14 Ways Professional Athletes Go Broke

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 and apparently not doing much else.

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 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]

1. Allen Iverson kept spending ~$360,000 every month after he fell out of the NBA

AP PhotoIverson 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.







2. Robert Swift flamed out of the NBA at age 24 after skipping college, and his house was later foreclosed on

Getty ImagesSwift 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. He left it in squalor.










3. Antoine Walker lost $110 million after taking out massive loans for his real estate ventures

NBAE/Getty ImagesWalker 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.

4. Marion Jones lost about $7 million after secretly using steroids

AP Photo/Doug MillsThe former holder of the title "fastest woman in the world," lost it and her medals when the world found out she used performance-enhancing drugs. Steroid use, combined with multiple run-ins with the government, including committing perjury to the IRS, cost Marion Jones about $7 million.

In an attempt to revive her athletic career, Jones joined the WNBA in 2010, playing with the Tulsa Shock.



5. Mike Tyson's incarceration lost him between $300 million and $400 million

Evan Agostini/Invision/APThe man who bit off Evander Holyfield's ear took on more than could chew, both in body parts and in life. He was once known as the heavyweight champion of the world, but in 1992 he was convicted of sexual assault and served three years in prison. He attempted a comeback but was disqualified during the high-profile match in which he bit off Holyfield's ear.

The boxer earned between $300 and $400 million during his career but spent nearly all of it on pet tigers, mansions, and an expensive divorce.

6. Curt Schilling says he will lose all $50 million he saved playing baseball on a failed video game venture

REUTERS/David McNewThe former Red Sox pitcher's video game company, 38 Studios, filed for bankruptcy in June after missing loan payments. It currently owes $150 million and has just $21.7 million in assets.







7. Tennis player Arantxa Sanchez Vicario says her parents took all of her $60 million in career earnings

Lluis Gene/AFP/Getty ImagesShe says her father handled her money and gave her a monthly allowance (of sorts). She later claimed that her parents spent and mismanaged the money and left her with nothing.