Two very different ex-NBA players ran into financial issues in two very different ways recently.
Robert Swift — who earned $11 million in three seasons — had his house foreclosed on after prematurely flaming out of the NBA.
Allen Iverson — who earned $154 million in salary — found out the hard way what happens when you keep living the good life after the paychecks stop rolling in.
By looking at these and 20 other examples, you get a full picture of exactly how athletes manage to burn through millions of dollars.
[Ed. Note: Former BI reporter Abby Rogers contributed to this post]
Allen Iverson kept spending ~$360,000 every month after he fell out of the NBA
Iverson lived beyond his means after his playing career ended.
He kept spending thousands on jewelry, clothes, and nights out.
His $4.5 million home was foreclosed on as well.
Robert Swift flamed out of the NBA at age 24 after skipping college, and his house was later foreclosed on
Swift was one of the last players to go to the NBA straight out of high school.
He earned $11 million in three seasons, but after he stopped playing he lost his $1.3 million Seattle home.
Antoine Walker lost $110 million after taking out massive loans for his real estate ventures
Walker says he took out loans with eight different banks, but couldn't pay them all back at once. Here's what he said when asked if he blames his financial advisors:
"No. I don’t blame them. I blame more so myself. I think the one thing…that is difficult to do is to do investments while playing basketball. I think if it was one thing I would tell any young guy or anyone who’s playing and making money right now is to wait until the end of your career and start investing and start making money off the field or off the court."
See the rest of the story at Business Insider
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