Matt Barnes says Allen Iverson used to spend $40,000 at strip clubs

Iverson knew how to spend his money.
Allen Iverson knew how to spend his money. (USATSI)

One of the most disheartening aspects of Allen Iverson's career is the lurid stories of how he mismanaged his money.

Although there have been plenty of tales about how Iverson is broke, he has repeatedly said that he is not. While he may be telling the truth (Iverson will get money from a Reebok trust fund once he turns 55), there have just been too many stories of how he would frequently spend copious amounts of money.

Take the story Matt Barnes recently told Sports Illustrated's Chris Ballard about Iverson:

One early lesson came from Iverson, his teammate for half a season in Philadelphia. “Allen was the first guy that showed me how NBA players spend money in strip clubs,” Barnes says. “That guy went. HARD. He’d throw so much money, and this was when I was first in the league, that I used to take my foot and scoop the s--- under my chair and either re-throw it or put some in my pocket. He’d throw $30,000, $40,000 every time we went. I’m like, ‘You realize what I can do with this money?’”

Yes, Matt we do know what you could do with that money as $40,000 is the annual salary for many hard working Americans. 

The spending habits of players like Iverson and Antoine Walker is a big reason why the leauge teaches rookies financial literacy during the NBA's Rookie Transition Program. The program seems to be working as we are hardly hearing free-spending stories like Iverson's with current NBA players. Players nowadays seem to have learned from the cautionary tales of players going broke and are now focusing more on building their brand and their portfolios. 

Iverson was the player guys like Russell Westbrook, LeBron James and Steph Curry looked up to growing up. While they all have taken away something from his actual game, they also have learned from Iverson, how to not spend their money so foolishly. 

CBS Sports Writer

Ananth Pandian has been writing about all NBA-related things including the social and lifestyle aspect of the sport for CBS Sports since 2015. His name is actually easy to pronounce, just remember it is... Full Bio

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