casinos in both Atlantic City and Detroit. In the midst of an ugly divorce, Iverson has reportedly alienated himself from his friends and family. Iverson was recently ordered to pay a jeweler $860K for some of his “ice,” but cannot afford to do so.
Next time you feel like you’ve been taken for a ride in some type of business affair, consider yourself lucky to have some understanding of basic finances.
P.S.- If his Airness, Michael Jordan, couldn’t print money whenever he wanted to, he’d probably find himself on this list if you’ve ever read about his gambling history.